Fidelity National Financial — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net earnings attributable to common shareholders were $633 million ($2.37 per diluted share) for the quarter, compared to $358 million ($1.33 per share) in the third quarter of 2025.
• Adjusted net earnings attributable to common shareholders were $352 million ($1.32 per share), down from $439 million ($1.63 per share) in the prior year quarter.
• Consolidated total revenue was $3.578 billion for the quarter, compared to $4.030 billion in the third quarter of 2025.
• Year-to-date (nine months ended September 30, 2026), net earnings attributable to common shareholders were $1.164 billion ($4.34 per diluted share), compared to $719 million ($2.64 per share) in 2025.
• Year-to-date adjusted net earnings were $971 million ($3.62 per share), compared to $970 million ($3.57 per share) in 2025.
• Total assets were $114.692 billion as of September 30, 2026, compared to $106.636 billion in the prior year quarter.
• F&G assets under management before reinsurance reached $76.232 billion as of September 30, 2026, a 7% increase over $71.430 billion in the prior year quarter.
• F&G assets under management (AUM) were $56.212 billion as of September 30, 2026, compared to $56.647 billion in the prior year quarter.

Guidance and Future Outlook:

• Management stated that businesses have the ability to generate attractive returns today with meaningful upside as market conditions improve.
• F&G is prioritizing business that meets return targets and allocating capital to the most attractive opportunities while maintaining disciplined pricing.
• F&G is making progress toward a more fee-based, higher margin, and less capital-intensive business while growing its core spread-based franchise.
• F&G has de-emphasized multiyear guaranteed annuities sales due to returns below thresholds, prioritizing capital allocation to highest return opportunities.
• F&G expects to continue scaling the business while maintaining a focus on profitability and returns.

Business Segments and Product Lines:

• Title Segment:
  • Total revenue was $2.4 billion, compared to $2.3 billion in the third quarter of 2025.
  • Total revenue, excluding recognized gains and losses, was $2.5 billion, a 7% increase over the prior year quarter.
  • Direct title premiums were $755 million, an 11% increase over the prior year quarter.
  • Agency title premiums were $915 million, a 3% increase over the prior year quarter.
  • Commercial revenue was $463 million, a 19% increase over the prior year quarter.
  • Adjusted pre-tax title earnings were $422 million, a 3% increase over $410 million in the prior year quarter.
  • Industry-leading adjusted pre-tax title margin was 17.1% for the quarter, compared to 17.8% in the prior year quarter.
  • Purchase orders opened increased 3% on a daily basis; purchase orders closed increased 2% on a daily basis.
  • Refinance orders opened decreased 11% on a daily basis; refinance orders closed increased 8% on a daily basis.
  • Commercial orders opened increased 2% and commercial orders closed increased 4%.
  • Total fee per file was $4,229, a 6% increase over the prior year quarter.
• F&G Segment:
  • Adjusted net earnings attributable to common shareholders were $72 million, reflecting a 72% ownership stake following the stock distribution, compared to $139 million reflecting an 82% stake in the prior year quarter.
  • Gross sales were $3.0 billion, including record core retail sales of $2.1 billion.
  • Net sales were $1.4 billion, compared to $2.8 billion in the prior year quarter.
  • Core sales were $2.3 billion, comprised of $2.1 billion in core retail (indexed annuities and indexed universal life) and $200 million in core institutional (pension risk transfer) sales.
  • Opportunistic sales were nearly $700 million, primarily comprised of funding agreements, compared to a record $2.0 billion in the prior year quarter.
  • Investment income from alternative investments was $43 million, or $0.16 per share, below management's long-term expected return of approximately 12%.
  • Total product margin was reduced after reflecting the F&G Life (Bermuda) sale, lower surrender charge fee income, and higher other liability costs including increased amortization expense.
• Corporate Segment:
  • Adjusted net loss was $7 million for the quarter, before eliminating dividend income from F&G, compared to an adjusted net loss of $1 million in the prior year quarter.

Market and Competitive Landscape:

• The Title business generated an industry-leading adjusted pre-tax title margin of 17.1% despite continued pressure on residential transaction volumes.
• The Title business continues to outperform the broader market through disciplined operating strategy and strong commercial performance.
• F&G maintains a diversified distribution platform and a growing core retail franchise.
• F&G's strong inforce book provides a stable foundation of earnings and capital generation.
• F&G utilizes strategic reinsurance relationships and an owned distribution platform to provide additional sources of fee-based earnings and financial flexibility.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in general economic, business, political crisis, war, and pandemic conditions.
• Risks include volatility and strength of capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, and changes in trade policy.
• Risks include weakness or adverse changes in the level of real estate activity caused by high or increasing interest rates, limited mortgage funding supply, or a weak U.S. economy.
• Risks include potential inability to find suitable acquisition candidates, dependence on distributions from title insurance underwriters, and significant competition faced by F&G and operating subsidiaries.
• Risks include compliance with extensive government regulation, systems damage, failures, interruptions, cyberattacks, and unauthorized data disclosures.

Management Commentary and Tone:

• William P. Foley, II, Chairman, commented that FNF delivered another quarter of strong execution, demonstrating the strength of its franchises.
• Foley noted that the Title business generated an industry-leading margin despite pressure on residential volumes, supported by disciplined expense management and strong commercial performance.
• Foley highlighted that F&G assets under management reached a record $76.2 billion, driven by record core retail sales.
• Foley stated that businesses continue to produce strong and consistent cash flow, providing flexibility to invest for future growth while returning excess capital to shareholders.
• Mike Nolan, Chief Executive Officer of the Title business, stated that commercial remained a meaningful contributor with revenue increasing 19% and residential purchase business outperforming despite low volumes.
• Nolan emphasized investments in identity verification, property monitoring, inHere, and AI to strengthen transaction execution, protection, and experience.
• Conor Murphy, F&G CEO and President, noted that F&G continued to build momentum with record core retail sales while maintaining disciplined pricing and profitability.

Other Key Points:

• FNF returned approximately $143 million of capital to shareholders in the third quarter through $138 million of common stock dividends and $5 million of share repurchases.
• Capital returned to shareholders in the first nine months of 2026 totaled approximately $561 million, through $417 million of dividends and $144 million of share repurchases.
• FNF ended the quarter with $545 million in cash and short-term liquid investments at the holding company.
• F&G's adjusted net earnings for the quarter included $43 million in investment income from alternative investments, which was below the long-term expected return.
• F&G's adjusted net earnings for the prior year quarter included $11 million of significant income items.
• F&G's adjusted net earnings for the first nine months of 2026 included $4 million of expense from investment and other income true-up adjustments.
• F&G's adjusted net earnings for the first nine months of 2025 included $13 million from a reinsurance true-up adjustment, $8 million from a tax valuation allowance benefit, and $3 million from an actuarial reserve release.
• A conference call with investors and analysts was scheduled for November 6, 2026, at 11:00 a.m. Eastern Time.