Fidelity National Financial (FNF) Investor presentation summary

Strategic positioning and market leadership

• Holds #1 market share in title insurance, with leading positions in 40 states and a diversified portfolio including annuities and life insurance.

• F&G subsidiary is a top 10 fixed indexed annuity writer, targeting large and growing markets with a differentiated asset management approach.

• Technology-driven innovation and a multi-brand strategy drive market share, efficiency, and customer experience.

• Maintains strong local and national presence, leveraging scale for cost efficiency and profitability.

• Focus on disciplined operating strategy, strategic acquisitions, and investment in technology and talent.

Financial performance and growth

• Total revenue reached $14.5B in 2025, with adjusted net earnings of $1.4B, up 7% from 2024.

• Industry-leading adjusted pre-tax title margin of 15.9% for 2025 and 17.5% in 4Q25.

• F&G gross sales hit $14.6B in 2025, with assets under management before flow reinsurance at $73.1B, up 12% year-over-year.

• Commercial real estate revenue in 2025 was the third best year on record.

• F&G segment contributed 30% of adjusted net earnings in 2025, maintaining a steady share of overall profitability.

Capital allocation and financial flexibility

• Maintains a strong balance sheet with a debt-to-capitalization ratio of 29.2% at year-end 2025, within the targeted 20–30% range.

• $659M in holding company cash and short-term investments at year-end 2025.

• Returned $2.5B in cumulative dividends and $1.3B in share repurchases from 2021–2025.

• Annual dividend of $560M in 2025, viewed as sustainable and expected to increase over time.

• Capital allocation prioritizes reinvestment, strategic M&A, and shareholder returns.