On this page of StockholderLetter.com we present the latest annual shareholder letter from Fidelity National Financial, Inc. — ticker symbol FNF. Reading current and past FNF letters to shareholders can bring important insights into the investment thesis.

 •  4/28/2025 Letter Continued (Full PDF)
 •  4/27/2023 FNF Stockholder Letter
 •  4/26/2024 FNF Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  FNF Benford's Law Stock Score = 98

FNF Shareholder/Stockholder Letter Transcript:

FINANCIAL HIGHLIGHTS
(Dollars in millions)
2023
2024
INCOME STATEMENT:
2022
Year Ended December 31,
Total Revenue
$ 13,681
$ 11,752
$11,565
Net Earnings Attributable to Common Shareholders
$ 1,270

517
$ 1,294
15.1%
13.7%
16.7%
$ 6,815
$ 6,478
$ 4,355
Adjusted Pre-Tax Title Margin
Cash Flow from Operations
BALANCE SHEET:
At December 31,
Total Assets
$ 95,372
$ 80,614
$ 65,143
Cash and Investment Portfolio
$ 67,094
$ 58,816
$ 47,656
Reserve for Title Claim Losses
$ 1,713
$ 1,770
$ 1,810
Total Equity
$ 8,532
$ 7,460
$ 6,569
$13,681
TOTAL
REVENUE
$11,565
   22
$11,752
   23
$1,294
ADJUSTED
16.7%
PRE-TAX
13.7%
TITLE MARGIN
   22
   24
$80,614
ASSETS
TO COMMON
$517
   23
   24
$95,372
TOTAL
ATTRIBUTABLE
   22
   23
$1,270
NET EARNINGS
SHAREHOLDERS
15.1%
$65,143
   24
   22
   23
   24
FIDELITY NATIONAL FINANCIAL, INC. | 1

William P. Foley, II
Chairman of the Board
Michael J. Nolan
Chief Executive Officer
DEAR FELLOW SHAREHOLDERS,
I am once again proud of our results as they clearly demonstrate the dynamic business that we have created, which
is well positioned to outperform during varying economic cycles. While interest rates remained elevated and volatile
throughout 2024, our Title Segment delivered an industry leading adjusted pre-tax title margin, and our F&G
Segment (F&G) achieved record sales and assets under management. Our results are a testament to the hard work and
commitment of our employees who deliver industry leading results year in and year out and I would like to thank them
for their efforts over the last year.
Title Segment   s industry leading performance
Turning to our 2024 results, the Title Segment delivered adjusted pre-tax earnings of $1.2 billion, compared with $964
million for 2023, and an industry leading adjusted pre-tax title margin of 15.1%, compared to 13.7% for 2023. These are
outstanding results, despite a very difficult real estate market, and a validation of the operational efficiencies that we
have achieved over the last decade.
To put this in perspective, the National Association of Realtors (NAR) has reported that home sales in 2024 were
at their lowest level since 1995 due to high mortgage rates and a housing shortage. Our continued success is due to
the pioneering work and investment that we have made over many years. We have become more efficient across
our operational footprint through our SoftPro integrated operating platform and enhanced our customer experience
through proven tools such as our inHere digital transaction platform.
Our transformation can also be seen in our margins and steady free cash generation. For the full year 2024, our
adjusted pre-tax title margin expanded by 140 basis points over full year 2023, while also significantly outperforming
prior cycle troughs. Additionally, we continued to generate a steady level of free cash flow which we have used to invest
in our business through attractive acquisitions and continued investments in technology, while also increasing our
dividend. Our ability to sustain this level of cash while returning capital to shareholders and investing in the business in
such a low transaction environment is certainly noteworthy and, we feel, differentiates us from cyclical businesses. We
have also invested in F&G given the compelling opportunities that we have to further grow F&G   s business and earnings
contribution to FNF.
F&G Segment exceeding expectations
We purchased F&G in June of 2020 with the expectation that it would double assets under management (AUM) over
five years, while providing an important complement to our Title business. Fast forward over four years later, F&G has
significantly exceeded our expectations.
2 | FIDELITY NATIONAL FINANCIAL, INC.

Today, F&G is sourcing significant premiums from three distinct retail channels and two institutional markets, versus a
single channel prior to the acquisition by FNF. Gross sales of $15.3 billion for 2024 have grown from $3.9 billion for 2019
(pre-merger), driven by record retail channel and robust institutional market sales. This included record net sales of $10.6
billion in 2024. Record AUM before flow reinsurance was $65.3 billion at year-end 2024. This included record retained
AUM of $53.8 billion at year-end 2024, which has more than doubled from $26.4 billion at year-end 2019 (pre-merger).
F&G is a strong growth engine and continues to make progress toward its Investor Day targets of asset growth, margin
expansion and enhanced earnings from flow reinsurance and owned distribution, which continues to be accretive to FNF   s
growth profile and earnings. In fact, the F&G Segment contributed 38% to FNF   s consolidated adjusted net earnings for
the full year 2024, up from 30% in 2023 and 23% in 2022.
Given F&G   s growth outlook, our Board of Directors made the decision to invest $250 million into F&G   s mandatory
convertible preferred stock issued to FNF in early 2024. In total, F&G paid $108 million of cash dividends on common
and preferred stock to FNF in 2024.
Looking to the year ahead
I am very pleased with the exceptional performance of 2024, with both businesses executing well in the current market.
As I look ahead, I remain optimistic given the many opportunities that I see to further grow our Company.
The Title Segment remains poised for a rebound in transaction volumes, and we continue to invest in the business for the
long-term, while delivering industry leading margins. Over my career, housing has been a secular growth market, and I
believe that growth is firmly set to continue. While we are well positioned to benefit from the eventual increase in home
sales, we are not standing idle. We remain focused on investing in our business through accretive acquisitions to expand
our Title footprint, as well as technology to further drive operational efficiencies across our Company. We have been
investing in our InHere platform, which is the industry   s leading digital transaction platform, where we had more than
one million active users in 2024. We have also named a new Chief Artificial Intelligence Officer role in 2024. Over time,
we see opportunities to become even more efficient in both the front and back ends of our operations, which will further
enhance the profitability of our business.
Likewise, F&G has many opportunities ahead to continue to drive asset growth and deliver on its Investor Day targets for
margin expansion and accretive returns. F&G continues to benefit from favorable market conditions and a strong demand
for its products. We also expect F&G   s depth and breadth of its distribution to continue to expand. Additionally, F&G
continues to add new products and enter new, fast growing markets, such as the recently launched registered indexedlinked annuity (RILA) product. As F&G grows, we expect it to continue to provide stability to our earnings, regardless of
whether rates are rising or falling.
To conclude, we are well positioned for the future, with multiple avenues to further grow and enhance our Company. I
would like to thank our shareholders for their continued support as we continue to create shareholder value.
Michael J. Nolan
Chief Executive Officer
(1) See the Non-GAAP Financial Measures page for reconciliations of GAAP to non-GAAP financial measures.
FIDELITY NATIONAL FINANCIAL, INC. | 3



 4/28/2025 Letter Continued (Full PDF)