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Investor Update Winter 2025
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2 Disclaimer This presentation 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 pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; 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, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; 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.
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3 Non-GAAP Financial Measures 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 financial measures include, adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales. 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 financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP financial 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 financial 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, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP financial measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided herein.
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4 FNF Overview
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5 Strong track record of technology innovation, market share growth, best in class margins & shareholder value creation Industry Leading Insurance Solutions Company • FNF holds #1 market share in the title insurance industry; #1 or #2 share in 40 states • F&G is a Top 10 fixed indexed annuity writer in the industry; well-positioned with diversified growth strategy $14.4B Total Revenue1 | 32% Title Market Share | ~1,300 Direct Title Offices | ~24,000 Employees Fortune Ranked 313 (NYSE: FNF)2 | FNF Market Capitalization $14.8B2 | FG Market Capitalization $4.2B (~70% owned)2 FNF is the leading provider of title insurance and settlement services to the real estate and mortgage industries Various mortgage and real estate services companies that provide solutions that complement our title insurance business Industry leading smart title automation, closing, title, and escrow systems, digital mortgage solutions, real estate marketing and CRM software, and the first end-to-end real estate experience platform Our majority-owned subsidiary, F&G is a leading provider of insurance solutions serving retail annuity & life customers and institutional clients Annuities & Life Insurance Real Estate Technology Mortgage & Real Estate Services Title Insurance Source: ALTA U.S. Market Share and Wink’s Annuity Sales & Report for FY2024 1Reflects Total Revenue for 2025 2As of 12/31/2025
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6 Compelling Investment Case for FNF Strategically Positioned for Long-Term Growth Disciplined and Profitable Growth Sustainable Competitive Advantages Strong Capitalization Supports Growth Focus on Shareholder Value Creation
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7 Sustainable competitive advantages strategically position FNF for long-term growth Title Segment Well-Positioned For Growth FNF is the nationwide market leader in attractive and growing sector Our mission is to advance, expand, and protect the experience of property ownership Solid long-term fundamentals for U.S. residential and commercial real estate markets Demographic trends provide tailwind from growing working age population Strategically Positioned For Long-Term Growth Sustainable Competitive Advantages #1 market leader provides scale advantage Proven “Go-to-Market” approach Technology driven innovation, growth, and productivity One of the largest & deepest real estate data networks Industry leading margins & disciplined operating focus
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8 Total Direct Title: #1 Market Leader Provides Scale Advantage FNF consistently holds top market share in residential purchase, refinance, and commercial markets Source: ALTA Market Share Report FY2024 – U.S. Market Share Only 42% Fidelity National Financial 25% First American 16% Others 11% Stewart Title 6% Old Republic 8 32% Fidelity National Financial 25% First American 18% Others 15% Old Republic 10% Stewart Title Agent 27% Fidelity National Financial 24% First American 20% Old Republic 19% Others 10% Stewart Title $16B $10B $6B
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9 FNF holds #1 or #2 share in 40 states … continue to maintain strong local market presence Title: Overall Market Share By State Source: ALTA Market Share Report FY2024 – U.S. Market Share Only 9 FNF Market Share #1 (26) #2 (14) #3 (6) #4+ (4) 13% 39% 28% MD 46% DE 29% NJ 13% CT42% 24% 49% RI 23% MA 20% NH 8% VT 23% 24% 20% 36% 29% 41% 36% 27% 37%44% 44% 28% 39% 27% 60% 23% 37% 52% 29% 34% 21% 30% 36% 24% 17% 13% 19% 37% 31% 21% 14% 9% 23% 37% 14% 47% 46% 40%
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10 Nationwide footprint with dominant local market share Title: Proven “Go-to-Market” Approach • Unique national and local, multi-brand strategy drives market share, profitability, and preserves value of acquisitions • Core title business complemented by ancillary real-estate related businesses • Scale and volume drive revenue and reduce costs
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11 Significant investments in acquiring, developing, and enhancing technology for ourselves and our customers Title: Technology Driven Innovation, Growth & Efficiency Title Automation Technology & Deep Real Estate Data Title, Settlement and Digital Mortgage Solutions Agent Marketing, CRM, and Transaction Mgt End-to-End Real Estate Experience Platform Used by hundreds of thousands of real estate agents and millions of consumers Leading technology solution provider to industry title agents and centralized platform Millions of automated title decisions annually Nearly 2.8M unique users in 2025 managing transactions through the inHere platform
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12 FNF’s operating discipline and investment in data, automation and integrated technology is reflected in our margins Title: Disciplined Operating Strategy ✓ We manage the business to the trend in opened and closed orders, adjusting our headcount and footprint accordingly • React quickly, utilize the “order lag” to our advantage • Slow to add headcount when volumes improve; swiftly reduce headcount as order volumes decline • We view a “normalized” adjusted pre-tax title margin of 15% to 20%, on an annual basis, as a good rule of thumb; although we are not in a normal market at this time due to the low residential purchase and refinance volumes ✓ We remain bullish on the real estate market and continue to invest in the business for long term growth, all while maintaining industry leading margins • Recruiting top talent • Making strategic acquisitions to amplify the Title and real estate related businesses • Continuing to develop and invest in technology ✓ We have been investing in our business and developing premier technology for decades • Over the last decade, we pioneered instant decisioning and automated underwriting without diminishing the coverage or value of our insurance product and migrated to a consistent operating platform • In recent years, we have significantly enhanced the customer experience with our proprietary inHere digital platform, while mitigating risk and fraud • We rolled out AI tools enterprise-wide to enhance productivity, streamline workflows, increase efficiency and unlock new ways to better serve our customers ✓ ✓ ✓
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13 Industry Mortgage Originations ($Trillions) FNF Title Revenue ($B) | Margin % Title: Operating Performance FNF has a long history of generating strong margins across varying market cycles 2.1 1.8 1.7 2.3 4.1 4.4 2.2 1.6 1.8 2.1 -$0.4 $0.1 $0.6 $1.1 $1.6 $2.1 $2.6 $3.1 $3.6 $4.1 $4.6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Refinance Purchase 13 7.0 7.2 7.2 8.3 9.4 11.5 9.1 7.0 7.7 8.5 14.7% 14.5% 14.8% 16.3% 19.6% 21.7% 16.7% 13.7% 15.1% 15.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% -$1.0 $1.0 $3.0 $5.0 $7.0 $9.0 $11.0 $13.0 $15.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FNF Title Revenue FNF Adjusted Pre-Tax Title Margin MBA 30-Yr Mortgage Rate 3.6% 3.9% 4.8% 3.7% 2.8% 3.1% 5.3% 6.8% 6.7% 6.6%1 1MBA January 2026 Housing Forecast
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14 1,027 973 1,023 1,119 1,138 990 1,516 1,535 1,061 1,177 1,495 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FNF Commercial Revenue ($M) Title: Continued Strength in Commercial Real Estate Commercial revenue in 2025 was our third best year on record; driven by higher national and local revenues
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15 FNF has consistently delivered industry leading adjusted pre-tax title margins through peak and challenging market cycles Title: Competitive Advantages Drive Leading Margin • FNF margins in future market peaks and challenges expected to be higher relative to historic averages in comparable market conditions • Powered by scale and decades of automation, innovation, and productivity improvements • Sustained by competitive advantages and disciplined operating strategy 14.3% 14.7% 14.5% 14.8% 16.3% 19.6% 21.7% 16.7% 13.7% 15.1% 15.9% 8.3% 9.1% 9.3% 10.0% 11.5% 12.3% 13.5% 10.0% 7.3% 7.6% 8.8% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FNF Competitor Average
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16 F&G, our majority-owned subsidiary, is a nationwide market leader for insurance solutions to retail annuity and life customers and institutional clients F&G Segment Well-Positioned For Growth Trusted by distributors and winning in high growth markets Our mission is to help people turn their aspirations into reality Strategically Positioned For Long-Term Growth Sustainable Competitive Advantages Evolved ecosystem spans distribution, investments & reinsurers Clean and profitable inforce book; clear governance structure Track record of attracting top talent; strong cultural values Proven track record; well positioned for steady earnings growth & capital flexibility Differentiated asset management approach with Blackstone partnership Targeting large, growing markets for continued AUM growth Strategic shift to fee-based, less capital intensive for enhanced returns
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17 Gross Sales ($B) • F&G, our majority-owned subsidiary, is a well-diversified and leading provider in retail and institutional markets • Record AUM before flow reinsurance of $73.1B, ↑ 12% vs. PY; this includes retained AUM of $57.6B, ↑ 7% vs. PY • Gross sales of $14.6B in FY2025; continue to prioritize pricing discipline and capital allocation to the highest return opportunities for core vs. opportunistic sales F&G Segment: Gross Sales Trend F&G’s sales in 2025 marked one of our best sales years; driven by favorable market conditions and strong consumer demand 6.8 9.2 9.0 6.4 6.1 5.6 13.2 15.3 14.6 2023 2024 2025 Opportunistic (MYGA and Funding agreements) Core (Indexed annuities, IUL and PRT) Net Sales ($B)1 9.2 10.6 10.0 AUM ($B) 49.1 53.8 57.6 AUM ($B) before flow reinsurance 55.9 65.3 73.1 1Net Sales retained reflect flow reinsurance to third parties, including the reinsurance sidecar
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18 F&G Segment: Adjusted Net Earnings Trend F&G Segment contributed 30% of FNF’s adjusted net earnings FY2025; in line with average for past 3 years Adjusted Net Earnings (ANE) ($M)1,2 285 475 412 123 80 89 139 104 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 1See “Non-GAAP” definitions in the Appendix 2F&G Segment reported net of noncontrolling minority interest • FY2025 ANE of $412M vs. $475M FY2024, including 4Q25 ANE of $104M vs. $123M 4Q24 • ANE included significant (income) and expense items of ($24M) and $0M in FY2025 and 4Q25, respectively, and $7M and ($6M) in FY2024 and 4Q24, respectively • Investment income from alternative investments was below management’s long-term expected return of approximately 10% by $228M and $53M in FY2025 and 4Q25, respectively, and $123M and $27M in FY2024 and 4Q24, respectively • 4Q25 ANE vs. 4Q24 also reflects asset growth, growing accretive flow reinsurance fees, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debt
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19 962 1,265 1,352 366 213 318 439 382 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 ANE per diluted share $3.55 $4.63 $4.97 $1.34 $0.78 $1.16 $1.63 $1.41 FNF Adjusted Net Earnings Trend Reported ANE includes strong Title Segment earnings and F&G segment short-term mark-to-market effects Adjusted Net Earnings (ANE) ($M)1,2 • FNF consolidated ANE of $1.4B, or $4.97 per diluted share for FY2025, ANE ↑ 7% vs. FY2024 • FNF consolidated ANE of $382M, or $1.41 per diluted share for 4Q25, ANE ↑ 4% vs. 4Q24 • Title Segment: $306M in 4Q25, ↑ $43M vs. 4Q24 • F&G Segment: $104M in 4Q25, ↓ ($19M) vs. 4Q24 • Corp. Segment: ($28M) in 4Q25, ↓ ($8M) vs. 4Q24 • Corporate Segment, before eliminating dividend income from F&G in the consolidated statements, had adjusted net earnings of $4M in 4Q25 vs. adjusted net earnings of $8M in 4Q24 1See “Non-GAAP” definitions in the Appendix 2F&G Segment reported net of noncontrolling minority interest
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20 2,220 1,184 732 920 1,263 2021 2022 2023 2024 2025 Total Revenue ($B) Adjusted Net Earnings ($M)1 FNF’s Disciplined and Profitable Growth Record 2021 above historic trends; excellent year in 2025 reflecting strong performance across the business 15.7 11.6 11.8 13.7 14.4 2021 2022 2023 2024 2025 Title F&G Corporate 2,563 1,489 962 1,265 1,352 2021 2022 2023 2024 2025 Title F&G Corporate $8.93 $5.38 $3.55 $4.63 $4.97 2021 2022 2023 2024 2025 1F&G Segment reported net of noncontrolling minority interest Net Cash From Operations ($M) (ex F&G) Adjusted Net Earnings Per Share (Diluted) % F&G Segment 26% 23% 30% 38% 30%
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21 Balancing financial flexibility and efficient capital structure Strong Capitalization Supports Growth • FNF’s capital allocation priorities are focused on deploying capital to best maximize shareholder value through both continued investment in our business and return of capital to shareholders Investing for Growth Reinvest in the Business Capital and other investments to support the growth strategy and maintain adequate capital buffer Net Cash from Operations Return to Shareholders Strategically Aligned M&A Preserve financial capacity for real- estate-related, title agencies, and/or technology acquisitions Continue to Grow the Dividend Targeted increases to common dividend over time Share Repurchases Return excess cash to shareholders over time through repurchase of shares Maintain Efficient Capital Structure | Target Debt-to-Capitalization (ex AOCI) Range 20-30%
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22 Common Dividends ($M) • FNF’s ~$560M annual dividend viewed as sustainable • Dividend is reviewed quarterly and expected to increase over time, subject to cash flows, alternative uses of capital and market conditions Share Repurchases ($M) • Share repurchases are dependent on capital levels, alternative uses of capital and market conditions • Share repurchases relaunched in early 2025, following pause in early 2023 due to market uncertainty Dividends and Share Repurchases 446 489 500 532 546 2021 2022 2023 2024 2025 Dividends per share $1.56 $1.77 $1.83 $1.94 $2.02 $2.5B Cumulative1 461 549 4 0 251 2021 2022 2023 2024 2025 $1.3B Cumulative1 Solid balance sheet with financial flexibility to continue strategic investments and return capital to shareholders 1Cumulative reflects 2021-2025 annual periods
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23 GAAP Capitalization ex AOCI1 ($B) • Maintaining strong balance sheet; focused on a balanced capital allocation strategy • YE2025 debt-to-capitalization ratio ex AOCI of 29.2%; within targeted range of 20% to 30% • Holding company cash and short-term investments of $659M as of December 31, 2025, ↓ 16% vs. $786M as of December 31, 2024 Financial Flexibility: Debt-to-Total Capital 9.6 10.6 10.7 3.9 4.3 4.4 13.5 14.9 15.1 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 YE 2023 YE 2024 YE 2025 Debt to Capital1 % 28.9% 29.0% 29.2% Debt Equity (ex AOCI) 1Excluding accumulated other comprehensive income (ex AOCI) As of December 31, 2025
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24 Financial Flexibility: Debt-to-Total Capital (continued) • Consolidated debt of $4.4B at YE2025 vs. $4.3B at YE2024 • F&G net debt issued & redeemed of $75M • YE2025 debt-to-capitalization ratio ex AOCI of 29.2%; within targeted range of 20% to 30% As of December 31, 2025 FNF Debt-to-Total Capitalization, excluding AOCI ($M) 4.50% Senior Notes due 2028 $450 3.40% Senior Notes due 2030 $650 2.45% Senior Notes due 2031 $600 3.20% Senior Notes due 2051 $450 Notes Payable – FNF $2,150 7.40% Senior Notes due 2028 $500 6.50% Senior Notes due 2029 $550 6.25% Senior Notes due 2034 $500 7.95% Senior Notes due 2053 $345 7.30% Junior Notes due 2065 $375 Notes Payable – F&G $2,270 Unamortized, incl. debt issuance costs, and Other, net ($20) Total Debt $4,400 $4,400 FNF Shareholders’ Equity $7,424 Non-Controlling Interests $1,548 Total Equity $8,972 Accumulated other comprehensive (loss) earnings (AOCI) ($1,678) Total Equity, excluding AOCI $10,650 Total Capitalization, excluding AOCI $15,050 $15,050 Total Debt to Total Capitalization, excluding AOCI 29.2%
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25 Financial Overview 4Q25 and FY2025 Results
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26 4Q25 and full year 2025 highlights (comparisons to PY) • Total revenue of $4.1B in 4Q25 and $14.5B in 2025; driven by strong performance across the business, including commercial, as well as F&G pension risk transfer premiums which vary quarter over quarter • Profitable F&G gross sales of $3.4B in 4Q25 and $14.6B for 2025, one of the best sales years in history, driven by favorable market conditions & strong demand for retirement savings products. AUM before flow reinsurance of $73.1B at YE2025, ↑ 12% vs. YE2024 • Industry leading adjusted pre-tax title margin of 17.5% in 4Q25 & 15.9% in 2025 highlights our ability to execute in dynamic market conditions • Net loss of $117M in 4Q25 includes a $471M noncash deferred income tax charge resulting from our year-end distribution of F&G shares to FNF shareholders, which reduced our ownership of F&G below 80%. This distribution triggered an accounting requirement to recognize a deferred tax liability on the accumulated difference between our book and tax basis in F&G. This noncash charge has no impact on our current cash position, operations or liquidity, and represents a potential future tax obligation that would arise only if we were to sell or distribute additional shares of F&G in the future. This item is excluded from adjusted net earnings, along with other mark-to-market effects and non-recurring items • Adjusted net earnings of $382M in 4Q25 and $1.4B in 2025, up 4% and 7%, respectively vs. the 2024 periods • Strong balance sheet with ample deployable capital in challenging market; $659M in hold co cash & short-term investments at YE2025 Fourth Quarter and Full Year Financial Highlights Outstanding results and execution; industry leading pre-tax Title margin and record AUM from F&G ($M) - except per share data Quarterly Full Year 4Q24 4Q25 2024 2025 Total revenue 3,621 4,051 13,681 14,445 F&G gross sales 3,469 3,392 15,262 14,638 F&G net sales 2,438 2,304 10,571 10,029 F&G assets under management (AUM) 53,817 57,574 53,817 57,574 F&G AUM before flow reinsurance 65,274 73,090 65,274 73,090 Total assets 95,263 109,014 95,263 109,014 Adjusted pre-tax title margin 16.6% 17.5% 15.1% 15.9% Net earnings (loss)1 450 (117) 1,270 602 Net earnings (loss) per diluted share1 $1.65 ($0.43) $4.65 $2.21 Adjusted net earnings1 366 382 1,265 1,352 Adjusted net earnings per share1 $1.34 $1.41 $4.63 $4.97 1F&G Segment reported net of noncontrolling minority interest
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27 Total Revenue ($B) Adjusted Net Earnings ($M)1 Financial Trends – Rolling 5 Quarters Both businesses delivered strong results for 4Q25, including robust generation of net cash from operations (ex F&G) Net Cash From Operations ($M) Adjusted Net Earnings Per Share (Diluted) 11.8 13.7 14.4 3.6 2.7 3.6 4.0 4.1 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Title F&G Corporate 962 1,265 1,352 366 213 318 439 382 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Title F&G Corporate 732 920 1,263 204 187 307 401 368 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 $3.55 $4.63 $4.97 $1.34 $0.78 $1.16 $1.63 $1.41 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 27 1F&G Segment reported net of noncontrolling minority interest (Consolidated ex F&G Segment)
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28 717 227 198 343 401 4Q21 4Q22 4Q23 4Q24 4Q25 22.4% 12.3% 11.8% 16.6% 17.5% 4Q21 4Q22 4Q23 4Q24 4Q25 625 94 65 204 368 4Q21 4Q22 4Q23 4Q24 4Q25 3.1 1.9 1.7 2.0 2.2 4Q21 4Q22 4Q23 4Q24 4Q25 Total Revenue ($B) Adjusted Pre-Tax Earnings ($M) Financial Trends – Historical Trend for Q4 4Q25 Title Segment strong pre-tax title margin and net cash generation; highest Q4 in most recent four years Net Cash From Operations ($M) Adjusted Pre-Tax Title Margin 28 (Title Segment Only) (Title Segment Only) (Consolidated ex F&G Segment) (Title Segment Only)
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29 Total Invested Assets Overview As of December 31, 2025 Consolidated Investment Portfolio Investment Portfolio ex F&G F&G Investment Portfolio 37% Structured (CLO, MBS, ABS) 37% Corporate Bonds 11% Mortgages 6% Alternative Assets 3% Cash and Short-term 2% Equities & Hybrids 2% Municipal Bonds 2% Other 44% Cash and Short-term 26% Corporate Bonds 15% Other 13% Equities & Hybrids 1% Structured (CLO, MBS, ABS) 1% Municipal Bonds $73B $5B Average credit quality: A1 (Moody’s or equivalent rating) 39% Structured (CLO, MBS, ABS) 37% Corporate Bonds 11% Mortgages 7% Alternative Assets 2% Municipal Bonds 2% Equities & Hybrids 1% Other Average credit quality: NAIC 1.4 $68B
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30 Rolling Historic Ten Years Title Claims/Reserves 81% 76% 73% 66% 57% 48% 44% 36% 26% 7% 148 183 200 179 203 284 282 225 256 265 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reserves and IBNR Paid to Date Estimated Policy Year Completion Ultimate Loss 2016 to 2025 ($M) Loss Ratio 3.1% 3.7% 4.1% 3.3% 3.2% 3.3% 4.1% 4.9% 5.0% 4.5% GAAP Premiums $4,723 $4,893 $4,911 $5,342 $6,298 $8,553 $6,834 $4,592 $4,153 $5,824
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31 Appendix
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32 Book Value Per Share (BVPS) ex AOCI2 Cumulative period from YE 2020 to YE 3Q25 F&G1 Has Generated Sustainable Returns $27.40 $41.91 $44.43 17.82 (3.31) 2.52 YE 2020 Net Earnings Capital Actions BVPS Before MTM MTM & 1x Items YE 2025 +62% BVPS Growth Since FNF acquired F&G in 2020, F&G’s strong earnings generation combined with balanced capital allocation have been driving steady BVPS growth, before mark-to-market movements which are unrealized and point in time 1100% F&G standalone (NYSE: FG); additional details available in F&G’s Winter 2025 Investor Presentation available at https://investors.fglife.com 2Calculated as F&G equity attributable to common shareholders ex AOCI divided by common shares outstanding; effect of LDTI and actuarial system conversion reflected in 1x items
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33 Non-GAAP Measure Reconciliations Reconciliation from Net Earnings (Loss) Attributable to Common Shareholders to Adjusted Net Earnings (Loss) $ millions, except per share data December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net earnings (loss) attributable to common shareholders $517 $1,270 $602 $450 $83 $278 $358 ($117) Pre-tax earnings (loss) from continuing operations 693 1,742 1,397 640 111 382 453 451 Non-GAAP Adjustments Recognized (gains) and losses, net 254 28 250 23 53 32 103 62 Market related liability adjustments 258 (214) 28 (233) 103 (16) (37) (22) Purchase price amortization 108 153 146 38 33 33 45 36 Transaction and other costs 27 28 20 30 - 12 6 1 Adjusted pre-tax earnings (loss) 1,340 1,737 1,841 498 300 443 570 528 Total non-GAAP, pre-tax adjustments 647 (5) 444 (142) 189 61 117 77 Income taxes on non-GAAP adjustments (139) 1 (95) 28 (40) (12) (26) (17) Deferred tax asset valuation allowance - (4) (22) 3 1 5 2 (30) Distribution of F&G deferred tax adjustment - - 471 - - - - 471 Non-controlling interest on non-GAAP adjustments (63) 3 (48) 27 (20) (14) (12) (2) Total non-GAAP adjustments 445 (5) 750 (84) 130 40 81 499 Adjusted net earnings (loss) from continuing operations attributable to common shareholders $962 $1,265 $1,352 $366 $213 $318 $439 $382 Adjusted EPS attributable to common shareholders - diluted $3.55 $4.63 $4.97 $1.34 $0.78 $1.16 $1.63 $1.41 Other considerations: Investment income from alternative investments (above) below long-term return expectations 130 123 228 27 52 68 55 53 Significant (income) expense items 47 7 (24) (6) (13) - (11) - Twelve Months Ended Three Months Ended
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34 Title: Non-GAAP Measure Reconciliations Reconciliation from Pre-Tax Title Earnings to Adjusted Pre-Tax Title Earnings $ millions December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Pre-tax Title earnings $896 $567 $239 $245 $271 $330 Non-GAAP Adjustments before taxes Recognized (gains) and losses, net (290) 135 (29) (65) 57 58 Purchase price amortization 18 15 17 18 15 13 Total non-GAAP, pre-tax adjustments (272) 150 (12) (47) 72 71 Adjusted pre-tax Title earnings $624 $717 $227 $198 $343 $401 Adjusted pre-tax Title margin 22.7% 22.4% 12.3% 11.8% 16.6% 17.5% Three months ended
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35 Title: Non-GAAP Measure Reconciliations (Continued) Reconciliation from Pre-Tax Title Earnings to Adjusted Pre-Tax Title Earnings $ millions December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Pre-tax Title earnings $883 $1,096 $1,227 $271 $171 $367 $359 $330 Non-GAAP Adjustments before taxes Recognized (gains) and losses, net 9 6 78 57 25 (43) 38 58 Purchase price amortization 72 59 54 15 15 13 13 13 Total non-GAAP, pre-tax adjustments 81 65 132 72 40 (30) 51 71 Adjusted pre-tax Title earnings $964 $1,161 $1,359 $343 $211 $337 $410 $401 Adjusted pre-tax Title margin 13.7% 15.1% 15.9% 16.6% 11.7% 15.5% 17.8% 17.5% Twelve Months Ended Three months ended
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36 Non-GAAP Measures and Definitions DEFINITIONS The following represents the definitions of non-GAAP measures used by the Company. Adjusted Net Earnings Attributable to Common Shareholders (Adjusted Net Earnings) Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate: i. Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards; ii. Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit; iii. Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities); iv. Transaction costs: the impacts related to acquisition, integration and merger related items; v. Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments; vi. Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; vii. Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and viii. Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
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37 Non-GAAP Measures and Definitions (Continued) Assets Under Management (AUM) AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP: i. total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives; ii. investments in unconsolidated affiliates at carrying value; iii. related party loans and investments; iv. accrued investment income; v. the net payable/receivable for the purchase/sale of investments; and vi. cash and cash equivalents excluding derivative collateral at the end of the period. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained. AUM before Flow Reinsurance AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets. Average Assets Under Management (AAUM) AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets. Sales Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.