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1. Company Snapshot

1.a. Company Description

Fidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States.The company operates through Title, F&G, and Corporate and Other segments.It offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty insurance.


The company also provides technology and transaction services to the real estate and mortgage industries; and mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans.In addition, it offers annuity and life insurance products, such as deferred annuities that include fixed indexed, fixed rate, and immediate annuities, as well as indexed universal life insurance products.Further, the company engages in the real estate brokerage business.


Fidelity National Financial, Inc.was founded in 1847 and is headquartered in Jacksonville, Florida.

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1.b. Last Insights on FNF

Fidelity National Financial, Inc.'s recent performance was negatively impacted by Allspring Global Investments Holdings LLC reducing its stake by 18.6%. However, the company's Q3 earnings beat estimates with $1.63 per share, exceeding the Zacks Consensus Estimate of $1.43 per share. The title business saw 13% revenue growth, driven by rising refinancing and commercial activity. Additionally, the company announced a special stock distribution of F&G shares to investors and a 4% increase in quarterly cash dividend to $0.52 per common share. Asset Management One Co. Ltd. also increased its stake by 16.1%.

1.c. Company Highlights

2. FNF's Strong Q3 Earnings: A Closer Look

FNF reported robust third-quarter results, with total revenue reaching $4 billion, driven by a strong performance in the Title segment, which generated $2.3 billion in revenue. The adjusted pretax title earnings came in at $410 million, a 27% increase over the third quarter of 2024, with an adjusted pretax title margin of 17.8%, up 190 basis points from the prior year. The company's EPS was $1.63, beating estimates of $1.43. The title margin was one of the best in the last 4 years, with growth across multiple business segments and improved margins.

Publication Date: Nov -09

📋 Highlights
  • Title Business Growth:: Adjusted pretax earnings rose 27% to $410M, with margins up 190 bps to 17.8% YoY.
  • Commercial Refinance Momentum:: Orders opened grew 22% YoY in H1 2025, averaging 5,800/day in Q3 (peaking at 6,300/day in September).
  • F&G Milestone:: Assets under management surpassed $70B, with GAAP equity (excluding AOCI) at $6B as of Q3 2025.
  • Share Distribution Plan:: FNF to distribute 12% of F&G shares, increasing public float from 18% to 30% post-distribution.

Segment Performance

The Title business saw a 22% increase in commercial refinance orders opened in the first 9 months of 2025 over the prior year, with total orders opened averaging 5,800 per day in the third quarter. The F&G segment reported GAAP equity, excluding AOCI, of $6 billion at September 30, with assets under management before flow reinsurance crossing the $70 billion milestone. The company's interest and investment income was $109 million, up 6% versus the prior year quarter.

Outlook and Guidance

FNF expects quarterly interest and investment income to trend down from the third quarter to around $100 million in the fourth quarter and then decline around $5 million in each subsequent quarter through 2026. The company's management is confident in F&G's long-term prospects and plans to distribute approximately 12% of the outstanding shares of F&G's common stock to FNF shareholders, increasing F&G's public float from approximately 18% to 30%.

Valuation and Dividend Yield

With a P/B Ratio of 1.67 and a Dividend Yield of 3.51%, FNF's valuation appears reasonable. Analysts estimate next year's revenue growth at 8.6%. The company's decision to distribute F&G shares is expected to unlock shareholder value by enhancing market liquidity and broadening investor access to F&G's shares. As Mike Nolan noted, "the Board's decision reflects their confidence in F&G's long-term prospects."

Commercial Refinance and Future Prospects

The commercial refinance business was a significant contributor to the company's growth, with orders opened averaging 1,800 per day in October. While it's difficult to predict future performance, Mike Nolan believes that there are certainly outcomes where commercial performance could be better than the peak years of 2021 and 2022. The company's current plan is to hold the asset long-term, but it remains open to changes if it's a better idea.

3. NewsRoom

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Fidelity National Financial, Inc. (FNF) Presents at KBW Title Insurance Day Transcript

Dec -03

Source: seekingalpha.com

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Financial Contrast: American International Group (NYSE:AIG) versus Fidelity National Financial (NYSE:FNF)

Dec -01

Source: defenseworld.net

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Analyzing Fidelity National Financial (NYSE:FNF) and Prudential Public (NYSE:PUK)

Nov -30

Source: defenseworld.net

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Fidelity National Financial CEO Mike Nolan and CFO Tony Park to Speak at the KBW 2025 Title Insurance Day

Nov -25

Source: prnewswire.com

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Fidelity National Financial, Inc. (NYSE:FNF) Receives $70.00 Consensus Target Price from Analysts

Nov -22

Source: defenseworld.net

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Fidelity National Financial, Inc. (FNF) Presents at Stephens Annual Investment Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

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Allworth Financial LP Grows Stock Position in Fidelity National Financial, Inc. $FNF

Nov -17

Source: defenseworld.net

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Fidelity National Financial (NYSE:FNF) versus MetLife (NYSE:MET) Head-To-Head Comparison

Nov -15

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.86%)

6. Segments

Title

Expected Growth: 4.5%

Fidelity National Financial's 4.5% growth is driven by increasing demand for title insurance and settlement services, fueled by a strong housing market and rising mortgage originations. Additionally, the company's expansion into adjacent markets, such as valuation and mortgage services, and its focus on digital transformation and operational efficiency, contribute to its growth momentum.

F&G

Expected Growth: 5.5%

F&G's 5.5% growth is driven by increasing demand for annuity products, expansion into adjacent markets, and strategic acquisitions. Additionally, the company's diversified revenue streams, strong brand recognition, and effective cost management contribute to its growth momentum.

Corporate and Other

Expected Growth: 3.5%

Fidelity National Financial's Corporate and Other segment growth of 3.5% is driven by increased investment income, cost savings from operational efficiencies, and strategic acquisitions. Additionally, the company's diversification into adjacent markets and expansion of its digital offerings have contributed to revenue growth.

7. Detailed Products

Title Insurance

Fidelity National Financial provides title insurance policies to protect buyers and lenders from defects in the title of a property.

Escrow and Closing Services

Fidelity National Financial offers escrow and closing services to facilitate the transfer of ownership of a property.

Default Services

Fidelity National Financial provides default services, including foreclosure processing, to lenders and servicers.

Real Estate Brokerage Services

Fidelity National Financial offers real estate brokerage services through its subsidiary, FNF Realty.

Information Services

Fidelity National Financial provides data and analytics services to the real estate and mortgage industries.

8. Fidelity National Financial, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Fidelity National Financial, Inc. is medium due to the presence of alternative title insurance and settlement services providers. However, the company's strong brand recognition and extensive network of agents and partners mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the title insurance and settlement services market. Fidelity National Financial, Inc. has a large customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate favorable terms with its suppliers. Fidelity National Financial, Inc. has a diversified supplier base, which reduces its dependence on any single supplier.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the title insurance and settlement services market. Fidelity National Financial, Inc. has a strong brand presence and an extensive network of agents and partners, making it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the title insurance and settlement services market. Fidelity National Financial, Inc. faces intense competition from other established players, which can lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.84%
Debt Cost 5.62%
Equity Weight 63.16%
Equity Cost 10.76%
WACC 8.87%
Leverage 58.32%

11. Quality Control: Fidelity National Financial, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

58.1$

Current Price

58.1$

Potential

-0.00%

Expected Cash-Flows