Fidelity National Financial (FNF) Investor presentation summary

Strategic positioning and market leadership

• Holds #1 market share in the U.S. title insurance industry and #1 or #2 share in 40 states, with a diversified presence in annuities and life insurance through its majority-owned subsidiary F&G.

• Maintains a nationwide footprint with a multi-brand strategy, complemented by ancillary real estate businesses and technology-driven innovation.

• Demonstrates sustainable competitive advantages, including scale, industry-leading margins, and a robust real estate data network.

• F&G is a top 10 fixed indexed annuity writer, targeting large and growing markets with demographic tailwinds.

• Focuses on advancing property ownership experience and helping customers achieve financial aspirations.

Financial performance and growth

• Reported total revenue of $4.0B in 3Q25, up from $3.6B in 3Q24, with strong performance across commercial, refinance, and F&G pension risk transfer premiums.

• Achieved adjusted net earnings of $439M in 3Q25, a 23% increase over 3Q24, and adjusted net earnings per share of $1.63.

• F&G segment contributed 28% of adjusted net earnings YTD 3Q25, with record AUM before flow reinsurance of $71.4B, up 14% year-over-year.

• Title segment delivered an industry-leading adjusted pre-tax title margin of 17.8% in 3Q25, the highest Q3 margin in four years.

• Maintains a strong balance sheet with $733M in holding company cash and short-term investments as of September 30, 2025.

Capital allocation and shareholder returns

• Prioritizes capital deployment for business investment and shareholder returns, including dividends and share repurchases.

• Paid $2.4B in cumulative dividends and $1.3B in share repurchases from 2020 to YTD 3Q25; annual dividend of $560M considered sustainable.

• Debt-to-capitalization ratio ex AOCI at 28.7% as of 3Q25, within the targeted 20–30% range.

• Reinvests in business growth, strategic M&A, and technology, while maintaining efficient capital structure.

• Dividend and share repurchase decisions are reviewed quarterly and depend on cash flows and market conditions.