Fidelity National Financial, Inc. (FNF)

In the second quarter, Fidelity National Financial reported revenue of $4,051 million, up from $3,635 million a year earlier 2.

The results release was issued on August 5 3.

Net earnings attributable to common shareholders were $288 million, or $1.08 a share, against $278 million a year earlier 2.

The Title segment, its title insurance and closing business, grew revenue 14 percent, and closed orders rose to 273 thousand from 246 thousand 2.

The company says its title revenue is closely tied to home sales, mortgage lending and refinancing 2.

On September 16, it corrected remarks made at a conference: refinance opened orders were up about 15 percent in July and down about 5 percent in August, against a year earlier 4.

The open question is how much the housing market and mortgage rates, which the company names as its main drivers, move title orders next 2.

Behind the title business, it owns about 70 percent of the annuity and life insurer F&G, which supplied revenue of $1,421 million in the quarter 12.

Fidelity National Financial began as a title insurer and still describes itself that way: its underwriters together issue more title insurance policies than any other title company in the United States 1.

It bought the annuity and life insurer F&G on June 1, 2020, which gave a business that depends on home sales a second line that earns money from investing policyholders' funds 12.

On December 1, 2022, it gave about 15 percent of F&G to its own shareholders and kept about 85 percent 1.

Revenue then rose from $11,752 million in 2023 to $13,681 million in 2024 and $14,445 million in 2025 1.

The 2024 rise came from more title premiums, escrow and other fees, investment income and net recognized gains, where 2023 had net recognized losses 1.

Profit moved the other way in 2025: net earnings attributable to common shareholders were $602 million, against $1,270 million in 2024 and $517 million in 2023 1.

The company ties the 2025 drop to income tax: expense was $753 million, 53.9 percent of earnings before tax, after recording a deferred tax liability on its investment in F&G 1.

Title activity grew each year: direct orders opened were 1,230 thousand in 2023, 1,310 thousand in 2024 and 1,411 thousand in 2025 1.

On December 31, 2025, it handed shareholders six F&G shares for every 100 FNF shares, about 12 percent of F&G, and kept about 70 percent 17.

On March 1, 2026, F&G sold its Bermuda reinsurance subsidiary, F&G Life Re, for about $102 million in cash and a 19.9 percent partnership interest in the buyer, Ancient 2.

Title insurance and closing services

The Title segment sells title insurance, which protects a buyer or lender if the ownership record of a property proves flawed, plus escrow and other closing services 1.

Its underwriters are Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York 1.

The company says it has about 1,300 direct title offices and about 5,100 agents 1. It also cites a 32 percent share of U.S. title insurance through the third quarter of 2025, per the American Land Title Association 1.

In the second quarter, Title revenue was $2,528 million and earnings before tax were $451 million, with the fee per file at $4,107 against $3,894 a year earlier 2.

Agency premiums, written through independent agents, were 56 percent of title premiums and direct premiums 44 percent 2.

ServiceLink, a subsidiary, provides mortgage transaction services including title-related work and the production and management of mortgage loans 1.

F&G annuities and life insurance

F&G sells deferred annuities, which grow tax deferred until payments begin, plus immediate annuities, indexed universal life insurance, funding agreements and pension risk transfers 2.

It sells through nearly 187,000 independent agents and advisors, about 26 banks and broker dealers and about 300 independent marketing organizations 1.

F&G revenue was $1,421 million in the second quarter against $1,364 million a year earlier, and its headquarters are leased in Des Moines, Iowa 21.

People, offices and rivals

Michael J Nolan is chief executive; on May 8, 2026 he signed an amended employment agreement with a three-year term, a base salary of $1,100,000 and an annual incentive target of 200 percent of salary 6.

As of December 26, 2025 it employed 24,535 full-time equivalent staff, with 22,790 in Title and 1,171 in F&G 1.

Its headquarters in Jacksonville, Florida are owned, and most branch offices are leased across 47 states plus Canada, India, Bermuda and the Cayman Islands 1.

Rivals in title insurance include First American Financial, Old Republic International and Stewart Information Services 1.

A stockholder lawsuit filed on June 10, 2025 accuses the non-employee directors of breaching duties over their pay in 2022, 2023 and 2024 1.

The umbrella, in words

FNF owns about 70 percent of F&G, whose insurance subsidiaries are Fidelity & Guaranty Life Insurance Company and its New York counterpart 1.

F&G holds a 19.9 percent limited partnership interest in Ancient, the buyer of its former Bermuda unit 2.

F&G agreed a strategic partnership with Blackstone, which kept managing some assets 2.

Its Corporate and Other segment holds the parent company, real estate technology subsidiaries and smaller non-title businesses 1.

The annual report leaves large shareholders to a later proxy filing, so none are named here 1.

The company expects its board to become fully elected each year: the declassification starts at the 2027 Annual Meeting and, from the 2029 Annual Meeting, all directors stand every year 5.

Its repurchase program allows up to 25 million shares through July 31, 2027 1.

The Mortgage Bankers Association, as of July 22, 2026, forecast total U.S. mortgage originations of $2.2 trillion in each year from 2026 to 2028 2.

The company expects the post-closing adjustments on the F&G Life Re sale to be finalized in the third quarter of 2026 2.

It said it declared a dividend of $0.52 per share on August 5, 2026, payable on September 30, 2026 2.

The Association expects purchase originations to rise in 2026 and 2027 and refinancing to rise in 2026, then fall in 2027 2.

Nolan's agreement renews automatically each year after the first anniversary unless either side gives notice, the company said 6.

It also says it keeps assessing dividends, debt reduction, stock repurchases, growth investment and acquisitions, and that any future dividend is for its board to decide 2.