Fidelity National Financial, Inc.FNF
Fidelity National Financial, Inc. Goodwill & Intangibles Disclosure
Other Intangible Assets
(a) Excludes insignificant amounts of DAC related to FABN and PRT.
The following table reconciles to Other intangible assets, net, on the Consolidated Balance Sheets as of December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |||||||||||||
| (In millions) | ||||||||||||||
| Customer relationships and contracts | $ | 349 | $ | 435 | ||||||||||
| VOBA | 1,196 | 1,349 | ||||||||||||
| DAC | 3,637 | 3,036 | ||||||||||||
| DSI | 891 | 625 | ||||||||||||
| Value of distribution asset | 62 | 74 | ||||||||||||
| Computer software | 289 | 277 | ||||||||||||
| Trademarks, tradenames, and other | 217 | 180 | ||||||||||||
| Total Other intangible assets, net | $ | 6,641 | $ | 5,976 | ||||||||||
The following tables roll forward VOBA by product for the years ended December 31, 2025 and 2024:
| Indexed Annuities | Fixed Rate Annuities | Immediate Annuities | Universal Life | Traditional Life | Total | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2025 | $ | 892 | $ | 22 | $ | 184 | $ | 126 | $ | 125 | $ | 1,349 | |||||||||||||||||||||||
| Amortization | (122) | (4) | (6) | (7) | (14) | (153) | |||||||||||||||||||||||||||||
Balance at December 31, 2025 | $ | 770 | $ | 18 | $ | 178 | $ | 119 | $ | 111 | $ | 1,196 | |||||||||||||||||||||||
| Indexed Annuities | Fixed Rate Annuities | Immediate Annuities | Universal Life | Traditional Life | Total | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | 1,025 | $ | 27 | $ | 191 | $ | 134 | $ | 69 | $ | 1,446 | |||||||||||||||||||||||
| Amortization | (133) | (5) | (7) | (8) | (7) | (160) | |||||||||||||||||||||||||||||
| Actuarial model updates and refinements (a) | — | — | — | — | 63 | 63 | |||||||||||||||||||||||||||||
Balance at December 31, 2024 | $ | 892 | $ | 22 | $ | 184 | $ | 126 | $ | 125 | $ | 1,349 | |||||||||||||||||||||||
(a)net of amortization of ($15 million).
VOBA amortization expense of $153 million, $175 million, and $169 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.
The following tables roll forward DAC by product for the years ended December 31, 2025 and 2024:
| Indexed Annuities | Fixed Rate Annuities | Universal Life | Total (a) | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
Balance at January 1, 2025 | $ | 1,874 | $ | 376 | $ | 781 | $ | 3,031 | |||||||||||||||
| Capitalization | 530 | 132 | 292 | 954 | |||||||||||||||||||
| Amortization | (199) | (106) | (52) | (357) | |||||||||||||||||||
Balance at December 31, 2025 | $ | 2,205 | $ | 402 | $ | 1,021 | $ | 3,628 | |||||||||||||||
| Indexed Annuities | Fixed Rate Annuities | Universal Life | Total (a) | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
Balance at January 1, 2024 | $ | 1,378 | $ | 288 | $ | 545 | $ | 2,211 | |||||||||||||||
| Capitalization | 652 | 174 | 274 | 1,100 | |||||||||||||||||||
| Amortization | (156) | (86) | (38) | (280) | |||||||||||||||||||
Balance at December 31, 2024 | $ | 1,874 | $ | 376 | $ | 781 | $ | 3,031 | |||||||||||||||
DAC amortization expense of $357 million, $280 million, and $186 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively, excluding insignificant amounts related to FABN and PRT.
The following table presents a reconciliation of DAC to the table above which is reconciled to the Consolidated Balance Sheets as of December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |||||||||||||
| (In millions) | ||||||||||||||
| Indexed Annuities | $ | 2,205 | $ | 1,874 | ||||||||||
| Fixed Rate Annuities | 402 | 376 | ||||||||||||
| Universal Life | 1,021 | 781 | ||||||||||||
| FABN | 5 | 4 | ||||||||||||
| PRT | 4 | 1 | ||||||||||||
| Total | $ | 3,637 | $ | 3,036 | ||||||||||
The following tables roll forward DSI for our indexed annuity products for the years ended December 31, 2025 and 2024:
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Balance at January 1, | $ | 625 | $ | 346 | |||||||
| Capitalization | 332 | 319 | |||||||||
| Amortization | (66) | (40) | |||||||||
| Balance at December 31, | $ | 891 | $ | 625 | |||||||
DSI amortization expense of $66 million, $40 million, and $22 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.
The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (“FPB”) for life contingent immediate annuities and PRT. Those assumptions will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For indexed annuity contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA and DAC reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities. Refer to Note A Business and Summary of Significant Accounting Policies for further information about accounting policies for amortization of VOBA, DAC and DSI.
F&G reviews cash flow assumptions annually, generally in the third quarter. In 2024 and 2025, F&G undertook a review of all significant assumptions and revised several assumptions relating to their deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the year ended December 31, 2025, F&G updated the assumption for option budgets, surrenders, lapses, mortality and mortality improvement, and free partial withdrawals. For the year ended December 31, 2024, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, mortality improvement, and option budgets. For both periods, these assumption updates resulted in increased amortization rates on some DAC and DSI balances, primarily for indexed annuities. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption update.
For the in-force liabilities as of December 31, 2025, the estimated amortization expense for VOBA in future fiscal periods is as follows:
| Estimated Amortization Expense | |||||
| (In millions) | |||||
| 2026 | $ | 133 | |||
| 2027 | 120 | ||||
| 2028 | 109 | ||||
| 2029 | 99 | ||||
| 2030 | 90 | ||||
| Thereafter | 645 | ||||
| Total | $ | 1,196 | |||
Definite and Indefinite Lived Other Intangible Assets
Other intangible assets as of December 31, 2025, consist of the following:
| Cost | Accumulated amortization | Net carrying amount | Weighted average useful life (years) | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Customer relationships and contracts (a) | $ | 760 | $ | (411) | $ | 349 | 10 to 20 | ||||||||||||||||
| Computer software | 747 | (458) | 289 | 2 to 10 | |||||||||||||||||||
| Value of distribution asset (VODA) | 140 | (78) | 62 | 15 | |||||||||||||||||||
| Trademarks, tradenames, and other | 289 | (72) | 217 | Varies | |||||||||||||||||||
| Total | $ | 917 | |||||||||||||||||||||
Other intangible assets as of December 31, 2024, consist of the following:
| Cost | Accumulated amortization | Net carrying amount | Weighted average useful life (years) | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Customer relationships and contracts | $ | 795 | $ | (360) | $ | 435 | 10 to 20 | ||||||||||||||||
| Computer software | 723 | (446) | 277 | 2 to 10 | |||||||||||||||||||
| Value of distribution Asset (VODA) | 140 | (66) | 74 | 15 | |||||||||||||||||||
| Trademarks, tradenames, and other | 234 | (54) | 180 | Varies | |||||||||||||||||||
| Total | $ | 966 | |||||||||||||||||||||
Amortization expense for amortizable intangible assets, which consist primarily of VODA, customer relationships, computer software and definite lived trademarks, tradenames and other, was $203 million, $187 million, and $152 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the amortizable intangible assets as of December 31, 2025, the estimated amortization expense in future fiscal periods is $174 million in 2026, $141 million in 2027, $109 million in 2028, $91 million in 2029, and $64 million in 2030.
Within definite lived trademarks, tradenames, and other is an amount established to offset MRBs with no explicit rider charges, which had a balance of $145 million and $94 million as of December 31, 2025 and 2024, respectively. Amortization of $9 million, $5 million, and $1 million was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 23, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.