Core Insights - Fidelity National Financial (FNF) reported quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.4 per share, and down from $1.24 per share a year ago [1] - The company posted revenues of $3.64 billion for the quarter, exceeding the Zacks Consensus Estimate by 3.08% and up from $3.16 billion year-over-year [3] - The stock has underperformed the market, gaining about 3.5% year-to-date compared to the S&P 500's 7.1% increase [4] Earnings Performance - The earnings surprise for the quarter was -17.14%, and the company has only surpassed consensus EPS estimates once in the last four quarters [2] - The previous quarter's earnings were $0.78 per share, which was a surprise of -30.97% against an expected $1.13 [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.51 on revenues of $3.63 billion, and for the current fiscal year, it is $5.15 on revenues of $13.67 billion [8] - The estimate revisions trend for FNF was unfavorable prior to the earnings release, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [7] Industry Context - The Insurance - Multi line industry, to which FNF belongs, is currently in the top 39% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9]

[FNF Second Quarter 2025 Financial Results Overview](index=1&type=section&id=FNF%20Second%20Quarter%202025%20Financial%20Results%20Overview) [Company Profile](index=1&type=section&id=Company%20Profile) Fidelity National Financial, Inc. (FNF) is a leading provider of title insurance and real estate transaction services, also offering insurance solutions through its subsidiary F&G Annuities & Life, Inc - FNF is a leading provider of title insurance and transaction services in the real estate and mortgage industries[3](index=3&type=chunk) - FNF provides insurance solutions through its subsidiary F&G Annuities & Life, Inc. for retail annuity, life insurance, and institutional clients[3](index=3&type=chunk) [Consolidated Financial Performance (Q2 2025 vs Q2 2024)](index=1&type=section&id=Consolidated%20Financial%20Performance%20%28Q2%202025%20vs%20Q2%202024%29) FNF's net income and adjusted net income attributable to common stockholders decreased in Q2 2025 compared to Q2 2024, despite significant total revenue growth driven by strong title segment performance **Consolidated Financial Performance (Q2 2025 vs Q2 2024):** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--------------------------------------- | :-------------- | :-------------- | :------- | | Net Income Attributable to Common Stockholders ($ million) | $278 | $306 | -9.15% | | Diluted EPS ($) | $1.02 | $1.12 | -8.93% | | Adjusted Net Income Attributable to Common Stockholders ($ million) | $318 | $338 | -5.92% | | Adjusted EPS ($) | $1.16 | $1.24 | -6.45% | | Total Revenue ($ million) | $3,635 | $3,158 | +15.11% | [Key Company Highlights](index=1&type=section&id=Key%20Company%20Highlights) Despite a soft residential real estate market, FNF's Title segment achieved industry-leading pre-tax margins and strong adjusted net earnings, while the F&G segment reported record AUM and robust sales, supported by active capital allocation through share repurchases and dividends - The Title segment contributed **$260 million** in adjusted net earnings in Q2 2025, up from **$241 million** in Q2 2024[8](index=8&type=chunk) - The F&G segment contributed **$89 million** in adjusted net earnings in Q2 2025, down from **$122 million** in Q2 2024[8](index=8&type=chunk) - F&G achieved a record **$69.2 billion** in Assets Under Management (AUM) excluding flow reinsurance at quarter-end, a **13% increase** from Q2 2024[7](index=7&type=chunk)[8](index=8&type=chunk) - F&G's total sales reached **$4.1 billion**, one of the company's best sales quarters, with net sales of **$2.7 billion**[8](index=8&type=chunk) - FNF repurchased **2.9 million shares** for **$159 million** and paid a common stock dividend of **$0.50 per share**, totaling **$135 million** in Q2[8](index=8&type=chunk)[9](index=9&type=chunk) [Segment Financial Results](index=3&type=section&id=Segment%20Financial%20Results) [Title Segment](index=3&type=section&id=Title%20Segment) The Title segment achieved industry-leading pre-tax margins and strong cash flow in Q2 2025, despite increased claims and investments in security, technology, and hiring, with robust commercial transaction volumes positioning it for a residential real estate market rebound [Business Overview and CEO Commentary](index=3&type=section&id=Business%20Overview%20and%20CEO%20Commentary) The Title segment provides title insurance and related services, with the CEO highlighting industry-leading pre-tax margins, strong cash flow, strategic investments for long-term growth, and robust commercial transaction volumes in Q2 - The Title segment includes the company's title insurance underwriters and related businesses, offering core title insurance, escrow, and other title-related services such as loan subservicing, valuations, default services, and home warranties[10](index=10&type=chunk) - The segment achieved industry-leading pre-tax title margins and generated strong cash flow in Q2, which was reinvested into the business and returned to shareholders[11](index=11&type=chunk) - Q2 performance was impacted by increased claims and higher investments in security, technology, and hiring, aimed at positioning the business for long-term growth[11](index=11&type=chunk) - Commercial transaction volumes remained strong, with both national and local revenue increasing over **22%** year-over-year[11](index=11&type=chunk) [Q2 2025 Financial and Operational Highlights](index=3&type=section&id=Q2%202025%20Financial%20and%20Operational%20Highlights) The Title segment reported **$2.2 billion** in total revenue for Q2 2025, a **15% year-over-year increase**, driven by **12% growth** in direct title premiums, **7% in agency title premiums**, and **22% in commercial revenue**, with adjusted pre-tax title margin at **15.5%** **Title Segment Q2 2025 Financial Highlights (YoY):** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--------------------------------------- | :-------------- | :-------------- | :------- | | Total Revenue ($ billion) | $2.2 | $1.9 | +15.8% | | Total Revenue Excluding Recognized Gains/Losses ($ billion) | $2.2 | $2.0 | +8.0% | | Direct Title Premiums ($ million) | $632 | $564 | +12.1% | | Agency Title Premiums ($ million) | $839 | $784 | +7.0% | | Commercial Revenue ($ million) | $333 | $273 | +22.0% | | Adjusted Pre-tax Title Margin (%) | 15.5% | 16.2% | -0.7 percentage points | | Adjusted Pre-tax Earnings ($ million) | $337 | $324 | +4.0% | - Daily refinance order openings increased by **28%** and daily closings by **41%**, both higher than Q2 2024[14](index=14&type=chunk) - Commercial order openings increased by **7%** and closings by **15%**, both higher than Q2 2024[14](index=14&type=chunk) - Total fee per file was **$3,894** in Q2, a **4% increase** from Q2 2024[14](index=14&type=chunk) [F&G Segment](index=4&type=section&id=F%26G%20Segment) The F&G segment achieved significant AUM growth (excluding flow reinsurance) to **$69.2 billion** in Q2 2025, a **13% year-over-year increase**, driven by strong sales, despite a decrease in adjusted net earnings, with record retail channel sales and a strategic shift towards a more fee-based, higher-margin, and less capital-intensive business model [Business Overview and CEO Commentary](index=4&type=section&id=Business%20Overview%20and%20CEO%20Commentary) F&G, an FNF subsidiary, provides leading insurance solutions, with the CEO highlighting strong AUM growth (excluding flow reinsurance), reduced operating expenses relative to AUM, solid investment portfolio performance, and a commitment to transitioning to a more fee-based, higher-margin, and less capital-intensive business model - F&G, an FNF subsidiary, provides leading insurance solutions for retail annuity and life insurance clients, as well as institutional clients for funding agreements and pension risk transfer[15](index=15&type=chunk) - AUM excluding flow reinsurance reached **$69.2 billion** at the end of Q2, a **13% increase** from Q2 2024, primarily driven by strong sales[16](index=16&type=chunk)[18](index=18&type=chunk) - F&G's operating expense to AUM excluding flow reinsurance ratio decreased by **5 basis points**, with further improvement expected in the second half of the year[16](index=16&type=chunk) - F&G is committed to achieving its mid-term Investor Day targets, moving towards a more fee-based, higher-margin, and less capital-intensive business model[16](index=16&type=chunk) [Q2 2025 Financial and Sales Highlights](index=4&type=section&id=Q2%202025%20Financial%20and%20Sales%20Highlights) F&G's adjusted net income attributable to common stockholders was **$89 million** in Q2 2025, down from **$122 million** in Q2 2024, partly due to lower-than-expected alternative investment income, with total sales of **$4.1 billion** including record retail channel sales exceeding **$3.6 billion** **F&G Segment Q2 2025 Financial and Sales Highlights (YoY):** | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--------------------------------------- | :-------------- | :-------------- | :------- | | Net Income Attributable to Common Stockholders ($ million) | $33 | $171 | -80.7% | | Adjusted Net Income Attributable to Common Stockholders ($ million) | $89 | $122 | -27.1% | | AUM Excluding Flow Reinsurance ($ billion) | $69.2 | $61.4 | +12.7% | | Total Sales ($ billion) | $4.1 | $4.4 | -6.8% | | Retail Channel Sales (Record) ($ billion) | >$3.6 | N/A | +13% | | Institutional Market Sales (Pension Risk Transfer) ($ billion) | $0.5 | $0.3 | +66.7% | | Institutional Market Sales (Funding Agreements) ($ billion) | $0 | $0.9 | -100% | | Net Sales ($ billion) | $2.7 | $3.4 | -20.6% | - Alternative investment income was **$68 million** in Q2 2025, below management's long-term expected return of approximately **10%**[18](index=18&type=chunk)[53](index=53&type=chunk) - Q2 2024 adjusted net income included **$13 million** in actuarial model updates and adjustments[18](index=18&type=chunk)[55](index=55&type=chunk) [Detailed Financial Statements](index=7&type=section&id=Detailed%20Financial%20Statements) [Second Quarter Segment Information (GAAP)](index=7&type=section&id=Second%20Quarter%20Segment%20Information%20%28GAAP%29) This section provides detailed GAAP consolidated and segment financial results for FNF's Q2 2025 and Q2 2024, including revenue, expenses, pre-tax earnings, and net income attributable to common stockholders **Q2 2025 GAAP Segment Information ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :-------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Total Revenue | $3,635 | $2,213 | $1,364 | $86 | $(28) | | Total Expenses | $3,253 | $1,846 | $1,307 | $100 | $0 | | Pre-tax Earnings (Loss) | $382 | $367 | $57 | $(14) | $(28) | | Net Income (Loss) Attributable to Common Stockholders | $278 | $277 | $33 | $(4) | $(28) | **Q2 2024 GAAP Segment Information ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :-------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Total Revenue | $3,158 | $1,931 | $1,172 | $82 | $(27) | | Total Expenses | $2,700 | $1,696 | $918 | $86 | $0 | | Pre-tax Earnings (Loss) | $458 | $235 | $254 | $(4) | $(27) | | Net Income (Loss) Attributable to Common Stockholders | $306 | $159 | $171 | $3 | $(27) | [Second Quarter Segment Information (Non-GAAP Adjustments)](index=8&type=section&id=Second%20Quarter%20Segment%20Information%20%28Non-GAAP%20Adjustments%29) This section presents FNF's reconciliation from GAAP net income to adjusted net income for Q2 2025 and Q2 2024, detailing non-GAAP adjustments such as recognized gains/losses, market-related liability adjustments, purchase price amortization, and transaction costs **Q2 2025 Non-GAAP Adjustments and Adjusted Earnings ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :--------------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Net Income (Loss) Attributable to Common Stockholders (GAAP) | $278 | $277 | $33 | $(4) | $(28) | | Total Non-GAAP Adjustments | $40 | $(17) | $56 | $1 | $0 | | Adjusted Net Income (Loss) Attributable to Common Stockholders | $318 | $260 | $89 | $(3) | $(28) | **Q2 2024 Non-GAAP Adjustments and Adjusted Earnings ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :--------------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Net Income (Loss) Attributable to Common Stockholders (GAAP) | $306 | $159 | $171 | $3 | $(27) | | Total Non-GAAP Adjustments | $32 | $82 | $(49) | $(1) | $0 | | Adjusted Net Income (Loss) Attributable to Common Stockholders | $338 | $241 | $122 | $2 | $(27) | [Year-to-Date Segment Information (GAAP)](index=11&type=section&id=Year-to-Date%20Segment%20Information%20%28GAAP%29) This section provides FNF's year-to-date GAAP financial results for the six months ended June 30, 2025, and 2024, including consolidated and segment-level revenue, expenses, and earnings **Q2 2025 Year-to-Date GAAP Segment Information ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :-------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Total Revenue | $6,364 | $3,987 | $2,272 | $161 | $(56) | | Total Expenses | $5,871 | $3,449 | $2,241 | $181 | $0 | | Pre-tax Earnings (Loss) | $493 | $538 | $31 | $(20) | $(56) | | Net Income (Loss) Attributable to Common Stockholders | $361 | $404 | $15 | $(2) | $(56) | **Q2 2024 Year-to-Date GAAP Segment Information ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :-------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Total Revenue | $6,457 | $3,594 | $2,741 | $176 | $(54) | | Total Expenses | $5,668 | $3,141 | $2,345 | $182 | $0 | | Pre-tax Earnings (Loss) | $789 | $453 | $396 | $(6) | $(54) | | Net Income (Loss) Attributable to Common Stockholders | $554 | $331 | $269 | $8 | $(54) | [Year-to-Date Segment Information (Non-GAAP Adjustments)](index=12&type=section&id=Year-to-Date%20Segment%20Information%20%28Non-GAAP%20Adjustments%29) This section presents FNF's year-to-date reconciliation from GAAP net income to adjusted net income for the six months ended June 30, 2025, and 2024, detailing non-GAAP adjustments at both consolidated and segment levels **Q2 2025 Year-to-Date Non-GAAP Adjustments and Adjusted Earnings ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :--------------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Net Income (Loss) Attributable to Common Stockholders (GAAP) | $361 | $404 | $15 | $(2) | $(56) | | Total Non-GAAP Adjustments | $170 | $14 | $154 | $2 | $0 | | Adjusted Net Income (Loss) Attributable to Common Stockholders | $531 | $418 | $169 | $0 | $(56) | **Q2 2024 Year-to-Date Non-GAAP Adjustments and Adjusted Earnings ($ million):** | Metric | Consolidated | Title | F&G | Corporate and Other | Eliminations | | :--------------------------------------- | :----------- | :---- | :---- | :------------------ | :---------- | | Net Income (Loss) Attributable to Common Stockholders (GAAP) | $554 | $331 | $269 | $8 | $(54) | | Total Non-GAAP Adjustments | $(10) | $40 | $(52) | $2 | $0 | | Adjusted Net Income (Loss) Attributable to Common Stockholders | $544 | $371 | $217 | $10 | $(54) | [Summary Balance Sheet Information](index=15&type=section&id=Summary%20Balance%20Sheet%20Information) As of June 30, 2025, FNF's total assets and total equity attributable to common stockholders increased compared to December 31, 2024, primarily due to growth in cash and investment portfolios **Summary Balance Sheet Information ($ million):** | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------------- | :----------------- | :------------------ | :----- | | Cash and Investment Portfolio | $71,294 | $67,094 | +$4,200 | | Total Assets | $102,331 | $95,263 | +$7,068 | | Notes Payable | $4,397 | $4,321 | +$76 | | Title Claim Reserves | $1,695 | $1,713 | -$18 | | Total Equity Attributable to Common Stockholders | $7,906 | $7,754 | +$152 | [Supplemental Information](index=4&type=section&id=Supplemental%20Information) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) FNF will host a conference call on Thursday, August 7, 2025, at 11:00 AM ET to discuss its Q2 2025 results, with a live webcast and replay available on the FNF investor relations website - FNF will host a conference call on Thursday, August 7, 2025, at 11:00 AM ET to discuss its Q2 2025 results[18](index=18&type=chunk) - A live webcast and replay of the conference call will be available on the FNF investor relations website at fnf.com[18](index=18&type=chunk)[19](index=19&type=chunk) [About FNF and F&G](index=5&type=section&id=About%20FNF%20and%20F%26G) Fidelity National Financial, Inc. (FNF) is the largest title insurance company in the U.S., operating through multiple underwriters, while F&G, part of the FNF family of companies, is a leading provider of insurance solutions for retail annuity, life, and institutional clients - FNF is the largest title insurance company in the U.S., operating through title insurance underwriters including Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York[20](index=20&type=chunk) - F&G, part of the FNF family of companies, is a leading provider of insurance solutions for retail annuity and life insurance clients, as well as institutional clients, headquartered in Des Moines, Iowa[21](index=21&type=chunk) [Definitions of Non-GAAP Financial Measures](index=5&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures) This section defines various non-GAAP financial measures used by FNF, including adjusted net income attributable to common stockholders, AUM, AUM excluding flow reinsurance, average AUM (AAUM), and sales, which provide additional insights beyond GAAP standards - Adjusted net income attributable to common stockholders is a non-GAAP economic measure that assesses financial performance by adjusting net income (loss) to remove market valuation impacts and non-recurring items[4](index=4&type=chunk)[59](index=59&type=chunk) - Assets Under Management (AUM) includes total invested assets at amortized cost, investments in unconsolidated affiliates, related party loans and investments, accrued investment income, and cash and cash equivalents at period-end[61](index=61&type=chunk)[62](index=62&type=chunk) - AUM excluding flow reinsurance builds upon AUM by including flow reinsurance assets[63](index=63&type=chunk) - Sales of annuity, IUL, funding agreement, and non-life contingent PRT products are recorded as deposit liabilities under GAAP but are presented as non-GAAP measures to enhance understanding of business trends[65](index=65&type=chunk) [Forward-Looking Statements and Risk Factors](index=5&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This press release contains forward-looking statements based on management's beliefs and assumptions, subject to various risks and uncertainties that could cause actual results to differ materially, including economic changes, capital market volatility, weak real estate activity, acquisition challenges, reliance on title insurance distribution, intense competition, government regulation, and cybersecurity threats - Forward-looking statements are based on management's beliefs and assumptions, and actual results may differ materially due to risks and uncertainties[26](index=26&type=chunk) - Risks and uncertainties include changes in general economic, business, political crisis, war, and pandemic conditions; consumer spending; government spending; volatility and strength of capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policies; tariffs and trade sanctions; trade wars; supply chain disruptions; weak or adverse changes in the level of real estate activity (which may be caused by high or rising interest rates, limited mortgage funding availability, or a weak U.S. economy); the company's inability to find suitable acquisition candidates; the company's reliance on title insurance underwriters' distribution as a primary source of cash flow; intense competition faced by F&G and the company's operating subsidiaries; compliance with extensive governmental regulation of operating subsidiaries, including title insurance and services and privacy and data protection laws; and system damage, failures, interruptions, cyberattacks, and intrusions, or unauthorized data disclosures[26](index=26&type=chunk)[27](index=27&type=chunk)

Core Insights - Fidelity National Financial, Inc. reported a net earnings of $278 million for Q2 2025, a decrease from $306 million in Q2 2024, resulting in earnings per diluted share of $1.02 compared to $1.12 in the previous year [2][3][6] - Adjusted net earnings for the same period were $318 million, or $1.16 per share, down from $338 million, or $1.24 per share, in Q2 2024 [3][6] - The company continues to generate healthy free cash flow, allowing for share repurchases and dividends totaling over $450 million year-to-date [5][9] Financial Performance - Total revenue for Q2 2025 was $3.635 billion, an increase from $3.158 billion in Q2 2024 [6][9] - The Title Segment generated $2.2 billion in revenue, a 15% increase from $1.9 billion in Q2 2024, with an adjusted pre-tax title margin of 15.5% [9][17] - F&G Segment achieved record assets under management (AUM) of $69.2 billion, up 13% from the previous year, with gross sales of $4.1 billion [5][12][18] Segment Contributions - The Title Segment contributed $260 million to net earnings in Q2 2025, compared to $241 million in Q2 2024 [9] - The F&G Segment contributed $89 million in net earnings for Q2 2025, down from $122 million in the same quarter last year [9] - The Corporate Segment reported an adjusted net loss of $3 million for Q2 2025, compared to adjusted net earnings of $2 million in Q2 2024 [9] Market Conditions and Strategic Actions - The company noted challenges in the residential housing market due to elevated mortgage interest rates and high home prices, yet remains well-positioned for future growth [5][8] - FNF repurchased 2.9 million shares for $159 million in Q2 2025, reflecting a dynamic capital allocation strategy [5][9] - The company is focused on driving efficiencies and expanding profitability across its operations [8][9]

Fidelity National Financial (FNF) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better ...

Core Viewpoint - Fidelity National Financial, Inc. has appointed Gregg N. Sofer as Executive Vice President, Deputy Chief Legal Officer, and Chief Compliance Officer, succeeding Paul Perez who is retiring after nearly two decades of service [1][3]. Company Overview - Fidelity National Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers through its subsidiary F&G Annuities & Life, Inc. [1][4]. - The company is the largest title insurance provider in the United States, issuing more title insurance policies than any other title company through its various underwriters [4]. Leadership Transition - Gregg N. Sofer brings over 30 years of legal experience, including significant roles in public service and private practice, and has a strong background in managing complex legal matters, particularly in fraud and compliance [2][3]. - Paul Perez, who has served since 2007, has been instrumental in shaping the compliance culture and legal strategy of the company [3][4].

Core Viewpoint - Fidelity National Financial, Inc. (FNF) is set to release its second quarter 2025 earnings on August 6, 2025, after market close, highlighting its position as a leading provider in the title insurance and transaction services sectors [1][2]. Company Overview - FNF is a prominent provider of title insurance and transaction services for the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers through its subsidiary F&G Annuities & Life, Inc. [3] - FNF is recognized as the largest title insurance company in the United States, with its underwriters collectively issuing more title insurance policies than any other company in the nation [3]. Earnings Call Information - A conference call to discuss the quarterly results will take place on August 7, 2025, at 11:00 a.m. Eastern Time, following the earnings release [2]. - Access to the webcast and conference call can be obtained through FNF's Investor Relations website or via telephone [5].

FNF Overview - FNF's total revenue for FY2022 was $116 billion[6] - FNF holds a 31% title market share[6] - FNF holds 1 or 2 market share in 44 states[7, 17] Title Segment Performance - FNF's adjusted pre-tax title margin in 1Q23 was 100%[28, 33, 63, 79, 90] - FNF's title revenue in 1Q23 was $91 billion[28] - FNF consistently holds top market share in residential purchase, refinance, and commercial markets[12] F&G Segment Performance - F&G's assets under management reached $45 billion in 1Q23, an 18% year-over-year increase[40, 41, 63, 65] - F&G's gross sales in 1Q23 grew by 27% year-over-year to $33 billion[40, 41, 63, 65] - F&G's adjusted net earnings for 2022 were $317 million[43] Financial Position - FNF's debt-to-capitalization ratio, excluding AOCI, was 285% as of March 31, 2023[60, 61] - FNF held over $800 million in holding company cash and short-term investments as of March 31, 2023[61, 65]

FNF Overview - FNF is an industry-leading insurance solutions company with a strong track record of technology innovation, market share growth, and shareholder value creation[9] - FNF's total revenue for FY2022 was $116 billion[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 19, 20] - FNF's title market share is 31%[9, 16] - FNF has approximately 23000 employees[9] Title Segment Performance - FNF consistently holds the top market share in residential purchase, refinance, and commercial markets[15] - FNF's adjusted pre-tax title margin in 1H23 was 132%[31, 36, 65] - FNF's scale provides data to evaluate trends and respond to fluctuations in opened and closed orders[27] - FNF's commercial revenue in 1H23 was $504 million[34] F&G Segment Performance - F&G's gross sales in 1H23 were $63 billion, an increase of 11% year-over-year[44, 45] - F&G's assets under management reached a record $463 billion[44, 45, 65] Financial Performance and Capital Allocation - FNF's adjusted net earnings per share for 1H23 was $157[52, 65] - FNF targets a debt-to-capitalization range of 20-30%[54, 61] - FNF's holding company cash and short-term investments were $885 million as of June 30, 2023[63, 67]

FNF Overview - FNF is the leading provider of title insurance and settlement services with $116 billion in total revenue for FY2022[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 20] - F&G is a Top 5 fixed indexed annuity writer in the industry[10] Title Segment Performance - FNF holds a 31% total title market share[9, 16] - FNF's direct title market share is 40% with $2 billion in revenue[18] - FNF's agent title market share is 26% with $5 billion in revenue[18] - FNF consistently delivers industry-leading adjusted pre-tax title margins[35] - The company targets a "normalized" adjusted pre-tax title margin of 15%-20%[27] F&G Segment Performance - F&G's Assets Under Management (AUM) reached a record $474 billion[44, 64] - F&G gross sales were $91 billion YTD 3Q23, a 7% increase year-over-year[44] Financial Performance - Total revenue for 3Q23 was $2778 billion[64] - Adjusted net earnings per share for 3Q23 were $123[64] - The company maintains a strong balance sheet with a 277% debt-to-capitalization ratio as of September 30, 2023[62]

PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q1 2025 condensed consolidated financial statements show net earnings of **$83 million** and total assets of **$98.2 billion** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$98.2 billion** as of March 31, 2025, with liabilities at **$89.4 billion** and equity at **$8.8 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$98,209** | **$95,263** | | Total investments | $64,167 | $63,615 | | Cash and cash equivalents | $4,484 | $3,479 | | Goodwill | $5,271 | $5,271 | | **Total Liabilities** | **$89,412** | **$86,731** | | Contractholder funds | $57,823 | $56,404 | | Notes payable | $4,394 | $4,321 | | **Total Equity** | **$8,797** | **$8,532** | [Condensed Consolidated Statements of Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Net earnings attributable to shareholders decreased to **$83 million** in Q1 2025, with total revenues falling to **$2.73 billion** Statement of Earnings Summary (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $2,729 | $3,299 | | Recognized gains and losses, net | $(287) | $275 | | Total expenses | $2,618 | $2,968 | | Net earnings attributable to FNF | $83 | $248 | | Net earnings per share, diluted | $0.30 | $0.91 | [Condensed Consolidated Statements of Comprehensive Earnings](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings) Comprehensive earnings attributable to FNF shareholders decreased to **$269 million** in Q1 2025, boosted by **$186 million** in other comprehensive earnings Comprehensive Earnings Summary (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net earnings | $83 | $269 | | Other comprehensive earnings | $186 | $90 | | Comprehensive earnings attributable to FNF | $269 | $338 | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased to **$8.80 billion** by Q1 2025, driven by earnings, offset by **$137 million** in dividends and **$25 million** in repurchases - Dividends declared for Q1 2025 were **$0.50 per common share**, totaling **$137 million**[18](index=18&type=chunk) - The company repurchased treasury stock for **$25 million** during the quarter[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$1.12 billion** in Q1 2025, resulting in a **$1.01 billion** net increase in cash and cash equivalents Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,115 | $1,591 | | Net cash used in investing activities | $(785) | $(1,096) | | Net cash provided by financing activities | $675 | $255 | | **Net increase in cash and cash equivalents** | **$1,005** | **$750** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies and financial figures, covering business description, F&G offerings, claim reserves, investments, and debt obligations - FNF is a leading provider of title insurance and related services, mortgage transaction services, and annuity and life insurance products through its majority-owned subsidiary, F&G[22](index=22&type=chunk) - In Q1 2025, subsidiary F&G completed a public offering of **8 million shares** of its common stock, redeemed **$300 million** of its 5.50% Senior Notes, and issued **$375 million** of 7.30% Junior Subordinated Notes[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - The provision for title insurance claim losses was maintained at a rate of **4.5%** of title insurance premiums for both Q1 2025 and Q1 2024[48](index=48&type=chunk) - The company has significant unfunded commitments of **$3.7 billion** as of March 31, 2025, primarily related to its F&G segment for investments[165](index=165&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, business trends, and liquidity, noting lower Title segment earnings and an F&G segment loss, while maintaining strong liquidity [Business Trends and Conditions](index=66&type=section&id=Business%20Trends%20and%20Conditions) Business trends show MBA forecasting mortgage origination growth for the Title segment, while F&G benefits from an aging U.S. population and strong annuity sales MBA U.S. Mortgage Originations Forecast (in trillions) | Year | Purchase | Refinance | Total | | :--- | :--- | :--- | :--- | | 2024 (Actual) | $1.3 | $0.5 | $1.8 | | 2025 | $1.4 | $0.7 | $2.1 | | 2026 | $1.6 | $0.8 | $2.4 | | 2027 | $1.7 | $0.8 | $2.5 | - Average interest rates for a 30-year fixed-rate mortgage were **6.8%** for Q1 2025, slightly up from **6.7%** in Q1 2024[262](index=262&type=chunk) - The aging U.S. population, with over **10,000 people turning 65 daily**, is expected to drive demand for F&G's retirement products[273](index=273&type=chunk) [Results of Operations](index=69&type=section&id=Results%20of%20Operations) Consolidated net earnings fell to **$83 million** in Q1 2025, with Title segment earnings decreasing and F&G segment reporting a **$26 million** pre-tax loss Title Segment Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $1,774 | $1,663 | | Total expenses | $1,603 | $1,445 | | **Earnings before income taxes** | **$171** | **$218** | F&G Segment Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $908 | $1,569 | | Recognized gains and (losses), net | $(263) | $212 | | Total benefits and expenses | $934 | $1,427 | | **Earnings (loss) before income taxes** | **$(26)** | **$142** | - In the Title segment, direct closed orders increased by **8% YoY** to **201,000**, and the average fee per file rose to **$3,761** from **$3,555**[289](index=289&type=chunk)[291](index=291&type=chunk) [Liquidity and Capital Resources](index=87&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$4.5 billion** in cash, supported by **$1.1 billion** operating cash flow, and continued capital returns - As of March 31, 2025, the company had cash and cash equivalents of **$4.5 billion** and **$800 million** available under its Revolving Credit Facility[364](index=364&type=chunk) - A dividend of **$0.50 per share** was paid in Q1 2025, and another **$0.50 per share** dividend was declared in May 2025[363](index=363&type=chunk) - Under its 2024 Repurchase Program, the company repurchased **390,000 shares** for approximately **$25 million** in Q1 2025[376](index=376&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=89&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risks have occurred since the disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in the market risks described in the Annual Report on Form 10-K for the year ended December 31, 2024[380](index=380&type=chunk) [Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures are effective[381](index=381&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[382](index=382&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the discussion of legal proceedings detailed in Note F to the financial statements - Details on legal proceedings are provided in Note F of the Condensed Consolidated Financial Statements[384](index=384&type=chunk) [Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors disclosed in the company's 2024 Annual Report on Form 10-K[385](index=385&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) FNF repurchased **390,000 shares** for approximately **$25 million** in Q1 2025 under its 2024 Repurchase Program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 0 | $— | | Feb 2025 | 75,000 | $61.71 | | Mar 2025 | 315,000 | $63.83 | | **Total** | **390,000** | **$63.42** | - The repurchases were made under a three-year stock repurchase program approved on July 31, 2024, authorizing the purchase of up to **25 million shares** of FNF common stock[386](index=386&type=chunk) [Defaults Upon Senior Securities](index=91&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[389](index=389&type=chunk) [Mine Safety Disclosures](index=91&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[390](index=390&type=chunk) [Other Information](index=91&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[391](index=391&type=chunk) [Exhibits](index=92&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including F&G note indentures, SOX certifications, and interactive data files - Exhibits filed include indentures for F&G's 7.300% Junior Subordinated Notes, Sarbanes-Oxley Section 302 and 906 certifications, and Inline XBRL documents[393](index=393&type=chunk)