Fidelity National Financial, Inc. (FNF) SEC Filings & Earnings Calls

Misstatement during conference call; corrected promptly.

“During the question and answer session, the Company stated that July 2026 refinance opened orders were down 5% year-over-year and that August 2026 refinance opened orders were down in the mid-30% range.” · word for word

Market risk benefit losses volatility

“Market risk benefit losses (gains) 32 ( 4 ) 105 105” · word for word

Reinsurance recoverable concentration

“Reinsurance recoverable, net of allowance of $ 19 and $ 18 as of June 30, 2026 and December 31, 2025, respectively 20,879 17,551” · word for word

Residential market constrained by elevated mortgage rates and historically low transaction volumes

“despite a residential market that remains constrained by elevated mortgage rates and historically low transaction volumes” · word for word

F&G net sales declined significantly YoY (-46.6%)

“F&G net sales $1,464 million vs $2,744 million”

F&G ownership stake reduced from ~82% to ~72% after stock distribution

“which reflects our approximately 72% ownership stake following the stock distribution at year-end, compared with $89 million for the second quarter of 2025, which reflected our approximately 82% ownership stake” · word for word

Interest rate sensitivity on fixed income portfolio

“Unrealized loss on investments and other financial instruments of $591M (net of tax) in Q1 2026.”

Goodwill impairment risk from F&G Life Re sale

“The calculation of the gain included derecognition of F&G Life Re’s net assets, which included goodwill of approximately $ 56 million.” · word for word

Exposure to real estate market cycles and interest rate sensitivity

“Title business dependent on real estate and mortgage activity”

Housing Market Sensitivity

“Title insurance revenue is closely related to the level of real estate activity which includes sales, mortgage financing and mortgage refinancing.” · word for word

Interest Rate Volatility

“2025 saw a continuation of a historically challenging residential real estate market driven by ... varying mortgage interest rates.” · word for word

Geopolitical Uncertainty

“uncertainty related to geopolitical conflicts and unrest” · word for word

Regulatory Compliance Burden (DOL Fiduciary Rule)

“Current and emerging developments relating to market conduct standards for the financial industry emerging from the United States Department of Labor’s (“DOL”) implementation of the “fiduciary rule” may over time materially affect our business.” · word for word

Cybersecurity Incident Risk

“In November 2023, we experienced a cybersecurity incident where an unauthorized third-party accessed certain of our systems, deployed a type of malware that is not self-propagating, and exfiltrated certain data.” · word for word

Reinsurance Counterparty Credit Risk

“As of December 31, 2025, the net amount recoverable from Aspida Re, Wilton Re, Somerset, and Everlake were $8,589 million, $5,071 million, $1,868 million, and $1,032 million, respectively.” · word for word

Escrow Fund Concentration Risk

“We have a contingent liability relating to proper disposition of these balances for our customers, which amounted to $16.2 billion at December 31, 2025.” · word for word

Noncash deferred tax charge of $471M due to F&G distribution; no cash impact but reduces reported net income.

“Excluding a $471 million noncash deferred income tax charge resulting from the distribution of F&G shares.” · word for word

Taxable distribution to shareholders; potential dilution of FNF's ownership in F&G.

“Distribution will be structured as a taxable distribution expected to be treated as a dividend for U.S. federal income tax purposes.”

F&G Distribution Tax Complexity

“The Distribution is intended to be structured as a taxable dividend to FNF shareholders for U.S. federal income tax purposes. We are in the process of evaluating potential financial impacts, including potential changes associated with our income tax planning strategies and disclosures.” · word for word

Title Claim Loss Exposure

“Provision for title insurance claim losses as a percentage of title insurance premiums 4.5% (2025) vs 4.5% (2024)” · word for word

Taxable dividend may have tax implications for shareholders.

“Distribution is intended to be structured as a taxable dividend to FNF shareholders for U.S. federal income tax purposes.” · word for word

Residential housing market remains challenging

“While the residential housing market remains challenging, our management team has a proven track record of managing our business to the trend in opened orders” · word for word