Fidelity National Financial, Inc.

Listed Company

FNFCIK 0001331875NYSELarge AcceleratedTitle InsuranceFY ends Dec 31

Period

FY 2025

Revenue

$14.45B

Net Income

$602.00M

Total Assets

$109.01B

Equity

$7.42B

Shares Out

271.14M

Op. Cash Flow

$5.83B

+ 13F Filer

Business

Fidelity National Financial, Inc. provides title insurance, escrow and other title-related services and transaction services to the real estate and mortgage industries, and operates insurance businesses through its majority-owned F&G annuities and life subsidiary. It offers title insurance policies, escrow and closing services, home warranty products, mortgage transaction services, annuities, life insurance and institutional funding and pension risk transfer solutions. The company reports Title, F&G, and Corporate and Other segments. Its products are distributed through direct title offices, independent agents, mortgage and real estate professionals, IMOs, banks and broker-dealers across the United States.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Direct title insurance premiums	2,574	2,200	1,982	2,858	3,571
Agency title insurance premiums	3,250	2,953	2,610	3,976	4,982
Escrow, title-related and other fees	5,444	5,321	4,717	4,333	4,807
Interest and investment income	3,237	3,124	2,607	1,891	1,961
Recognized gains and losses, net	−60	83	−164	−1,493	334
Total revenues	14,445	13,681	11,752	11,565	15,655
Personnel costs	3,437	3,148	2,908	3,192	3,528
Agent commissions	2,518	2,287	2,008	3,064	3,821
Other operating expenses	1,615	1,558	1,521	1,721	1,929
Benefits and other changes in policy reserves	3,963	3,791	3,553	1,126	1,932
Market risk benefit (gains) losses	167	−25	95	−182	−44
Depreciation and amortization	844	739	593	491	432
Provision for title claim losses	262	232	207	308	—
Interest expense	242	209	174	—	—
Total expenses	13,048	11,939	11,059	9,835	12,097
Earnings before income taxes and equity in earnings of unconsolidated affiliates	1,397	1,742	693	1,730	3,558
Income tax expense	753	367	192	439	813
Earnings before equity in earnings of unconsolidated affiliates	644	1,375	501	1,291	2,745
Equity in earnings of unconsolidated affiliates	35	16	17	15	64
Net earnings	679	1,391	518	1,306	2,817
Less: Net earnings attributable to non-controlling interests	77	121	1	12	20
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	602	1,270	517	1,294	2,797
Net earnings per share attributable to FNF common shareholders, basic (in dollars per share)	2.22	4.69	1.91	4.71	9.81
Net earnings per share attributable to FNF common shareholders, diluted (in dollars per share)	2.21	4.65	1.91	4.67	9.75
Weighted average shares outstanding FNF common stock, basic basis (in shares)	271	271	270	275	285
Weighted average shares outstanding FNF common stock, diluted basis (in shares)	272	273	271	277	287

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities available for sale, at fair value, as of December 31, 2025 and 2024, at an amortized cost of $57,161 and $51,681, respectively, net of allowance for credit losses of $112 and $67, respectively, and includes pledged fixed maturity securities of $446 and $495, respectively, related to secured trust deposits	54,561	48,218	42,373	33,095	31,990
Derivative investments	1,156	794	797	244	816
Mortgage loans, net of allowance for credit losses of $86 and $70 as of December 31, 2025 and 2024, respectively	7,891	5,926	5,336	4,554	—
Investments in unconsolidated affiliates (2025 includes $262 related to investments held by consolidated variable interest entities (VIEs) and 2025 and 2024 include certain investments at fair value of $270 and $272, respectively)	5,166	3,731	3,334	2,642	2,486
Other long-term investments (2025 includes $248 related to investments held by consolidated VIEs)	1,572	811	703	664	579
Short-term investments (2025 includes $116 related to investments held by consolidated VIEs)	1,920	3,050	2,119	2,590	491
Total investments	73,195	63,615	56,049	45,370	42,775
Cash and cash equivalents, as of December 31, 2025 and 2024 includes $261 and $69, respectively, of pledged cash related to secured trust deposits	2,636	3,479	2,767	2,286	4,360
Trade and notes receivables, net of allowance of $31 and $32 as of December 31, 2025 and 2024, respectively	473	471	442	467	557
Reinsurance recoverable, net of allowance for credit losses of $18 and $20 at December 31, 2025 and 2024, respectively	17,551	13,380	8,977	5,418	3,738
Goodwill	5,272	5,271	4,830	4,635	4,532
Prepaid expenses and other assets	2,012	1,938	1,900	2,068	1,203
Market risk benefits assets	285	189	88	117	41
Lease assets	336	351	348	376	376
Other intangible assets, net	6,641	5,976	—	—	—
Title plants	424	420	418	416	400
Property and equipment, net	189	173	168	179	185
Total assets	109,014	95,263	80,614	65,143	61,330
Contractholder funds	62,726	56,404	48,798	40,843	35,525
Future policy benefits	10,755	8,749	7,050	5,021	4,918
Accounts payable and accrued liabilities	3,828	3,249	3,009	2,326	2,696
Market risk benefits liability	903	549	403	282	469
Notes payable	4,400	4,321	3,887	3,238	3,096
Reserve for title claim losses	1,700	1,713	1,770	1,810	1,883
Funds withheld for reinsurance liabilities	14,191	10,758	7,083	3,703	1,676
Secured trust deposits	731	551	731	862	934
Lease liabilities	368	385	394	418	414
Income taxes payable	1	52	0	0	72
Deferred tax liability	439	0	29	71	205
Total liabilities	100,042	86,731	73,154	58,574	51,233
FNF common stock, $0.0001 par value; authorized 600 shares as of December 31, 2025 and 2024, respectively; outstanding of 271 and 275 as of December 31, 2025 and 2024, respectively, and issued of 332 and 331 as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none	0	0	0	0	0
Additional paid-in capital	6,042	5,976	5,913	5,870	5,811
Retained earnings	5,484	5,982	5,244	5,225	4,369
Accumulated other comprehensive earnings	−1,678	−2,052	−2,119	−2,870	779
Less: Treasury stock, 61 and 56 shares as of December 31, 2025 and 2024, at cost	−2,424	−2,152	−2,130	−2,109	−1,545
Total Fidelity National Financial, Inc. shareholders equity	7,424	7,754	6,908	6,116	9,414
Non-controlling interests	1,548	778	552	453	43
Total equity	8,972	8,532	7,460	6,569	10,004
Total liabilities and equity	109,014	95,263	80,614	65,143	60,690

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	844	739	593	491	432
Loss (gain) on sales of investments and other assets and asset impairments, net	215	−339	542	—	—
Interest credited/index credits to contractholder account balances	202	1,327	1,409	−560	573
Deferred policy acquisition costs and deferred sales inducements	−1,286	−1,419	−1,084	−814	−675
Charges assessed to contractholders for mortality and administration	−330	−291	−255	−221	−191
Non-cash lease costs	131	132	136	142	139
Operating lease payments	−136	−147	−153	−154	−150
Distributions from unconsolidated affiliates, return on investment	196	127	122	151	106
Stock-based compensation cost	88	82	60	49	42
Change in NAV of limited partnerships, net	−349	−350	−220	−109	−589
Change in valuation of derivatives, equity and preferred securities, net	−160	189	−388	947	253
Change in derivative collateral liability, net	249	91	410	−398	—
Change in reinsurance recoverable	−1	−13	78	276	59
Change in future policy benefits	1,710	1,853	1,325	1,071	627
Change in funds withheld from reinsurers	3,277	3,795	3,386	2,056	850
Net (increase) decrease in trade receivables	−14	−43	37	178	−120
Net decrease in reserve for title claim losses	−12	−57	−40	−73	260
Net change in income taxes	481	83	−50	66	140
Net change in other assets and other liabilities	−88	−294	−26	−385	199
Net cash provided by (used in) operating activities	5,828	6,815	6,478	4,355	4,090
Proceeds from sales, calls and maturities of investment securities	14,985	12,274	5,875	6,340	9,796
Fundings of notes receivable	−16	−21	−19	−99	−19
Additions to property and equipment and capitalized software	−147	−146	−132	−138	−131
Purchases of investment securities	−23,198	−17,825	−13,985	−13,148	−16,014
Net proceeds from (purchases of) sales and maturities of short-term investment securities	1,298	−1,076	340	−2,571	266
Other acquisitions/disposals, net of cash acquired	−62	−586	−299	−180	−100
Additional investments in unconsolidated affiliates	−2,493	−1,131	−1,296	−1,077	−1,746
Distributions from unconsolidated affiliates, return of investment	694	621	423	335	491
Net other investing activities	5	28	3	14	8
Net cash used in investing activities	−8,934	−7,862	−9,090	−10,524	−7,449
Borrowings	10	18	6	550	0
Debt offering	375	1,050	845	—	—
F&G Credit Agreement repayments, net	0	−365	−185	0	0
Debt costs/equity issuance additions	−11	−20	−16	−4	−6
Debt service payments	−300	−250	0	—	—
Dividends paid	−546	−532	−500	−489	−446
Subsidiary dividends paid to non-controlling interest shareholders	−62	−49	−32	−20	−19
Exercise of stock options	4	21	15	39	48
Net change in secured trust deposits	180	−179	−132	−72	224
Purchase of additional share in consolidated subsidiaries	−11	−21	−19	−15	0
Payment of contingent consideration for prior period acquisitions	−27	−17	−10	−6	−5
Payment for shares withheld for taxes on share-based compensation	−27	−34	−17	−15	−17
Contractholder account deposits	11,575	10,147	7,787	8,530	8,166
Contractholder account withdrawals	−8,763	−8,010	−4,625	−3,450	−2,931
F&G Equity Offering	117	0	0	0	449
F&G repurchases of F&G stock	0	0	−18	0	0
Purchases of treasury stock	−251	0	−6	−553	−463
Net cash provided by financing activities	2,263	1,759	3,093	4,095	5,000
Net (decrease) increase in cash and cash equivalents	−843	712	481	−2,074	1,641

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 35 positions

Reported AUM

$1.00B

Holdings

Top sector

$1.00B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$1.00B	100.0%

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Fidelity Natl Information Sv	—	229.9K	$23.09M	2.3%