FNF · Fidelity National Financial, Inc.

Fidelity National Financial, Inc. delivered robust Q1 2026 results, with GAAP net earnings of $243 million ($0.90 per diluted share) significantly outperforming the prior year's $83 million ($0.30 per share), primarily due to mark-to-market gains and operational strength. Adjusted net earnings of $249 million ($0.93 per share) rose from $213 million ($0.78 per share), reflecting core business momentum excluding non-recurring items. The Title Segment drove outperformance, posting adjusted pre-tax earnings of $268 million (up 27% YoY) on $2.0 billion revenue (excluding gains/losses: $2.1 billion, +14% YoY), fueled by 14% higher direct premiums, 16% higher agency premiums, and 15% commercial revenue growth. Refinance orders opened surged 52% daily, while commercial orders rose 5-8%, enabling an industry-leading adjusted pre-tax margin expansion to 13.1% (up 140 bps). CEO Mike Nolan highlighted direct commercial strength, refinance momentum, and expense discipline, positioning the business for AI-driven productivity gains amid low transaction volumes. The F&G Segment contributed steadily at $80 million adjusted net earnings (70% ownership post year-end distribution, matching prior year's 84% stake contribution), with record AUM before reinsurance at $74.5 billion (+11% YoY) from $3.2 billion gross sales ($2.0 billion core, $1.2 billion opportunistic). CEO Chris Blunt noted strong portfolio performance and a shift to fee-based growth. Corporate was neutral. FNF returned $222 million to shareholders ($140 million dividends, $82 million repurchases), maintaining $495 million holding company liquidity, underscoring disciplined capital allocation amid complementary Title-F&G dynamics for sustained value creation.