Fidelity National Financial, Inc. (NYSE: FNF)

Fidelity National Financial, Inc. is a leading provider of title insurance, escrow, and other title related services for the real estate and mortgage industries, and also offers annuity and life insurance products through its majority owned subsidiary F&G Annuities & Life, Inc. The company’s title operations involve underwriting policies that protect property owners against past defects in title, managing escrow accounts that hold funds during real estate closings, and providing related services such as trust activities, trustee sales guarantees, and home warranty coverage. Through its transaction services business, the firm facilitates mortgage loan production and management, offering tools that help lenders and borrowers navigate the closing process efficiently. In addition, the F&G segment supplies a range of annuity products, including fixed indexed annuities and multi year guarantee annuities, as well as life insurance policies such as indexed universal life, to individuals planning for retirement and to institutional investors seeking stable income streams. The firm’s integrated model allows it to serve both the real estate transaction market and the long term savings and risk transfer markets, creating diversified revenue streams across its operations.

Revenue is generated principally from title insurance premiums, which amounted to $5,824 million in 2025, and from escrow and other title related fees that represented about 28% of title segment revenues that same year. The company also earns income from transaction services that support mortgage loan origination, processing, and closing, providing technology and administrative assistance to lenders and brokers. Additionally, the F&G segment contributes premiums and fees from the sale of annuity contracts, life insurance policies, funding agreements, and pension risk transfer solutions to both retail and institutional customers. In 2025, fixed indexed annuities accounted for approximately 46% of the F&G segment’s gross sales, while fixed rate annuities, pension risk transfer, funding agreements, and indexed universal life made up the remainder. The firm’s revenue model benefits from the recurring nature of insurance premiums and the fee based income derived from transaction processing and investment management activities.

The company operates through the following segments: Title, F&G, and Corporate and Other. Each segment is responsible for distinct business activities and contributes to the overall financial performance of the enterprise.

• Title: This segment consists of the operations of our title insurance underwriters and related businesses, which provide title insurance, escrow, and other title related services including trust activities, trustee sales guarantees, and home warranty products, and also includes transaction services used in mortgage loan production and management; the segment operates through approximately 1,300 direct offices and maintains relationships with about 5,100 independent title agents across the United States.

• F&G: This segment primarily consists of operations of our annuities and life insurance related businesses, issuing a broad portfolio of annuity and life insurance products through retail distribution channels, and providing funding agreements and pension risk transfer solutions through institutional channels; as of December 31 2025, the segment served roughly 778,000 policyholders and 145,000 plan participants, worked with about 300 independent marketing organizations, 26 leading banks and broker dealers, and represented a network of approximately 187,000 independent agents and advisers.

• Corporate and Other: This segment consists of the operations of the parent holding company, our real estate technology subsidiaries, other smaller non title businesses, and certain unallocated corporate overhead expenses and eliminations of revenues and expenses between it and the Title segment.

In the title insurance industry, Fidelity National Financial, Inc. ranks among the nation’s largest providers, holding approximately a 32% share of the U. S. title insurance market according to the American Land Title Association, and it maintains a strong brand network with multiple independent title agencies and direct offices that support its relationships with national lenders, real estate developers, and mortgage lenders. The company benefits from scale, diversified revenue sources, and a disciplined cost structure that help sustain competitive operating margins and allow it to invest in technology and service improvements. In the annuity and life insurance arena, the F&G segment is recognized as a leading provider of indexed annuities, fixed rate annuities, and pension risk transfer solutions, leveraging long standing relationships with distributors, banks, and broker dealers, and a proprietary investment approach supported by its strategic partnership with Blackstone to deliver stable returns and effective risk management. These competitive advantages enable the firm to attract and retain customers across both its title and insurance businesses while adapting to changing market conditions.

The company serves a diverse customer base that includes mortgage lenders, real estate agents, homebuyers, commercial property owners, and title agents for its title business, while its F&G segment reaches retail annuity and life policyholders through independent agents, banks, and broker dealers, and provides pension risk transfer and funding agreement solutions to institutional clients such as pension plans, corporate investors, and other fiduciaries seeking guaranteed income streams. The title business also supports residential homebuyers who need protection against title defects and commercial developers who require coverage for large projects, and it works closely with attorneys and escrow officers who facilitate closings. In the F&G segment, retail customers benefit from products that offer principal protection and predictable income, whereas institutional clients use funding agreements to gain exposure to investment returns and pension risk transfer to mitigate longevity risk. Overall, the firm’s client mix spans the real estate transaction ecosystem and the long term savings and risk management markets, providing multiple avenues for revenue generation.