- Title Segment Performance Adjusted pretax Title earnings reached $401 million in Q4 2025 and $1.4 billion for the full year, with margins of 17.5% and 15.9%, respectively.
- Market Conditions Despite 2025 home sales remaining at 1995 lows due to high mortgage rates, the Title business maintained strong performance amid a constrained housing market.
- F&G Growth F&G assets under management grew to $73.1 billion (12% YoY), with book value per share excluding AOCI rising to $44.43 (+62% since 2020 acquisition).
- Investment Income Projections Expected $95–$100 million quarterly interest/investment income in 2026, plus $112 million in annual F&G dividends to the corporate segment.
Segment Performance
The Title segment reported adjusted pretax earnings of $401 million in the fourth quarter and $1.4 billion for the full year. The F&G segment also demonstrated strong performance, with assets under management before flow reinsurance growing 12% to $73.1 billion at year-end. F&G's book value per share excluding AOCI increased to $44.43, up 62% since the 2020 acquisition.
Outlook and Guidance
The company expects a range of $95 million to $100 million in interest and investment income per quarter during 2026, assuming two 25 basis-point Fed rate cuts. The outlook for 2026 is optimistic, with anticipated improvements in existing home sales and refinance opportunities. The management is bullish on the commercial business, with a strong pipeline of deals and a significant increase in the national commercial fee per file.
Valuation and Dividend Yield
With a Price-to-Book Ratio (P/B) of 1.57 and a Dividend Yield of 3.87%, Fidelity National Financial presents an attractive investment opportunity. Analysts estimate next year's revenue growth at 6.3%. The company's consistent approach to capital allocation, including a dividend payout and opportunistic acquisitions and buybacks, is expected to continue. The expected dividends from operations in 2026 are estimated to be $400-450 million from the regulated business.