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Here are 1-3 brief analogies to describe Fidelity National Financial (FNF):

• It's like Carfax for houses: they investigate a property's past to ensure you're buying a clean history, and then they insure you against any ownership problems.
• Imagine Experian or Equifax, but for houses: they verify the legal history and ensure valid ownership of real estate, protecting against past title issues.
• Think of it as State Farm for your home's legal deed, providing a safety net if there's ever a historical ownership claim against it.

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• Title Insurance: Underwrites policies that protect homeowners and lenders against financial loss due to defects in property titles.
• Escrow Services: Acts as a neutral third-party to hold and disburse funds and documents for real estate transactions, ensuring all conditions of a sale or loan are met.
• Closing Services: Manages the final steps of real estate transactions, including document preparation, signings, and coordination between all parties.
• Property Information and Technology Solutions: Provides data, analytics, and software solutions to support real estate professionals and lenders throughout the property lifecycle.

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Fidelity National Financial (symbol: FNF) primarily sells its title insurance and transaction services to other companies involved in the real estate and mortgage industries. Due to the highly fragmented nature of the title insurance and settlement services market, FNF does not have a small number of specific "major customer companies" that account for a significant portion of its overall revenue in the way some businesses have a few dominant clients.

Instead, FNF's customer base is broad and diverse, encompassing thousands of entities across the United States. The primary categories of companies that utilize FNF's services, and thus represent its broad customer base, include:

• Mortgage Lenders: FNF provides title insurance and closing services to thousands of mortgage lenders, ranging from large national banks to regional and local institutions, who require title insurance to protect their interests in real estate loans. Examples of such institutions with which FNF and its subsidiaries do business include major players like Wells Fargo & Company (WFC) and JPMorgan Chase & Co. (JPM).
• Real Estate Brokerages and Agents: FNF works extensively with real estate companies and individual agents who facilitate property transactions. These professionals frequently refer buyers and sellers who require title and escrow services. Examples include major brokerage firms such as Anywhere Real Estate Inc. (HOUS) and RE/MAX Holdings, Inc. (RMAX).
• Home Builders and Developers: For both land acquisition and the sale of new homes and commercial properties, FNF provides essential title and escrow services. This customer segment includes prominent builders such as D.R. Horton, Inc. (DHI) and Lennar Corporation (LEN).

While the primary distribution channels involve these business entities, FNF also directly serves individual homebuyers and sellers who are the ultimate payers for many of the title and escrow services in real estate transactions.

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• Intercontinental Exchange, Inc. (ICE)
• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)

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Michael J. Nolan, Chief Executive Officer

Mr. Nolan assumed the role of Chief Executive Officer of Fidelity National Financial in February 2022. He previously served as President of FNF from January 2016 to February 2022 and as Co-Chief Operating Officer from 2015 to 2016. Mr. Nolan has over 30 years of experience within Fidelity National Title Group ("FNTG") and its predecessor companies, having joined in 1983. His extensive career at FNF includes various executive and management positions such as Regional Manager, Division Manager, and Executive Vice President. He also oversees FNF's operations in Canada, as well as IPX, Fidelity's 1031 exchange company, and FRS, Fidelity's relocation company. Mr. Nolan has served on the board of F&G.

Anthony J. Park, Chief Financial Officer

Mr. Park has served as the Chief Financial Officer of Fidelity National Financial since 2017, and as Executive Vice President and Chief Financial Officer since October 2005. Prior to this, he was the Controller and Assistant Controller of FNF from 1991 to 2000, and Chief Accounting Officer from 2000 to 2005. Mr. Park also holds a Director position at J. Alexander's LLC and serves as Chief Financial Officer, Director & Executive Vice President at Fidelity National Title Group, Inc. and Fidelity National Title Insurance Co.

Raymond R. Quirk, Vice Chairman

Mr. Quirk was appointed Vice Chairman of FNF in February 2022. He previously held the positions of Chief Executive Officer and Director of FNF, and before that, served as President. He was also Co-President and Co-Chief Operating Officer from 2006 until 2007. Mr. Quirk's earlier roles at FNF included Regional Manager, Division Manager, and Executive Vice President. He has served as a Director for J. Alexander's Holdings, Inc. and F&G. During his tenure as CEO, Fidelity National Financial became the largest and most profitable title insurance company.

Peter T. Sadowski, Chief Legal Officer

Mr. Sadowski has been the Chief Legal Officer of FNF since 2008. Prior to this, he served as Executive Vice President and General Counsel of FNF since 1999. He is also a member of the California Coastal Conservancy.

Michael L. Gravelle, General Counsel & Corporate Secretary

Mr. Gravelle serves as the General Counsel & Corporate Secretary for Fidelity National Financial.

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Here are the key risks to Fidelity National Financial (FNF):

1. Real Estate Market Fluctuations and Interest Rates: FNF's core title insurance business is highly dependent on the volume of real estate transactions, which are directly impacted by prevailing interest rates and the overall health of the housing market. Elevated mortgage rates and a slowdown in real estate activity significantly reduce the company's revenue and profitability.
2. Cybersecurity Incidents: FNF is exposed to substantial risks from cyberattacks, system damage, failures, and unauthorized data disclosures. A notable incident in November 2023 disrupted the company's operations for several days, affecting title insurance, escrow, and other related services, and potentially impacting approximately 1.3 million customers. Such events can lead to operational disruptions, financial losses, and reputational damage.
3. Competition and Regulatory Environment: The company faces significant competition from other title insurance providers. Additionally, FNF's operating subsidiaries are subject to extensive government regulation of the title insurance industry, including privacy and data protection laws, which can impact its operations and financial results.

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Fidelity National Financial (FNF) primarily operates within the United States, offering a range of services predominantly in the real estate and mortgage industries. Its main products and services include title insurance and escrow services.

Title Insurance

The addressable market for title insurance in the United States is estimated to be $17.1 billion in 2025. The title insurance industry in the U.S. has experienced a decline over the past five years due to a weakened housing market and elevated interest rates, although an increase of 1.8% is expected in 2025. Globally, the title insurance market was valued at approximately $67.42 billion in 2024 and is projected to reach about $133.97 billion by 2033, growing at a compound annual growth rate (CAGR) of 7.93% during the forecast period from 2025 to 2033. North America remains the largest market for title insurance, largely driven by a robust real estate sector and increasing property transactions in the United States, which accounts for approximately 70% of the global market share.

Escrow Services

The global escrow agent services market size was estimated at $519.05 billion in 2024, with projections to grow to $851.21 billion by 2033 at a CAGR of 5.65%. North America is the leading region in the escrow agent services market, having accounted for over 11.4 million transactions in 2023. The United States alone processed approximately 10.2 million escrow transactions, driven by significant activity in both residential and commercial real estate, where over 91% of property deals above $500,000 utilized escrow agents.

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1. Recovery in the Residential Housing Market: Fidelity National Financial anticipates revenue growth from an eventual upturn in the residential housing market, particularly as mortgage interest rates normalize. The company has observed a surge in refinance orders when mortgage rates decreased, indicating responsiveness to market improvements. A sustained decrease in mortgage rates below 6% is seen as a key factor for further upside in this segment.
2. Continued Strong Commercial Title Revenue: FNF expects to drive revenue growth through its commercial title business, which has shown record-breaking performance and significant increases in commercial revenue. This growth is broad-based, spanning various asset classes such as industrial, multifamily, retail, and energy, with expectations for commercial performance to match the peak years of 2021-2022.
3. Growth in the F&G Annuities and Life Segment: The F&G segment is identified as a strong growth engine for FNF. This segment has demonstrated substantial increases in gross sales, net sales, and assets under management (AUM), contributing significantly to FNF's adjusted net earnings. F&G is focused on executing its medium-term financial goals and leveraging capital-light strategic initiatives, including flow reinsurance and expanding its owned distribution business, to continue its growth trajectory.
4. Enhanced Operational Efficiencies and Technology Investments: FNF is strategically focused on driving revenue growth through disciplined expense management and ongoing investments in technology and artificial intelligence (AI). These initiatives are expected to enhance operational efficiency, improve customer experience, and maintain industry-leading margins, contributing to overall profitability and growth.
5. Strategic Diversification and Market Position: FNF's strategy involves diversification across its business segments, enabling it to navigate dynamic market conditions effectively. The company's ability to maintain strong performance and industry-leading margins in its Title segment, even during challenging environments, underscores its strong market position and capacity for sustained revenue generation through effective competition.

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Share Repurchases

• Fidelity National Financial (FNF) had a three-year stock repurchase program authorized on August 3, 2021, allowing the company to repurchase up to 25 million shares of FNF common stock through July 31, 2024.
• Under the 2021 Repurchase Program, FNF repurchased 16,449,565 common shares for an aggregate amount of approximately $701 million.
• A new three-year stock repurchase program was approved, effective July 31, 2024, authorizing the repurchase of up to 25 million shares of FNF common stock through July 31, 2027.

Share Issuance

• On December 1, 2022, FNF completed a partial spin-off by distributing approximately 15% of the common stock of its subsidiary, F&G Annuities & Life, Inc. (F&G), to FNF shareholders as a taxable dividend.
• FNF shareholders of record received 68 shares of F&G common stock for every 1,000 shares of FNF common stock they held.
• FNF retained an approximately 85% equity ownership stake in F&G following the distribution.

Outbound Investments

• FNF acquired F&G Annuities & Life, Inc. in June 2020.
• In 2023, FNF made a $250 million investment in F&G to accelerate its retained asset growth.
• Increased cash outflows associated with acquisitions amounted to $119 million in 2022.

Capital Expenditures

• Total capital expenditures for property and equipment and capitalized software were $132 million in 2023, $138 million in 2022, and $131 million in 2021.
• Capital expenditures peaked in December 2024 at $146 million, and the latest twelve months capital expenditures are $145 million.
• For the nine months ended September 30, 2024, capital expenditures totaled $116 million.