JACKSONVILLE, Fla., Nov. 6, 2025 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. $(FG)$ (F&G), today reported financial results for the third quarter ended September 30, 2025.
Net earnings attributable to common shareholders for the third quarter were $358 million, or $1.33 per diluted share (per share), compared to net earnings of $266 million, or $0.97 per share, for the third quarter of 2024. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the third quarter were $439 million, or $1.63 per share, compared to $356 million, or $1.30 per share, for the third quarter of 2024.
-- The Title Segment contributed $330 million for the third quarter,
compared to $244 million for the third quarter of 2024
-- The F&G Segment contributed $139 million for the third quarter, compared
to $135 million for the third quarter of 2024
-- The Corporate Segment, before eliminating dividend income from F&G in the
consolidated financial statements, had an adjusted net loss of $1 million
for the third quarter, compared to adjusted net earnings of $3 million
for the third quarter of 2024
-- FNF's consolidated adjusted net earnings include significant income and
expense items in the F&G Segment, as well as alternative investment
portfolio returns from short-term mark-to-market movement that differ
from long-term return expectations. Please see "Segment Financial
Results" for F&G, as well as the "Non-GAAP Measures and Other
Information" section for further explanation
Company Highlights
-- Title Segment delivered outstanding operating performance and industry
leading margin: Total Title Segment revenue was $2.3 billion for the
third quarter, an 8% increase over $2.1 billion for the third quarter of
2024. Total revenue, excluding recognized gains and losses, was $2.3
billion for the third quarter, a 13% increase over $2.0 billion for the
third quarter of 2024. Our industry leading adjusted pre-tax title margin
was 17.8% for the third quarter. These results reflect strong performance
across the business, including commercial and refinance as well as our
centralized and home warranty operations. Additionally, our disciplined
expense management is driving strong incremental margins
-- F&G Segment assets under management growth was driven by continued strong
annuity sales: F&G achieved record assets under management before flow
reinsurance of $71.4 billion at the end of the third quarter, an increase
of 14% over the third quarter of 2024. F&G's gross sales were $4.2
billion and net sales were $2.8 billion for the third quarter
-- Dynamic capital allocation strategy backed by stable cash generation
supports shareholder value: FNF has repurchased 631,000 shares for $37.5
million, at an average price of $59.37 per share, in the third quarter
and paid common dividends of $0.50 per share for $135 million. FNF ended
the quarter with $733 million in cash and short-term liquid investments
at the holding company
William P. Foley, II, Chairman, commented, "We delivered strong third quarter results across both our Title business and F&G segment, demonstrating the power of our complementary businesses and our ability to execute in dynamic market conditions. Our Title business achieved an industry leading adjusted pre-tax title margin of 17.8% while F&G had one of their best sales quarters in their history which drove assets under management over $70 billion, a significant milestone for the business. This performance is generating strong free cash flows and we have returned $627 million to our shareholders in the first nine months of the year through share buybacks and our quarterly dividend while also investing $150 million in F&G's common equity raise earlier this year."
Summary Financial Results
(In millions, except
per share data) Three Months Ended Year to Date
September 30, September 30,
2025 2024 2025 2024
------------- ------------- ---------- ----------
Total revenue $ 4,030 $ 3,603 $ 10,394 $ 10,060
F&G gross sales(1) $ 4,238 $ 3,878 $ 11,246 $ 11,793
F&G net sales(1) $ 2,800 $ 2,386 $ 7,725 $ 8,133
F&G assets under
management
(AUM)(1) $ 56,647 $ 52,464 $ 56,647 $ 52,464
F&G AUM before flow
reinsurance(1) $ 71,430 $ 62,875 $ 71,430 $ 62,875
Total assets $ 106,636 $ 94,672 $ 106,636 $ 94,672
Adjusted pre-tax
title margin 17.8 % 15.9 % 15.3 % 14.5 %
Net earnings
attributable to
common
shareholders $ 358 $ 266 $ 719 $ 820
Net earnings per
share attributable
to common
shareholders $ 1.33 $ 0.97 $ 2.64 $ 3.00
Adjusted net
earnings(1) $ 439 $ 356 $ 970 $ 900
Adjusted net
earnings per
share(1) $ 1.63 $ 1.30 $ 3.57 $ 3.30
Weighted average
common diluted
shares 270 273 272 273
Total common shares
outstanding 271 274 271 274
1 See definition of non-GAAP measures below
Segment Financial Results
Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.
Mike Nolan, Chief Executive Officer, added, "Our third quarter Title results were driven by very strong performance across the business, including commercial and refinance, as well as our disciplined expense management. Commercial continues to be the standout with revenues rising 34% compared to the third quarter of 2024, as activity remains broad based across several asset classes. 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, as evidenced by our industry leading pre-tax title margin in the third quarter. This discipline has generated a steady level of free cash flow, allowing us to continue to invest in our business through attractive acquisitions and technology as we continue to build for the long term."
Third Quarter 2025 Highlights
-- Total revenue of $2.3 billion, compared with $2.1 billion in the third
quarter of 2024
-- Total revenue, excluding recognized gains and losses, of $2.3 billion, a
13% increase over the third quarter of 2024
-- Direct title premiums of $678 million, a 19% increase over third
quarter of 2024
-- Agency title premiums of $890 million, a 13% increase over third
quarter of 2024
-- Commercial revenue of $389 million, a 34% increase over third
quarter of 2024
-- Purchase orders opened on a daily basis were in line with the third
quarter of 2024 and purchase orders closed increased 1% on a daily basis
-- Refinance orders opened increased 15% on a daily basis and refinance
orders closed increased 23% on a daily basis over the third quarter of
2024
-- Commercial orders opened increased 8% and commercial orders closed
increased 19% over the third quarter of 2024
-- Total fee per file of $3,994 for the third quarter, an 8% increase over
the third quarter of 2024
Third Quarter 2025 Financial Results
-- Pre-tax title margin of 15.8% and industry leading adjusted pre-tax title
margin of 17.8% for the third quarter, compared to 17.7% and 15.9%,
respectively, for the third quarter of 2024
-- Pre-tax earnings in Title for the third quarter of $359 million, compared
with $372 million for the third quarter of 2024
-- Adjusted pre-tax earnings in Title for the third quarter of $410 million,
compared with $323 million for the third quarter of 2024; these results
reflect strong performance across the business, including commercial and
refinance as well as our centralized and home warranty operations.
Additionally, our disciplined expense management is driving strong
incremental margins
F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Chris Blunt, F&G's Chief Executive Officer, said, "We delivered outstanding third quarter results highlighted by record assets under management before flow reinsurance of $71 billion fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across our business through the third quarter as we execute on our strategy and make continued progress towards our 2023 Investor Day targets. Our business continues to benefit from increased scale and disciplined expense management, as our ratio of operating expense to AUM before flow reinsurance has improved to 52 basis points, down 10 basis points from the third quarter of 2024, with further improvement expected by the end of the year. Our high quality investment portfolio is performing well and credit related impairments remain below our pricing assumption. F&G is becoming a more fee based, higher margin and capital light business as we leverage our position as one of the industry's largest sellers of annuities and life insurance."
Third Quarter 2025
-- AUM before flow reinsurance was $71.4 billion at the end of the third
quarter, an increase of 14% over the third quarter of 2024. This included
retained AUM of $56.6 billion, an increase of 8% over $52.5 billion at
the end of the third quarter of 2024
-- Gross sales were $4.2 billion for the third quarter, an increase of 8%
over the third quarter of 2024, driven by favorable market conditions and
strong demand for retirement savings products
-- Core sales were $2.2 billion for the third quarter, modestly above the
third quarter of 2024, reflecting strong indexed annuity, indexed
universal life and pension risk transfer sales
-- Opportunistic sales were $2.0 billion for the third quarter, split
between multiyear guaranteed annuities and funding agreements, compared
to $1.7 billion in the third quarter of 2024 which was solely comprised
of multiyear guaranteed annuities. Opportunistic volumes vary quarter to
quarter depending on economics and market opportunity
-- Net sales were $2.8 billion for the third quarter, compared to $2.4
billion in the third quarter of 2024; this reflects flow reinsurance at
varying ceded amounts in line with capital targets for multiyear
guaranteed annuities and fixed indexed annuities, including our new
reinsurance sidecar, effective August 1, 2025
-- Net earnings attributable to common shareholders for F&G Segment were $98
million for the third quarter due to unfavorable mark-to-market movement,
compared to a net loss of $5 million for the third quarter of 2024 which
included unfavorable mark-to-market movement
-- Adjusted net earnings attributable to common shareholders for F&G Segment
were $139 million for the third quarter, compared to $135 million for the
third quarter of 2024
-- F&G Segment adjusted net earningsof $139 million for the third
quarter of 2025 included income from $8 million, or $0.03 per
share, tax valuation allowance benefit and $3 million, or $0.01
per share, of actuarial reserve release. Investment income from
alternative investments was $55 million, or $0.20 per share, below
management's long-term expected return of approximately 10%
-- F&G Segment adjusted net earnings of $135 million for the third
quarter of 2024 included net expense of $14 million of actuarial
assumption updates; partially offset by income from a $12 million
tax valuation allowance benefit. Investment income from
alternative investments was $35 million below management's
long-term expected return of approximately 10%
-- As compared to the prior year quarter and excluding the above
items, adjusted net earnings reflect asset growth, growing fees
from accretive flow reinsurance, steady owned distribution margin
and disciplined expense management driving scale benefit;
partially offset by higher interest expense on debt
-- Please see "Segment Financial Results" for F&G under "Non-GAAP
Measures and Other Information" for further explanation
Conference Call
We will host a call with investors and analysts to discuss FNF's third quarter of 2025 results on Friday, November 7, 2025, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. $(FNF)$ is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management $(AAUM)$ and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures,
interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.
FNF-E
FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
September 30, Corporate and
2025 Consolidated Title F&G Other Elimination
----------------- --------------- --------------- --------------- ---------------------- --------------------
Direct title
premiums $ 678 $ 678 $ -- $ -- $ --
Agency title
premiums 890 890 -- -- --
Escrow, title
related and other
fees 1,429 634 735 60 --
--------------- --------------- --------------- ---------------------- --------------------
Total title and
escrow 2,997 2,202 735 60 --
Interest and
investment
income 857 101 748 37 (29)
Recognized gains
and losses, net 176 (38) 211 3 --
--------------- --------------- --------------- ---------------------- --------------------
Total revenue 4,030 2,265 1,694 100 (29)
Personnel costs 899 766 79 54 --
Agent commissions 690 690 -- -- --
Other operating
expenses 407 341 38 28 --
Benefits & other
policy reserve
changes 1,181 -- 1,181 -- --
Market risk
benefit (gains)
losses 43 -- 43 -- --
Depreciation and
amortization 227 39 180 8 --
Provision for
title claim
losses 70 70 -- -- --
Interest expense 60 -- 42 18 --
--------------- --------------- --------------- ---------------------- --------------------
Total expenses 3,577 1,906 1,563 108 --
Pre-tax earnings
(loss) $ 453 $ 359 $ 131 $ (8) $ (29)
Income tax
expense
(benefit) 90 90 11 (11) --
Earnings (loss)
from equity
investments 26 29 -- (3) --
Non-controlling
interests 31 8 22 1 --
Net earnings
(loss)
attributable to
common
shareholders $ 358 $ 290 $ 98 $ (1) $ (29)
EPS attributable
to common
shareholders -
basic $ 1.33
EPS attributable
to common
shareholders -
diluted $ 1.33
Weighted average
shares - basic 269
Weighted average
shares - diluted 270
FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
September 30, Corporate and
2025 Consolidated Title F&G Other Elimination
----------------- -------------------- -------------------- --------------- ---------------------- --------------------
Net earnings
(loss)
attributable to
common
shareholders $ 358 $ 290 $ 98 $ (1) $ (29)
Pre-tax earnings
(loss) $ 453 $ 359 $ 131 $ (8) $ (29)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net 103 38 68 (3) --
Market related
liability
adjustments (37) -- (37) -- --
Purchase price
amortization 45 13 29 3 --
Transaction and
other costs 6 -- 6 -- --
Adjusted pre-tax
earnings (loss) $ 570 $ 410 $ 197 $ (8) $ (29)
Total non-GAAP,
pre-tax
adjustments $ 117 $ 51 $ 66 $ -- $ --
Income taxes on
non-GAAP
adjustments (26) (13) (13) -- --
Non-controlling
interest on
non-GAAP
adjustments (12) -- (12) -- --
Deferred tax
asset valuation
allowance 2 2 -- -- --
-------------------- -------------------- --------------- ---------------------- --------------------
Total non-GAAP
adjustments $ 81 $ 40 $ 41 $ -- $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 439 $ 330 $ 139 $ (1) $ (29)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 1.63
FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
September 30, Corporate and
2024 Consolidated Title F&G Other Elimination
----------------- --------------- --------------- ----------------- ---------------------- --------------------
Direct title
premiums $ 571 $ 571 $ -- $ -- $ --
Agency title
premiums 789 789 -- -- --
Escrow, title
related and other
fees 1,159 581 526 52 --
--------------- --------------- ----------------- ---------------------- --------------------
Total title and
escrow 2,519 1,941 526 52 --
Interest and
investment
income 815 92 712 37 (26)
Recognized gains
and losses, net 269 63 206 -- --
--------------- --------------- ----------------- ---------------------- --------------------
Total revenue 3,603 2,096 1,444 89 (26)
Personnel costs 810 688 80 42 --
Agent commissions 612 612 -- -- --
Other operating
expenses 396 328 45 23 --
Benefits & other
policy reserve
changes 1,095 -- 1,095 -- --
Market risk
benefit (gains)
losses 71 -- 71 -- --
Depreciation and
amortization 189 35 147 7 --
Provision for
title claim
losses 61 61 -- -- --
Interest expense 56 -- 36 20 --
--------------- --------------- ----------------- ---------------------- --------------------
Total expenses 3,290 1,724 1,474 92 --
Pre-tax earnings
(loss) $ 313 $ 372 $ (30) $ (3) $ (26)
Income tax
expense
(benefit) 44 73 (25) (4) --
Earnings from
equity
investments 2 2 -- -- --
Non-controlling
interests 5 5 -- -- --
Net earnings
(loss)
attributable to
common
shareholders $ 266 $ 296 $ (5) $ 1 $ (26)
EPS attributable
to common
shareholders -
basic $ 0.98
EPS attributable
to common
shareholders -
diluted $ 0.97
Weighted average
shares - basic 272
Weighted average
shares - diluted 273
FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
September 30, Corporate and
2024 Consolidated Title F&G Other Elimination
----------------- -------------------- -------------------- ---------------------- ---------------------- --------------------
Net earnings
(loss)
attributable to
common
shareholders $ 266 $ 296 $ (5) $ 1 $ (26)
Pre-tax earnings
(loss) $ 313 $ 372 $ (30) $ (3) $ (26)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net (17) (63) 46 -- --
Market related
liability
adjustments 145 -- 145 -- --
Purchase price
amortization 39 14 22 3 --
Adjusted pre-tax
earnings (loss) $ 480 $ 323 $ 183 $ -- $ (26)
Total non-GAAP,
pre-tax
adjustments $ 167 $ (49) $ 213 $ 3 $ --
Income taxes on
non-GAAP
adjustments (33) 12 (44) (1) --
Non-controlling
interest on
non-GAAP
adjustments (29) -- (29) -- --
Deferred tax
asset valuation
allowance (15) (15) -- -- --
-------------------- -------------------- ---------------------- ---------------------- --------------------
Total non-GAAP
adjustments $ 90 $ (52) $ 140 $ 2 $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 356 $ 244 $ 135 $ 3 $ (26)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 1.30
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Nine Months Ended
September 30, Corporate and
2025 Consolidated Title F&G Other Elimination
----------------- --------------- --------------- ------------ ------------------ --------------------
Direct title
premiums $ 1,820 $ 1,820 $ -- $ -- $ --
Agency title
premiums 2,410 2,410 -- -- --
Escrow, title
related and other
fees 3,783 1,772 1,871 140 --
--------------- --------------- ------------ ------------------ --------------------
Total title and
escrow 8,013 6,002 1,871 140 --
Interest and
investment
income 2,394 270 2,096 113 (85)
Recognized gains
and losses, net (13) (20) (1) 8 --
--------------- --------------- ------------ ------------------ --------------------
Total revenue 10,394 6,252 3,966 261 (85)
Personnel costs 2,536 2,187 223 126 --
Agent commissions 1,872 1,872 -- -- --
Other operating
expenses 1,200 996 121 83 --
Benefits & other
policy reserve
changes 2,698 -- 2,698 -- --
Market risk
benefit (gains)
losses 148 -- 148 -- --
Depreciation and
amortization 623 110 491 22 --
Provision for
title claim
losses 190 190 -- -- --
Interest expense 181 -- 123 58 --
--------------- --------------- ------------ ------------------ --------------------
Total expenses 9,448 5,355 3,804 289 --
Pre-tax earnings
(loss) from
continuing
operations $ 946 $ 897 $ 162 $ (28) $ (85)
Income tax
expense
(benefit) 217 225 21 (29) --
Earnings (loss)
from equity
investments 36 39 -- (3) --
Non-controlling
interests 46 17 28 1 --
Net earnings
(loss)
attributable to
common
shareholders $ 719 $ 694 $ 113 $ (3) $ (85)
EPS attributable
to common
shareholders -
basic $ 2.65
EPS attributable
to common
shareholders -
diluted $ 2.64
Weighted average
shares - basic 271
Weighted average
shares - diluted 272
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Nine Months Ended
September 30, Corporate and
2025 Consolidated Title F&G Other Elimination
----------------- ------------------- -------------------- -------------- ---------------------- --------------------
Net earnings
(loss)
attributable to
common
shareholders $ 719 $ 694 $ 113 $ (3) $ (85)
Pre-tax earnings
(loss) $ 946 $ 897 $ 162 $ (28) $ (85)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net 188 20 176 (8) --
Market related
liability
adjustments 50 -- 50 -- --
Purchase price
amortization 110 41 62 7 --
Transaction and
other costs 19 -- 15 4 --
Adjusted pre-tax
earnings (loss) $ 1,313 $ 958 $ 465 $ (25) $ (85)
Total non-GAAP,
pre-tax
adjustments $ 367 $ 61 $ 303 $ 3 $ --
Income taxes on
non-GAAP
adjustments (78) (15) (62) (1) --
Deferred tax
asset valuation
allowance 8 8 -- -- --
Non-controlling
interest on
non-GAAP
adjustments (46) -- (46) -- --
Total non-GAAP
adjustments $ 251 $ 54 $ 195 $ 2 $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 970 $ 748 $ 308 $ (1) $ (85)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 3.57
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Nine Months Ended
--------------- --------------- ---------------------- --------------------
September 30, Corporate and
2024 Consolidated Title F&G Other Elimination
----------------- --------------- --------------- -------------------- ---------------------- --------------------
Direct title
premiums $ 1,575 $ 1,575 $ -- $ -- $ --
Agency title
premiums 2,166 2,166 -- -- --
Escrow, title
related and other
fees 3,555 1,636 1,772 147 --
--------------- --------------- -------------------- ---------------------- --------------------
Total title and
escrow 7,296 5,377 1,772 147 --
Interest and
investment
income 2,308 262 2,012 114 (80)
Recognized gains
and losses, net 456 51 401 4 --
--------------- --------------- -------------------- ---------------------- --------------------
Total revenue 10,060 5,690 4,185 265 (80)
Personnel costs 2,316 1,986 215 115 --
Agent commissions 1,681 1,681 -- -- --
Other operating
expenses 1,152 924 149 79 --
Benefits & other
policy reserve
changes 2,864 -- 2,864 -- --
Market risk
benefit (gains)
losses 80 -- 80 -- --
Depreciation and
amortization 545 106 417 22 --
Provision for
title claim
losses 168 168 -- -- --
Interest expense 152 -- 94 58 --
--------------- --------------- -------------------- ---------------------- --------------------
Total expenses 8,958 4,865 3,819 274 --
Pre-tax earnings
(loss) $ 1,102 $ 825 $ 366 $ (9) $ (80)
Income tax
expense
(benefit) 223 190 51 (18) --
Earnings from
equity
investments 4 4 -- -- --
Non-controlling
interests 63 12 51 -- --
Net earnings
(loss)
attributable to
common
shareholders $ 820 $ 627 $ 264 $ 9 $ (80)
EPS attributable
to common
shareholders -
basic $ 3.03
EPS attributable
to common
shareholders -
diluted $ 3.00
Weighted average
shares - basic 271
Weighted average
shares - diluted 273
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Nine Months Ended
September 30, Corporate and
2024 Consolidated Title F&G Other Elimination
----------------- -------------------- ---------------------- --------------- ---------------------- --------------------
Net earnings
(loss)
attributable to
common
shareholders $ 820 $ 627 $ 264 $ 9 $ (80)
Pre-tax earnings
(loss) $ 1,102 $ 825 $ 366 $ (9) $ (80)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net 5 (51) 60 (4) --
Market related
liability
adjustments 19 -- 19 -- --
Purchase price
amortization 115 44 63 8 --
Transaction costs (2) -- (3) 1 --
Adjusted pre-tax
earnings (loss) $ 1,239 $ 818 $ 505 $ (4) $ (80)
Total non-GAAP,
pre-tax
adjustments $ 137 $ (7) $ 139 $ 5 $ --
Income taxes on
non-GAAP
adjustments (26) 2 (27) (1) --
Deferred tax
asset valuation
allowance (7) (7) -- -- --
Non-controlling
interest on
non-GAAP
adjustments (24) -- (24) -- --
Total non-GAAP
adjustments $ 80 $ (12) $ 88 $ 4 $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 900 $ 615 $ 352 $ 13 $ (80)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 3.30
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
September 30, December 31,
2025 2024
---------------- ---------------
(Unaudited) (Unaudited)
Cash and investment portfolio $ 74,379 $ 67,094
Goodwill 5,272 5,271
Title plant 421 420
Total assets 106,636 95,263
Notes payable 4,398 4,321
Reserve for title claim losses 1,708 1,713
Secured trust deposits 734 551
Accumulated other comprehensive
(loss) earnings (1,606) (2,052)
Non-controlling interests 979 778
Total equity and non-controlling
interests 9,334 8,532
Total equity attributable to common
shareholders 8,355 7,754
--------------- ---------------
Non-GAAP Measures and Other Information
Title Segment
The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended Nine Months Ended
---------------------- ---------------------------------- ----------------------------------------------
September September September 30, September 30,
(Dollars in millions) 30, 2025 30, 2024 2025 2024
---------------------- ---------------- ---------------- ---------------------- ----------------------
Pre-tax earnings $ 359 $ 372 $ 897 $ 825
Non-GAAP adjustments
before taxes
Recognized (gains)
and losses, net 38 (63) 20 (51)
Purchase price
amortization 13 14 41 44
Total non-GAAP
adjustments 51 (49) 61 (7)
Adjusted pre-tax
earnings $ 410 $ 323 $ 958 $ 818
Adjusted pre-tax
margin 17.8 % 15.9 % 15.3 % 14.5 %
FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
--------- ---------- ---------- ---------- --------- ---------- ---------- ----------
Quarterly Opened Orders ('000's except % data)
--------------------------------------------------------------------------------------------------------------
Total opened
orders* 370 366 343 299 352 344 315 257
Total opened
orders per
day* 5.8 5.8 5.6 4.7 5.5 5.5 5.1 4.1
Purchase % of
opened orders 70 % 76 % 75 % 72 % 73 % 80 % 79 % 78 %
Refinance % of
opened orders 30 % 24 % 25 % 28 % 27 % 20 % 21 % 22 %
Total closed
orders* 250 246 201 232 232 229 186 192
Total closed
orders per
day* 3.9 3.9 3.3 3.7 3.6 3.6 3.0 3.1
Purchase % of
closed orders 74 % 75 % 75 % 72 % 77 % 81 % 79 % 80 %
Refinance % of
closed orders 26 % 25 % 25 % 28 % 23 % 19 % 21 % 20 %
Commercial (millions, except orders in '000's)
--------------------------------------------------------------------------------------------------------------
Total commercial
revenue $ 389 $ 333 $ 293 $ 376 $ 290 $ 273 $ 238 $ 294
Total commercial
opened orders 54.8 54.1 52.6 47.5 50.8 50.7 48.7 43.7
Total commercial
closed orders 30.8 29.6 26.0 28.9 25.9 25.7 24.3 26.3
National
commercial
revenue $ 209 $ 178 $ 149 $ 208 $ 151 $ 145 $ 123 $ 164
National
commercial
opened orders 24.3 23.7 22.7 20.7 21.9 21.4 19.4 18.2
National
commercial
closed orders 13.1 12.0 10.2 11.8 10.4 9.8 9.2 10.1
Total Fee Per File
--------------------------------------------------------------------------------------------------------------
Fee per file $ 3,994 $ 3,894 $ 3,761 $ 3,909 $ 3,708 $ 3,759 $ 3,555 $ 3,806
Residential fee
per file $ 2,908 $ 3,001 $ 2,776 $ 2,772 $ 2,881 $ 2,995 $ 2,746 $ 2,889
Total commercial
fee per file $ 12,600 $ 11,300 $ 11,300 $ 13,000 $ 11,200 $ 10,600 $ 9,800 $ 11,200
National
commercial fee
per file $ 16,000 $ 14,900 $ 14,600 $ 17,600 $ 14,500 $ 14,800 $ 13,400 $ 16,300
Total Staffing
--------------------------------------------------------------------------------------------------------------
Total field
operations
employees 10,600 10,500 10,200 10,300 10,400 10,300 10,000 9,900
Actual title
claims paid ($
millions) $ 58 $ 66 $ 65 $ 75 $ 64 $ 70 $ 70 $ 64
----------------
Title Segment (continued)
FIDELITY NATIONAL FINANCIAL, INC.
MONTHLY TITLE ORDER STATISTICS
Direct Orders Opened * Direct Orders Closed *
Month / (% Purchase) / (% Purchase)
---------------- ------------------------- ------------------------
July 2025 121,000 75 % 84,000 75 %
August 2025 117,000 71 % 83,000 75 %
September 2025 132,000 65 % 83,000 72 %
--------------- ------- -------------- --------
Third Quarter 2025 370,000 70 % 250,000 74 %
=============== ======= ============== ========
Direct Orders Opened * Direct Orders Closed *
Month / (% Purchase) / (% Purchase)
---------------- ------------------------- ------------------------
July 2024 115,000 78 % 79,000 80 %
August 2024 117,000 73 % 79,000 78 %
September 2024 120,000 68 % 74,000 74 %
--------------- ------- -------------- --------
Third Quarter 2024 352,000 73 % 232,000 77 %
=============== ======= ============== ========
* Includes an immaterial number of non-purchase and non-refinance
orders
F&G Segment
The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders. The F&G Segment is reported net of noncontrolling minority interest.
Three Months Ended Nine Months Ended
--------------------------------------------- ------------------------------------------
September 30, September 30, September 30, September 30,
(Dollars in millions) 2025 2024 2025 2024
Net earnings (loss)
attributable to
common shareholders $ 98 $ (5) $ 113 $ 264
Non-GAAP
adjustments(1) :
Recognized (gains)
losses, net 68 46 176 60
Market related
liability
adjustments (37) 145 50 19
Purchase price
amortization 29 22 62 63
Transaction and other
costs 6 -- 15 (3)
Income taxes on
non-GAAP
adjustments (13) (44) (62) (27)
Non-controlling
interest on non-GAAP
adjustments (12) (29) (46) (24)
--------------------- ---------------------- -------------------- --------------------
Adjusted net earnings
(loss) attributable
to common
shareholders(1) $ 139 $ 135 $ 308 $ 352
-- F&G Segment adjusted net earnings of $139 million for the third quarter
of 2025 included income from $8 million, or $0.03 per share, tax
valuation allowance benefit and $3 million, or $0.01 per share, of
actuarial reserve release. Investment income from alternative investments
was $55 million, or $0.20 per share, below management's long-term
expected return of approximately 10%
-- F&G Segment adjusted net earnings of $135 million for the third quarter
of 2024 included net expense of $14 million, or $0.05 per share, of
actuarial assumption updates; partially offset by income from a $12
million, or $0.04 per share, tax valuation allowance benefit. Investment
income from alternative investments was $35 million, or $0.13 per share,
below management's long-term expected return of approximately 10%
-- F&G Segment adjusted net earnings of $308 million for the first nine
months ended September 30, 2025 included income from $13 million, or
$0.04 per share, reinsurance true-up adjustment, $8 million, or $0.03 per
share, tax valuation allowance benefit and $3 million, or $0.01 per share,
of actuarial reserve release. Investment income from alternative
investments was $175 million, or $0.64 per share, below management's
long-term expected return of approximately 10%
-- F&G Segment adjusted net earnings of $352 million for the first nine
months ended September 30, 2024 included net expense of $27 million, or
$0.10 per share, of actuarial assumption and model updates and other
items; partially offset by income from a $12 million, or $0.04 per share,
tax valuation allowance benefit. Investment income from alternative
investments was $96 million, or $0.35 per share, below management's
long-term expected return of approximately 10%
Footnotes:
1. Non-GAAP financial measure. See the Non-GAAP Measures section below for
additional information.
F&G Segment (continued)
The table below provides a summary of sales highlights
Three months ended Nine months ended
September 30, September 30, September 30, September 30,
(In millions) 2025 2024 2025 2024
-------------------- -------------------- -------------------- --------------------
Indexed
annuities
("FIA/RILA") $ 1,665 $ 1,847 $ 4,827 $ 4,932
Indexed
universal life
("IUL") 41 39 137 125
Pension risk
transfer
("PRT") 538 337 1,294 1,259
-------------------- -------------------- -------------------- --------------------
Subtotal: Core
sales 2,244 2,223 6,258 6,316
Fixed rate
annuities
("MYGA") 969 1,655 3,438 4,457
Funding
agreements
("FABN/FHLB") 1,025 -- 1,550 1,020
-------------------- -------------------- -------------------- --------------------
Subtotal:
Opportunistic
sales(2) 1,994 1,655 4,988 5,477
-------------------- -------------------- -------------------- --------------------
Gross sales(1) 4,238 3,878 11,246 11,793
Sales
attributable to
flow
reinsurance to
third
parties(3) (1,438) (1,492) (3,521) (3,660)
-------------------- -------------------- -------------------- --------------------
Net sales(1) 2,800 2,386 7,725 8,133
---------------- -------------------- -------------------- -------------------- --------------------
Footnotes:
1. Non-GAAP financial measure. See the Non-GAAP Measures section below for
additional information.
2. Opportunistic sales volumes fluctuate quarter to quarter depending on
economics and market opportunity as we prioritize allocating capital to
the highest return opportunities
3. Sales attributable to flow reinsurance to third parties includes the
reinsurance sidecar
DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.
Adjusted Net Earnings attributable to common shareholders
Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:
i. Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment ("OTTI") losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
ii. Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
iii. Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);
iv. Transaction costs: the impacts related to acquisition, integration and merger related items;
v. Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments;
vi. Other and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be "non-recurring," "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;
vii. Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and
viii. Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction
While these adjustments are an integral part of the overall performance of FNF, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Assets Under Management (AUM)
AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:
i. total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;
ii. investments in unconsolidated affiliates at carrying value;
iii. related party loans and investments;
iv. accrued investment income;
v . the net payable/receivable for the purchase/sale of investments; and
vi. cash and cash equivalents excluding derivative collateral at the end of the period.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.
AUM before Flow Reinsurance
AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.
Average Assets Under Management (AAUM)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
View original content:https://www.prnewswire.com/news-releases/fnf-reports-third-quarter-2025-financial-results-302607633.html
SOURCE Fidelity National Financial, Inc.
(END) Dow Jones Newswires
November 06, 2025 16:17 ET (21:17 GMT)