Fidelity National Financial, Inc.FNF
Fidelity National Financial, Inc. Segments Disclosure
Segment Information
The tables below summarize the result of operations by segment that are provided to the Chief Operating Decision Maker ("CODM"), who is the Company's Chief Executive Officer. The Company's primary methods of measuring profitability and performance on a reportable segment basis are Revenues and Net earnings from continuing operations which are also measures used by the CODM to evaluate segment results and are factors in determining capital allocation among the segments.
Summarized financial information concerning our reportable segments is shown in the following tables. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
As of and for the year ended December 31, 2025:
| Title | F&G | Corporate and Other | Elimination | Total | |||||||||||||||||||||||||
| Segment revenues: | (In millions) | ||||||||||||||||||||||||||||
| Direct title insurance premiums | $ | 2,574 | $ | — | $ | — | $ | — | $ | 2,574 | |||||||||||||||||||
| Agency title insurance premiums | 3,250 | — | — | — | 3,250 | ||||||||||||||||||||||||
| Escrow, title related and other fees | 2,381 | 2,884 | 179 | — | 5,444 | ||||||||||||||||||||||||
| Interest and investment income | 363 | 2,837 | 154 | (117) | 3,237 | ||||||||||||||||||||||||
| Recognized gains and losses, net | (78) | 10 | 8 | — | (60) | ||||||||||||||||||||||||
| Total segment revenues | 8,490 | 5,731 | 341 | (117) | 14,445 | ||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Personnel costs | 2,983 | 293 | 161 | — | 3,437 | ||||||||||||||||||||||||
| Agent commissions | 2,518 | — | — | — | 2,518 | ||||||||||||||||||||||||
| Other operating expenses | 1,353 | 156 | 106 | — | 1,615 | ||||||||||||||||||||||||
| Benefits and other changes in policy reserves | — | 3,963 | — | — | 3,963 | ||||||||||||||||||||||||
| Total significant segment expenses | 6,854 | 4,412 | 267 | — | 11,533 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 147 | 665 | 32 | — | 844 | ||||||||||||||||||||||||
| Provision for title claim losses | 262 | — | — | — | 262 | ||||||||||||||||||||||||
| Market risk benefit gains | — | 167 | — | — | 167 | ||||||||||||||||||||||||
| Interest expense | — | 164 | 78 | — | 242 | ||||||||||||||||||||||||
| Total other segment items | 409 | 996 | 110 | — | 1,515 | ||||||||||||||||||||||||
| Total segment expenses | 7,263 | 5,408 | 377 | — | 13,048 | ||||||||||||||||||||||||
| Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates | 1,227 | 323 | (36) | (117) | 1,397 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 283 | 52 | 418 | — | 753 | ||||||||||||||||||||||||
| Earnings (loss) before equity in earnings (loss) of unconsolidated affiliates | 944 | 271 | (454) | (117) | 644 | ||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 39 | — | (4) | — | 35 | ||||||||||||||||||||||||
| Net earnings (loss) from continuing operations | $ | 983 | $ | 271 | $ | (458) | $ | (117) | $ | 679 | |||||||||||||||||||
| Assets | $ | 8,093 | $ | 98,432 | $ | 2,489 | $ | — | $ | 109,014 | |||||||||||||||||||
| Goodwill | 2,799 | 2,180 | 293 | — | 5,272 | ||||||||||||||||||||||||
As of and for the year ended December 31, 2024:
| Title | F&G | Corporate and Other | Elimination | Total | |||||||||||||||||||||||||
| Segment revenues: | (In millions) | ||||||||||||||||||||||||||||
| Direct title insurance premiums | $ | 2,200 | $ | — | $ | — | $ | — | $ | 2,200 | |||||||||||||||||||
| Agency title insurance premiums | 2,953 | — | — | — | 2,953 | ||||||||||||||||||||||||
| Escrow, title related and other fees | 2,196 | 2,941 | 184 | — | 5,321 | ||||||||||||||||||||||||
| Interest and investment income | 359 | 2,719 | 154 | (108) | 3,124 | ||||||||||||||||||||||||
| Recognized gains and losses, net | (6) | 84 | 5 | — | 83 | ||||||||||||||||||||||||
| Total segment revenues | 7,702 | 5,744 | 343 | (108) | 13,681 | ||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Personnel costs | 2,695 | 296 | 157 | — | 3,148 | ||||||||||||||||||||||||
| Agent commissions | 2,287 | — | — | — | 2,287 | ||||||||||||||||||||||||
| Other operating expenses | 1,251 | 203 | 104 | — | 1,558 | ||||||||||||||||||||||||
| Benefits and other changes in policy reserves | — | 3,791 | — | — | 3,791 | ||||||||||||||||||||||||
| Total significant segment expenses | 6,233 | 4,290 | 261 | — | 10,784 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 141 | 569 | 29 | — | 739 | ||||||||||||||||||||||||
| Provision for title claim losses | 232 | — | — | — | 232 | ||||||||||||||||||||||||
| Market risk benefit losses | — | (25) | — | — | (25) | ||||||||||||||||||||||||
| Interest expense | — | 132 | 77 | — | 209 | ||||||||||||||||||||||||
| Total other segment items | 373 | 676 | 106 | — | 1,155 | ||||||||||||||||||||||||
| Total segment expense | 6,606 | 4,966 | 367 | — | 11,939 | ||||||||||||||||||||||||
| Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates | 1,096 | 778 | (24) | (108) | 1,742 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 265 | 136 | (34) | — | 367 | ||||||||||||||||||||||||
| Earnings (loss) before equity in earnings of unconsolidated affiliates | 831 | 642 | 10 | (108) | 1,375 | ||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 16 | — | — | — | 16 | ||||||||||||||||||||||||
| Net earnings (loss) | $ | 847 | $ | 642 | $ | 10 | $ | (108) | $ | 1,391 | |||||||||||||||||||
| Assets | $ | 7,627 | $ | 84,938 | $ | 2,698 | $ | — | $ | 95,263 | |||||||||||||||||||
| Goodwill | 2,799 | 2,179 | 293 | — | 5,271 | ||||||||||||||||||||||||
As of and for the year ended December 31, 2023:
| Title | F&G | Corporate and Other | Elimination | Total | |||||||||||||||||||||||||
| Segment revenues: | (In millions) | ||||||||||||||||||||||||||||
| Direct title insurance premiums | $ | 1,982 | $ | — | $ | — | $ | — | $ | 1,982 | |||||||||||||||||||
| Agency title insurance premiums | 2,610 | — | — | — | 2,610 | ||||||||||||||||||||||||
| Escrow, title related and other fees | 2,117 | 2,413 | 187 | — | 4,717 | ||||||||||||||||||||||||
| Interest and investment income | 338 | 2,211 | 123 | (65) | 2,607 | ||||||||||||||||||||||||
| Recognized gains and losses, net | (9) | (124) | (31) | — | (164) | ||||||||||||||||||||||||
| Total segment revenues | 7,038 | 4,500 | 279 | (65) | 11,752 | ||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Personnel costs | 2,544 | 232 | 132 | — | 2,908 | ||||||||||||||||||||||||
| Agent commissions | 2,008 | — | — | — | 2,008 | ||||||||||||||||||||||||
| Other operating expenses | 1,242 | 146 | 133 | — | 1,521 | ||||||||||||||||||||||||
| Benefits and other changes in policy reserves | — | 3,553 | — | — | 3,553 | ||||||||||||||||||||||||
| Total significant segment expenses | 5,794 | 3,931 | 265 | — | 9,990 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 154 | 412 | 27 | — | 593 | ||||||||||||||||||||||||
| Provision for title claims losses | 207 | — | — | — | 207 | ||||||||||||||||||||||||
| Market risk benefit gains | — | 95 | — | — | 95 | ||||||||||||||||||||||||
| Interest expense | — | 97 | 77 | — | 174 | ||||||||||||||||||||||||
| Total other segment items | 361 | 604 | 104 | — | 1,069 | ||||||||||||||||||||||||
| Total segment expenses | 6,155 | 4,535 | 369 | — | 11,059 | ||||||||||||||||||||||||
| Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates | 883 | (35) | (90) | (65) | 693 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 181 | 23 | (12) | — | 192 | ||||||||||||||||||||||||
| Earnings (loss) before equity in earnings of unconsolidated affiliates | 702 | (58) | (78) | (65) | 501 | ||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 17 | — | — | — | 17 | ||||||||||||||||||||||||
| Net earnings (loss) | $ | 719 | $ | (58) | $ | (78) | $ | (65) | $ | 518 | |||||||||||||||||||
| Assets | $ | 7,949 | $ | 70,186 | $ | 2,479 | $ | — | $ | 80,614 | |||||||||||||||||||
| Goodwill | 2,788 | 1,749 | 293 | — | 4,830 | ||||||||||||||||||||||||
The activities in our segments include the following:
Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.
F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (fixed indexed and fixed rate annuities), immediate annuities and indexed universal life insurance. This segment also provides funding agreements and pension risk transfer solutions.
Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.
Refer to Note K Revenue Recognition for a description of our accounting for our various revenue streams.Free Sentinel
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.