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.
3
FINANCIAL HIGHLIGHTS
(Dollars in millions)
2022
2023
INCOME STATEMENT:
2021
Year Ended December 31,
Total Revenue
$ 11,752
$ 11,565
$15,655
Net Earnings Attributable to Common Shareholders

517
$ 1,294
$ 2,797
13.7%
16.7%
21.7%
$ 6,478
$ 4,355
$ 4,090
Adjusted Pre-Tax Title Margin
Cash Flow from Operations
BALANCE SHEET:
At December 31,
Total Assets
$ 80,614
$ 65,143
$ 61,330
Cash and Investment Portfolio
$ 58,816
$ 47,656
$ 47,135
Reserve for Title Claim Losses
$ 1,770
$ 1,810
$ 1,883
Accumulated Other Comprehensive (Loss) Earnings
$ (2,119)
$ (2,870)

Total Equity
$ 7,460
$ 6,569
$ 10,004
$15,655
21.7%
TOTAL
$11,752
REVENUE
878
$11,565
ADJUSTED
PRE-TAX
16.7%
TITLE MARGIN
13.7%
   21
   22
   23
   21
   22
$2,797
$80,614
NET EARNINGS
TOTAL
ATTRIBUTABLE
ASSETS
TO COMMON
$1,294
SHAREHOLDERS
   23
$65,143
$61,330
$517
   21
   22
   23
   21
   22
   23
FIDELITY NATIONAL FINANCIAL, INC. | 1
William P. Foley, II
Chairman of the Board
Michael J. Nolan
Chief Executive Officer
DEAR FELLOW SHAREHOLDERS,
I am incredibly proud of our performance over the past year. In 2023, our Title business successfully navigated
the most challenging housing market in nearly three decades while consistently delivering industry leading pre-tax
Title margins. Also, our F&G Segment (F&G) posted record results. The combined performance of our segments
demonstrates the strength of our franchise.
The challenging backdrop of the macro environment clearly highlights the resiliency of our business model through
varying economic cycles. As mortgage rates have risen, residential purchase and refinance volumes have been under
pressure much as in prior cycles. Our Title Segment   s strong performance highlights our ability to manage through a
very challenging market, as well as the expertise and discipline of our field managers and employees who are critical to
our success.
A key difference this cycle is the benefit that we have seen from our F&G Segment results, which comprised almost 30%
of FNF   s adjusted net earnings in 2023. F&G   s business is well positioned to perform across market cycles, with plenty
of momentum to continue to deliver sustainable asset growth and ongoing core margin expansion over time.
Title Segment   s industry leading performance
Turning to this past year   s results, our Title Segment delivered adjusted pre-tax earnings of $964 million and achieved
an industry leading adjusted pre-tax Title margin of 13.7%. This is an outstanding result given the persistent housing
market downturn, as home affordability has been cited as the worst in a generation due to continued higher U.S.
mortgage rates, which peaked at over 8% in October of 2023, combined with limited housing supply.
We remain focused on managing our business to the trend in opened orders to protect our profitability. Looking
forward, we are well positioned to benefit from a potential turn in the housing market should mortgage rates drop over
the course of 2024.
Longer term, we strongly believe that U.S. real estate is a growth industry and we are poised to grow with it as we
continue to develop and invest in technology, recruit top talent and make strategic acquisitions, all while maintaining
industry leading margins. To this end, we invested approximately $300 million in 10 acquisitions in 2023 as we
continue to look to expand our Title franchise. Another area of investment is our inHere platform, an industry leading
end-to-end real estate experience platform. Adoption trends for inHere have been strong and we expect to continue
to add functionality and content to further enhance the transaction experience of agents, transaction coordinators and
consumers which, in turn, will create market growth and efficiency opportunities for FNF over the near and long term.
2 | FIDELITY NATIONAL FINANCIAL, INC.
F&G Segment   s outstanding first year as a public company
2023 was a year of significant milestones for F&G, following its listing on the New York Stock Exchange in December
of 2022. Throughout 2023, F&G successfully executed on its strategic priorities to deliver record gross sales of $13.2
billion and record net sales of $9.2 billion, in line with its capital targets. Record assets under management were $49.5
billion at December 31, 2023 and assets under management before flow reinsurance were $56.3 billion, adjusting for
the approximately $7 billion of cumulative new business ceded utilizing accretive flow reinsurance, well ahead of our
expectations at the time of the acquisition. Adjusted return on assets excluding significant items remains above our target
of 110 basis points.
F&G   s commitment to strong ratings and achieving ratings upgrades over time was recognized through two recent
financial strength rating upgrades, to    A    (Excellent) by A.M. Best and    A3    by Moody   s. These upgrades provide third party
recognition of F&G   s progress, support further organic growth and present greater strategic flexibility.
F&G has plenty of momentum to continue to deliver sustainable asset growth from its retail and pension risk transfer
growth strategies and we are focused on driving ongoing core margin expansion from enhanced investment margin
opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance. In addition, F&G   s
owned distribution stakes are expected to create a higher margin earnings stream at a lower cost of capital, which we
expect will be accretive to returns over time.
F&G is well positioned to fund its growth through strong inforce capital generation, reinsurance and debt capacity.
Additionally, FNF has invested $250 million in F&G in exchange for a mandatory convertible preferred stock investment
in January of 2024, which will allow F&G to further grow its retained assets under management given the compelling
market opportunity that exists.
FNF   s balanced capital allocation strategy
We are maintaining a balanced capital allocation strategy, recognizing the challenging market environment and uncertain
outlook that exist at this time. We continue to make strategic investments in the business and view our current annual
common dividend of approximately $525 million as sustainable. Although we prudently moderated our share repurchase
volume in 2023 to preserve financial flexibility through the historic low title order volumes of the current cycle, we will
monitor the market closely and dynamically evaluate the opportunity for future share repurchases as the market evolves.
Poised for future success
We are proud of our very strong performance in 2023. We remain well positioned to navigate the market cycle and are
continuing to build and expand our Title business for the long-term. Likewise, F&G   s opportunities are compelling with
many prospects ahead to drive asset growth, deliver margin expansion and generate accretive returns.
Michael J. Nolan
Chief Executive Officer
(1) See the Non-GAAP Financial Measures page for reconciliations of GAAP to non-GAAP financial measures.
FIDELITY NATIONAL FINANCIAL, INC. | 3
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF PRE-TAX EARNINGS TO ADJUSTED PRE-TAX EARNINGS
($ in millions)
Pre-tax earnings
2023
TITLE SEGMENT
$ 883
Recognized (gains) and losses, net
9
Purchase price amortization
72
Adjusted Pre-tax earnings
$ 964
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 presentation 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 pre-tax earnings and adjusted earnings per share. 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. Further, FNF's non-GAAP measures may be calculated differently from similarly
titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided above.
Forward-Looking Statements
This annual report 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 COVID-19 conditions, including ongoing geopolitical conflicts;
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; 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.
4 | FIDELITY NATIONAL FINANCIAL, INC.
 • shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/27/2023 FNF Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon FNF Benford's Law Stock Score = 92


FNF Shareholder/Stockholder Letter Transcript:

3

FINANCIAL HIGHLIGHTS
(Dollars in millions)
2022
2023
INCOME STATEMENT:
2021
Year Ended December 31,
Total Revenue
$ 11,752
$ 11,565
$15,655
Net Earnings Attributable to Common Shareholders

517
$ 1,294
$ 2,797
13.7%
16.7%
21.7%
$ 6,478
$ 4,355
$ 4,090
Adjusted Pre-Tax Title Margin
Cash Flow from Operations
BALANCE SHEET:
At December 31,
Total Assets
$ 80,614
$ 65,143
$ 61,330
Cash and Investment Portfolio
$ 58,816
$ 47,656
$ 47,135
Reserve for Title Claim Losses
$ 1,770
$ 1,810
$ 1,883
Accumulated Other Comprehensive (Loss) Earnings
$ (2,119)
$ (2,870)

Total Equity
$ 7,460
$ 6,569
$ 10,004
$15,655
21.7%
TOTAL
$11,752
REVENUE
878
$11,565
ADJUSTED
PRE-TAX
16.7%
TITLE MARGIN
13.7%
   21
   22
   23
   21
   22
$2,797
$80,614
NET EARNINGS
TOTAL
ATTRIBUTABLE
ASSETS
TO COMMON
$1,294
SHAREHOLDERS
   23
$65,143
$61,330
$517
   21
   22
   23
   21
   22
   23
FIDELITY NATIONAL FINANCIAL, INC. | 1

William P. Foley, II
Chairman of the Board
Michael J. Nolan
Chief Executive Officer
DEAR FELLOW SHAREHOLDERS,
I am incredibly proud of our performance over the past year. In 2023, our Title business successfully navigated
the most challenging housing market in nearly three decades while consistently delivering industry leading pre-tax
Title margins. Also, our F&G Segment (F&G) posted record results. The combined performance of our segments
demonstrates the strength of our franchise.
The challenging backdrop of the macro environment clearly highlights the resiliency of our business model through
varying economic cycles. As mortgage rates have risen, residential purchase and refinance volumes have been under
pressure much as in prior cycles. Our Title Segment   s strong performance highlights our ability to manage through a
very challenging market, as well as the expertise and discipline of our field managers and employees who are critical to
our success.
A key difference this cycle is the benefit that we have seen from our F&G Segment results, which comprised almost 30%
of FNF   s adjusted net earnings in 2023. F&G   s business is well positioned to perform across market cycles, with plenty
of momentum to continue to deliver sustainable asset growth and ongoing core margin expansion over time.
Title Segment   s industry leading performance
Turning to this past year   s results, our Title Segment delivered adjusted pre-tax earnings of $964 million and achieved
an industry leading adjusted pre-tax Title margin of 13.7%. This is an outstanding result given the persistent housing
market downturn, as home affordability has been cited as the worst in a generation due to continued higher U.S.
mortgage rates, which peaked at over 8% in October of 2023, combined with limited housing supply.
We remain focused on managing our business to the trend in opened orders to protect our profitability. Looking
forward, we are well positioned to benefit from a potential turn in the housing market should mortgage rates drop over
the course of 2024.
Longer term, we strongly believe that U.S. real estate is a growth industry and we are poised to grow with it as we
continue to develop and invest in technology, recruit top talent and make strategic acquisitions, all while maintaining
industry leading margins. To this end, we invested approximately $300 million in 10 acquisitions in 2023 as we
continue to look to expand our Title franchise. Another area of investment is our inHere platform, an industry leading
end-to-end real estate experience platform. Adoption trends for inHere have been strong and we expect to continue
to add functionality and content to further enhance the transaction experience of agents, transaction coordinators and
consumers which, in turn, will create market growth and efficiency opportunities for FNF over the near and long term.
2 | FIDELITY NATIONAL FINANCIAL, INC.

F&G Segment   s outstanding first year as a public company
2023 was a year of significant milestones for F&G, following its listing on the New York Stock Exchange in December
of 2022. Throughout 2023, F&G successfully executed on its strategic priorities to deliver record gross sales of $13.2
billion and record net sales of $9.2 billion, in line with its capital targets. Record assets under management were $49.5
billion at December 31, 2023 and assets under management before flow reinsurance were $56.3 billion, adjusting for
the approximately $7 billion of cumulative new business ceded utilizing accretive flow reinsurance, well ahead of our
expectations at the time of the acquisition. Adjusted return on assets excluding significant items remains above our target
of 110 basis points.
F&G   s commitment to strong ratings and achieving ratings upgrades over time was recognized through two recent
financial strength rating upgrades, to    A    (Excellent) by A.M. Best and    A3    by Moody   s. These upgrades provide third party
recognition of F&G   s progress, support further organic growth and present greater strategic flexibility.
F&G has plenty of momentum to continue to deliver sustainable asset growth from its retail and pension risk transfer
growth strategies and we are focused on driving ongoing core margin expansion from enhanced investment margin
opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance. In addition, F&G   s
owned distribution stakes are expected to create a higher margin earnings stream at a lower cost of capital, which we
expect will be accretive to returns over time.
F&G is well positioned to fund its growth through strong inforce capital generation, reinsurance and debt capacity.
Additionally, FNF has invested $250 million in F&G in exchange for a mandatory convertible preferred stock investment
in January of 2024, which will allow F&G to further grow its retained assets under management given the compelling
market opportunity that exists.
FNF   s balanced capital allocation strategy
We are maintaining a balanced capital allocation strategy, recognizing the challenging market environment and uncertain
outlook that exist at this time. We continue to make strategic investments in the business and view our current annual
common dividend of approximately $525 million as sustainable. Although we prudently moderated our share repurchase
volume in 2023 to preserve financial flexibility through the historic low title order volumes of the current cycle, we will
monitor the market closely and dynamically evaluate the opportunity for future share repurchases as the market evolves.
Poised for future success
We are proud of our very strong performance in 2023. We remain well positioned to navigate the market cycle and are
continuing to build and expand our Title business for the long-term. Likewise, F&G   s opportunities are compelling with
many prospects ahead to drive asset growth, deliver margin expansion and generate accretive returns.
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

NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF PRE-TAX EARNINGS TO ADJUSTED PRE-TAX EARNINGS
($ in millions)
Pre-tax earnings
2023
TITLE SEGMENT
$ 883
Recognized (gains) and losses, net
9
Purchase price amortization
72
Adjusted Pre-tax earnings
$ 964
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 presentation 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 pre-tax earnings and adjusted earnings per share. 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. Further, FNF's non-GAAP measures may be calculated differently from similarly
titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided above.
Forward-Looking Statements
This annual report 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 COVID-19 conditions, including ongoing geopolitical conflicts;
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; 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.
4 | FIDELITY NATIONAL FINANCIAL, INC.



shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 

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