FNF Filings — Fidelity National Financial, Inc. - FilingSpy
FNF
Fidelity National Financial, Inc.
A company that insures the paperwork behind almost every home sale, Fidelity National Financial issues title insurance and handles escrow for buyers, sellers, and lenders through brands like Chicago Title and Commonwealth Land. Its sister business, F&G, sells retirement annuities and life insurance. Founded in 1984 by William Foley and Frank Willey, the firm traces its title roots back to 1847 — and its Chicago Title predecessor famously survived the Great Chicago Fire of 1871, using its own saved land records to prove ownership and help rebuild the city.
F&G swung to a $94M pre-tax loss, pulling Q2 net income down 9% to $288M despite Title profit up 23%.
swung to a pre-tax loss, breaking its recovery. rose 11.4% to $4,051M and was $1.08, as a 23% increase in Title pre-tax earnings to $451M was offset by a $151M swing in F&G's result driven by higher benefits and reserve costs. The Title business is performing, but F&G's volatility remains the dominant force on the .
Key takeaways
swung to a $94M pre-tax loss from a $57M profit a year ago, driven by a $156M increase in benefits and policy reserves from higher index credits and interest credited, and unfavorable market risk benefit movements.
pre-tax earnings rose 23% to $451M, as an 18% increase in title premiums from higher purchase and refinance volumes and a 5% rise in average fee per file to $4,107 outweighed a 9% increase in personnel costs.
Consolidated rose 3.6% to $288M, as the Title gain was largely offset by the loss; fell 2.2 points to 8.3%.
Section summaries
Management's Discussion and Analysis
Title revenue rose 14% on higher closed orders and fee per file; F&G segment swung to a pre-tax loss on market-driven benefit costs.
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Consolidated total revenues increased 11% to $4.1B in Q2 2026, driven by an 18% rise in title premiums from higher purchase and refinance closed order volumes and a 5% increase in average to $4,107.
Net recognized gains in rose to $290M from $51M, primarily from unrealized gains on equity options hedging indexed annuities, partially offset by realized losses on fixed maturity portfolio repositioning.
decreased 1.3% to $1,871M, mainly on lower net inflows from future policy benefits and derivative collateral changes; the company repurchased 2.94M shares for $139M.
What changed
's Q2 pre-tax result swung to a $94M loss from a $57M profit a year ago, failing to hold the recovery seen in Q1 2026's $323M profit, as the Q1 gain on reinsurance-related embedded derivatives did not repeat and benefit costs rose.
Title average fee per file rose to $4,107 from $3,894 a year ago and from $3,655 in Q1 2026, as the mix shifted back toward higher-fee purchase transactions after a Q1 refinance spike.
The pace of share repurchases continued, with 2.94M shares bought for $139M in Q2, bringing the total under the 2024 program to 7.34M shares since inception.
What to watch
pre-tax result in Q3 2026 after the $94M Q2 loss and $290M in net recognized gains, to see if the derivative-driven volatility persists.
Title average fee per file in Q3 2026 against the $4,107 Q2 level as the purchase/refinance mix evolves.
Pace of buybacks under the 25M program through July 2027 after 2.94M shares repurchased in Q2.
Outcome of the stayed DOL fiduciary rule appeal and its effect on 's IRA product distribution.
Title pre-tax earnings grew 23% to $451M, as gains and offset a 9% rise in personnel costs tied to higher health claims, inflation, and variable compensation.
pre-tax loss was $94M versus a $57M profit last year, primarily due to a $156M increase in benefits and policy reserves from higher index credits and interest credited, and unfavorable movements.
Net recognized gains in surged to $290M from $51M, largely from unrealized gains on equity options hedging indexed annuities, partially offset by realized losses on fixed maturity portfolio repositioning.
decreased to $2.7B from $3.0B, mainly on lower net inflows from future policy benefits and derivative collateral changes; the company repurchased 2.94M shares for $139M under its 2024 Program.
The MBA forecasts total U.S. mortgage originations of $2.2T in 2026, up from $2.1T in 2025, with purchase originations rising to $1.4T and refinance originations increasing to $0.8T.
See discussion of legal proceedings in Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.
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See discussion of legal proceedings in Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.
There have been no material changes as of the date of this Quarterly Report on Form 10-Q to the risk factors disclosed in “Item IA. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes as of the date of this Quarterly Report on Form 10-Q to the risk factors disclosed in “Item IA. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.