FGL Holdings (FG)

SharkNinja Set to Join S&P MidCap 400; Flowers Foods and F&G Annuities & Life to Join S&P SmallCap 600May 13, 2026 6:26 PM
PR Newswire (US) NEW YORK, May 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:  SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18. NEC Corporation (TSE: 6701) is acquiring CSG Systems Intl in a deal expected to close soon, pending final closing conditions.F&G Annuities & Life Inc. (NYSE: FG) will replace Mister Car Wash Inc. (NASD: MCW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, May 19. Leonard Green & Partners L.P. is acquiring Mister Car Wash in a deal expected to close soon, pending final closing conditions.Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex NameActionCompany NameTickerGICS SectorMay 18, 2026S&P MidCap 400AdditionSharkNinjaSNConsumer DiscretionaryMay 18, 2026S&P MidCap 400DeletionFlowers FoodsFLOConsumer StaplesMay 18, 2026S&P SmallCap 600AdditionFlowers FoodsFLOConsumer StaplesMay 18, 2026S&P SmallCap 600DeletionCSG Systems IntlCSGSIndustrialsMay 19, 2026S&P SmallCap 600AdditionF&G Annuities & LifeFGFinancialsMay 19, 2026S&P SmallCap 600DeletionMister Car WashMCWConsumer DiscretionaryABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. FOR MORE INFORMATION:S&P Dow Jones Indices
index_services@spglobal.comMedia Inquiries
spdji.comms@spglobal.com View original content:https://www.prnewswire.com/news-releases/sharkninja-set-to-join-sp-midcap-400-flowers-foods-and-fg-annuities--life-to-join-sp-smallcap-600-302771602.htmlSOURCE S&P Dow Jones Indices Original: SharkNinja Set to Join S&P MidCap 400; Flowers Foods and F&G Annuities & Life to Join S&P SmallCap 600

F&G Annuities & Life Declares Dividends on Common and Preferred StockMay 7, 2026 7:30 AM
PR Newswire (US) DES MOINES, Iowa, May 7, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.25 per common share. The dividend will be payable on June 30, 2026, to stockholders of record as of June 16, 2026.The Board also declared a quarterly cash dividend of $0.859375 per share of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, to be paid on July 15, 2026, to holders of record as of July 1, 2026.About F&GF&G Annuities and Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.   Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307 View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-declares-dividends-on-common-and-preferred-stock-302765417.htmlSOURCE F&G Annuities & Life, Inc. Original: F&G Annuities & Life Declares Dividends on Common and Preferred Stock

F&G Annuities & Life Reports First Quarter 2026 ResultsMay 6, 2026 4:15 PM
PR Newswire (US) DES MOINES, Iowa, May 6, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2026.Net earnings attributable to common shareholders for the first quarter of $244 million, or $1.78 per diluted share (per share), compared with a net loss attributable to common shareholders of $25 million, or $0.20 per share, for the first quarter of 2025. Net earnings for the first quarter included $147 million of net favorable mark-to-market effects and $13 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net loss for the first quarter of 2025 included $105 million of net unfavorable mark-to-market effects and $11 million of other unfavorable items; all of which are excluded from adjusted net earnings.Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $110 million, or $0.82 per share, compared with $91 million, or $0.72 per share, for the first quarter of 2025. Adjusted net earnings include significant income and expense items, as well as investment income from alternative investments below management's long-term expected return. Please see the "First Quarter 2026 Results" and "Non-GAAP Measures and Other Information" sections for further explanation.Company HighlightsGenerated record assets under management before reinsurance: F&G achieved record assets under management before reinsurance of $74.5 billion as of March 31, 2026, an increase of 11% over the first quarter of 2025. This included retained AUM of $56.4 billion. F&G's gross sales were $3.2 billion and net sales were $2.2 billion for the first quarterExcellent credit performance in the investment portfolio: The investment portfolio is performing well, with 97% of fixed maturities being investment grade. It is well matched to our liability profile and diversified across asset types. Credit-related impairments have remained low and stable, averaging 6 basis points over the past five years, and 3 basis points in the first quarter Reported adjusted return on equity (ROE) ex AOCI and adjusted return on assets (ROA) include short-term fluctuations in investment income from alternative investments: Adjusted ROE excluding AOCI was 8.4% and adjusted ROA was 76 basis points for the first quarter; adjusted ROA of 87 basis points over the last twelve months (LTM) was in line with the full year 2025Solid balance sheet supports both organic growth and return of capital to shareholders: During the first quarter, F&G returned $67 million of capital to shareholders through $38 million of common and preferred dividends and $29 million to repurchase 1.2 million shares of common stock. Effective March 13, 2026, the Board of Directors authorized a new three-year share repurchase program under which F&G may repurchase up to $100 million of common stockChris Blunt, F&G's Chief Executive Officer, commented, "The first quarter was a solid start to the year, highlighted by record assets under management before reinsurance of nearly $75 billion fueled by $3.2 billion of gross sales in the quarter, including $2 billion of core sales from indexed annuities, indexed universal life and pension risk transfer, and $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities. Our high quality, diversified investment portfolio continues to perform extremely well, including our private origination portfolio, with total credit-related impairments stable and below our pricing assumptions."Mr. Blunt continued, "Our diversified, self-funding capital model is supported by our annual inforce capital generation and third party capital through our reinsurance sidecar and our strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth in our core business, while consistently returning capital to shareholders through dividends and opportunistic share repurchases. During the first quarter, we returned $67 million of capital to shareholders through dividends and opportunistic share repurchases. We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth and shareholder value."Summary Financial Results1
(In millions, except per share data)Three Months Ended
March 31, 2026
March 31, 2025Gross sales$      3,173
$      2,902Net sales$      2,245
$      2,181Assets under management (AUM)$    56,436
$    54,546Average assets under management (AAUM) YTD$    57,905
$    53,877AUM before reinsurance$    74,454
$    67,398Adjusted return on assets0.76 %
0.68 %Adjusted return on average equity (ex. AOCI)8.4 %
9.7 %Net earnings (loss) $        244
$         (25)Net earnings (loss) per share$       1.78
$      (0.20)Adjusted net earnings $        110
$          91Adjusted net earnings per share$       0.82
$       0.72Book value per common share$     32.75
$     30.47Book value per common share, excluding AOCI$     46.51
$     43.31First Quarter 2026 Results
Record AUM before reinsurance was $74.5 billion as of March 31, 2026, an increase of 11% over $67.4 billion at the end of the first quarter of 2025. This included AUM of $56.4 billion as of March 31, 2026, an increase of 3% over $54.5 billion at the end of the first quarter of 2025; retained AUM was reduced by $1.8 billion inforce block ceded with the F&G Life Re Ltd sale in the first quarter of 2026. A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release.Gross sales were $3.2 billion for the first quarter, compared with $2.9 billion for the first quarter of 2025; reflects continued strong demand for retirement savings products.Core sales were $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025; reflects higher core retail indexed annuity and indexed universal life and pension risk transfer sales.Opportunistic sales were $1.2 billion for the first quarter, compared with $1.1 billion for the first quarter of 2025; reflects higher funding agreements, partially offset by lower multiyear guaranteed annuities sales. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity.Net sales were $2.2 billion for the first quarter, in line with the first quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities.Adjusted net earnings were $110 million, or $0.82 per share, for the first quarter, compared with $91 million, or $0.72 per share, for the first quarter of 2025. Adjusted net earnings include significant income and expense items, as well as alternative investment portfolio short-term returns that differ from long-term return expectations.Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments.Adjusted net earnings of $110 million, or $0.82 per share, for the first quarter of 2026 included $5 million, or $0.03 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $44 million, or $0.32 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%Adjusted net earnings of $91 million, or $0.72 per share, for the first quarter of 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $45 million, or $0.35 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit.1See definition of non-GAAP measures belowCapital and Liquidity Highlights
Total F&G equity attributable to common shareholders, excluding AOCI, was $6.2 billion, or $46.51 per share, as of March 31, 2026. This reflects an increase of $2.08 per share as compared with December 31, 2025.

1Q26Book value per common share excluding AOCI - As of December 31, 2025$44.43Effect of F&G Life Re sale (one-time item)
0.10Subtotal, after one-time items$44.53Adjusted net earnings and other
0.72Subtotal, before capital actions & mark-to-market$45.25Capital actions
0.27Subtotal, before mark-to-market$45.52Mark-to-market movement
0.99Book value per common share excluding AOCI - As of March 31, 2026$46.51Effective March 1, 2026, we closed the sale of the F&G Life Re Ltd legal entity to Ancient Financial Holdings LP, as we no longer needed a Bermuda operation to support our reinsurance strategy. The transaction included cession of the remaining $1.8 billion inforce block and we added Ancient Re as a flow reinsurance partner.During the first quarter, F&G returned $67 million of capital to shareholders through $38 million of common and preferred dividends and $29 million to repurchase approximately 1.2 million shares of common stock at an average price of $24.14. The Company's existing stock repurchase authorization permits aggregate repurchases of up to $50 million, of which approximately $3 million remained available as of March 31, 2026.Effective March 13, 2026, the Board of Directors has authorized a new three-year share repurchase program under which F&G may repurchase up to $100 million of common stock. No shares had been repurchased under this program as of March 31, 2026.Earnings Conference Call
Members of F&G's senior management team will host a conference call with the investment community to discuss F&G's first quarter 2026 results on Thursday, May 7, 2026, beginning at 9:00 a.m. Eastern Time. The conference call will be broadcast live over F&G's Investor Relations website at investors.fglife.com. A replay will also be available at the same location.About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.Use of Non-GAAP Financial Information
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. 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 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, the Company 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 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, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. 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: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; 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; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307F&G ANNUITIES & LIFE, INC.CONSOLIDATED BALANCE SHEETS(In millions, except per share data)(Unaudited)
Assets
March 31, 2026
December 31, 2025Investments



 Fixed maturity securities available for sale, at fair value, net of allowance 
$                 52,361
$                52,700 Fixed maturity securities, at fair value under fair value option
93
— Equity securities, at fair value
336
341 Derivative investments
889
1,148 Mortgage loans, net of allowance
8,459
7,891 Investments in unconsolidated affiliates
5,013
4,878 Other long-term investments
1,288
1,294 Policy loans
157
147 Short-term investments
992
1,043Total investments
$                 69,588
$               69,442Cash and cash equivalents
1,324
1,486Reinsurance recoverable, net of allowance
19,975
17,545Goodwill
2,124
2,180Prepaid expenses and other assets
1,131
1,052Other intangible assets, net
6,406
6,275Market risk benefits asset
308
285Income taxes receivable
78
83Deferred tax asset, net
97
82Total assets
$               101,031
$              98,430Liabilities and Equity



Contractholder funds
$                 63,474
$              62,726Future policy benefits
10,748
10,755Market risk benefits liability
968
903Accounts payable and accrued liabilities
2,367
2,701Notes payable
2,238
2,237Funds withheld for reinsurance liabilities
16,487
14,191Total liabilities
$                 96,282
$              93,513Equity



 Preferred stock, at par value
—
— Common stock, at par value
—
— Additional paid-in-capital
3,773
3,764 Retained earnings
2,778
2,568 Accumulated other comprehensive income (loss) ("AOCI")
(1,843)
(1,488) Treasury stock
(69)
(40)Total F&G Annuities & Life, Inc. shareholders' equity
$                   4,639
$                4,804 Non-controlling interests
110
113Total equity
$                   4,749
$                4,917Total liabilities and equity
$               101,031
$              98,430 F&G ANNUITIES & LIFE, INC.CONSOLIDATED STATEMENTS OF OPERATIONSFIRST QUARTER INFORMATION(In millions, except per share data)(Unaudited)


Three months ended

March 31, 2026
March 31, 2025Revenues



  Life insurance premiums and other fees
$                                479
$                               489  Interest and investment income
723
666  Owned distribution revenues
17
16  Recognized gains and (losses), net
(32)
(263)     Total revenues
1,187
908Benefits and expenses



  Benefits and other changes in policy reserves
484
524  Market risk benefit losses (gains)
73
109  Depreciation and amortization
173
153  Personnel costs
60
67  Other operating expenses
33
41  Interest expense
41
40     Total benefits and expenses
864
934




Earnings (loss) before income taxes
323
(26)     Income tax expense (benefit)
74
(5)Net earnings (loss)
249
(21)     Less: Non-controlling interests
1
—Net earnings (loss) attributable to F&G
248
(21)     Less: Preferred stock dividend
4
4Net earnings (loss) attributable to F&G common shareholders
$                                244
$                               (25)




Net earnings (loss) attributable to F&G common shareholders
per common share



       Basic
$                               1.83
$                            (0.20)       Diluted
$                               1.78
$                            (0.20)Weighted average common shares used in computing net
earnings (loss) per common share



       Basic
133
126       Diluted
139
126 Non-GAAP Measures and Other InformationRECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS


Three months ended

Twelve months ended

March 31, 2026
March 31, 2025

December 31,
2025
December 31,
2024









Net earnings (loss) attributable to F&G common
shareholders
$             244
$            (25)

$             248
$             622Non-GAAP adjustments








Recognized (gains) and losses, net








Net realized and unrealized (gains) losses on fixed 
maturity available-for-sale securities, equity securities
and other invested assets
34
15

44
(76)Change in allowance for expected credit losses
(1)
22

54
32Change in fair value of reinsurance related embedded
derivatives
(219)
41

139
33Change in fair value of other derivatives and embedded
derivatives
23
(49)

(57)
38     Recognized (gains) losses, net
(163)
29

180
27Market related liability adjustments
(37)
103

28
(214)Purchase price amortization
15
15

80
84Transaction costs, other and non-recurring items
5
1

16
16Non-controlling interest
(2)
(2)

(9)
(10)Income taxes adjustment
$               48
$             (30)

$             (61)
$              21Adjusted net earnings attributable to common
shareholders ¹
$             110
$              91

$            482
$            546
1See definition of non-GAAP measures below Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments.Adjusted net earnings of $110 million, or $0.82 per share, for the first quarter of 2026 included $5 million, or $0.03 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $44 million, or $0.32 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%Adjusted net earnings of $91 million, or $0.72 per share, for the first quarter of 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $45 million, or $0.35 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%Adjusted net earnings of $482 million, or $3.64 per share, for the full year 2025 included income from $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $216 million, or $1.58 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%Adjusted net earnings of $546 million, or $4.30 per share, for the full year 2024 included expense from $30 million, or $0.23 per share, of actuarial model updates and refinements; partially offset by income from $14 million, or $0.11 per share, tax valuation allowance benefit and $6 million, or $0.05 per share, of other income items. Investment income from alternative investments was $145 million, or $1.10 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI


Three months ended(In millions)
March 31, 2026
December 31,
2025
September 30, 2025
June 30, 2025Total F&G Annuities & Life, Inc. shareholders' equity
4,639
4,804
4,824
4,438Less: Preferred stock
250
250
250
250Total F&G equity attributable to common shareholders
4,389
4,554
4,574
4,188Less: AOCI
(1,843)
(1,488)
(1,376)
(1,670)Total F&G equity attributable to common shareholders,
excluding AOCI
$           6,232
$           6,042
$           5,950
$           5,858








Common shares outstanding
134
136
135
135








Book value per common share
$           32.75
$           33.49
$           33.88
$           31.02Book value per common share, excluding AOCI
$           46.51
$           44.43
$           44.07
$           43.39 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE REINSURANCE


Three months ended(In millions)
March 31, 2026
December 31,
2025
September 30, 2025
June 30, 2025AUM at beginning of period
$          57,574
$          56,647
$          55,565
$          54,546Net new business asset flows
1,364
1,660
2,269
1,763Net flow reinsurance to third parties
(688)
(733)
(1,187)
(744)Net inforce reinsurance to third parties
(1,814)
—
—
—Net capital transaction proceeds (disbursements)
—
—
—
—AUM at end of period¹
$          56,436
$          57,574
$          56,647
$          55,565








AAUM YTD¹
$          57,905
$          55,384
$          54,870
$          54,521








AUM before reinsurance
$          74,454
$          73,090
$          71,430
$          69,161 SALES HIGHLIGHTS


Three months ended

March 31, 2026
March 31, 2025




Indexed annuities ("FIA/RILA")
$          1,579
$          1,461Indexed universal life ("IUL")
44
43Pension risk transfer ("PRT")
317
311Subtotal: Core sales
1,940
1,815Fixed rate annuities ("MYGA")
183
562Funding agreements ("FABN/FHLB")
1,050
525  Subtotal: Opportunistic sales2
1,233
1,087Gross sales
3,173
2,902Sales attributable to flow reinsurance to third parties3
(928)
(721)Net sales
2,245
2,181
1See definition of non-GAAP measures below2Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the
   highest return opportunities3Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar DEFINITIONS














The following represents the definitions of non-GAAP measures used by F&G:
Adjusted Net Earnings Attributable to Common Shareholders







Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial
performance each period.ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including
certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense
adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability
drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate
from period to period in a manner inconsistent with these drivers.
ANE provides information to enhance an investor's understanding of our results and underlying profitability drivers by
removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains
and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges
that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments.


ANE is calculated by adjusting net earnings or 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)  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;(vi)  Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity
interest of entities that F&G does not wholly own; and(vii)  Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax
rate, as appropriate by tax jurisdiction.







Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments
to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to
economically hedge our floating rate investments.
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.
Adjusted Weighted Average Diluted Shares Outstanding







Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for
periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or
adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common
shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP
measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted
shares when dilution does not occur for adjusted net earnings attributable to common shareholders.







Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the
level of return driven by the Company that is available to common shareholders.







Adjusted Net Earnings attributable to common shareholders per Diluted Share







Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred
stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted
shares outstanding.







Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the
level of return driven by the Company that is available to common shareholders.







Adjusted Return on Assets attributable to Common Shareholders







Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net
earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income,
less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses,
interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds
includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP
financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability
earned on AAUM.







Adjusted Return on Average Common Shareholder Equity, excluding AOCI







Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings
attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. 
Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5
points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of
available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption
changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for
investors and analysts to assess the level return driven by the Company's adjusted earnings.







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 Reinsurance







AUM before Reinsurance is comprised of AUM plus flow reinsured assets, including certain block 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) (Quarterly and YTD)







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.







Book Value per Common Share, excluding AOCI







Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided
by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and
for investors and analysts to assess the capital position of the Company.







Debt-to-Capitalization Ratio, excluding AOCI







Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt
plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to
investors and analysts when assessing its capital position.







Return on Average F&G common shareholder Equity, excluding AOCI







Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net
earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders,
excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling
period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes
in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and
discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be
useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common
shareholders.







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.







Total Capitalization, excluding AOCI







Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal
amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale
investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the
future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information
internally and to investors and analysts to help assess the capital position of the Company.







Total Equity, excluding AOCI
Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to
quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk
for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-
GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level
of earned equity on total equity.







Total F&G Equity attributable to common shareholders, excluding AOCI







Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc.
shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI
fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in
instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits,
management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the
level of return driven by the Company that is available to common shareholders.  View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-reports-first-quarter-2026-results-302764542.htmlSOURCE F&G Annuities & Life, Inc. Original: F&G Annuities & Life Reports First Quarter 2026 Results

FNF Reports First Quarter 2026 Financial ResultsMay 6, 2026 4:17 PM
PR Newswire (US) JACKSONVILLE, Fla., May 6, 2026 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported financial results for the three months ended March 31, 2026.Net earnings attributable to common shareholders for the first quarter were $243 million, or $0.90 per diluted share (per share), compared with net earnings of $83 million, or $0.30 per share, for the first quarter of 2025. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $249 million, or $0.93 per share, compared with $213 million, or $0.78 per share, for the first quarter of 2025.The Title Segment contributed $197 million for the first quarter, compared with $158 million for the first quarter of 2025The F&G Segment contributed $80 million for the first quarter, which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stakeThe Corporate Segment adjusted net earnings were $0 for the first quarter, before eliminating dividend income from F&G in the consolidated financial statements, compared with adjusted net earnings of $3 million for the first quarter of 2025FNF's consolidated adjusted net earnings include significant income and expense items in the F&G Segment, as well as alternative investment portfolio short-term returns that differ from long-term return expectations. Please see "Segment Financial Results" for F&G, as well as the "Non-GAAP Measures and Other Information" section for further explanationCompany HighlightsTitle Segment delivered outstanding operating performance and industry leading margin: For the Title Segment, total revenue was $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025. Total revenue, excluding recognized gains and losses, was $2.1 billion for the first quarter, a 14% increase over the first quarter of 2025. Our industry leading adjusted pre-tax title margin was 13.1% for the first quarterF&G Segment generated strong growth in assets under management before reinsurance: F&G achieved record assets under management before reinsurance of $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025. F&G's gross sales were $3.2 billion and net sales were $2.2 billion for the first quarterRobust return of capital to shareholders: FNF returned approximately $222 million of capital to shareholders in the first quarter through $140 million of common stock dividends and $82 million of share repurchases. FNF ended the quarter with $495 million in cash and short-term liquid investments at the holding companyWilliam P. Foley, II, Chairman, commented, "The first quarter was an outstanding start to 2026 for our Title and F&G businesses. Our Title business delivered an industry leading adjusted pre-tax Title margin of 13.1% in the first quarter, up 140 basis points over the first quarter of 2025, reflecting continued strong performance across the business with strength in commercial, continued momentum in refinance and disciplined expense management."Mr. Foley added, "F&G continues to provide an important complement to our Title business and remains a meaningful contributor to FNF's adjusted net earnings. F&G's operating performance from its underlying spread-based and fee-based businesses continues to be strong, and we remain confident in F&G's strategy. Together, our complementary businesses are executing well, our strong and consistent cash generation continues to support a balanced and disciplined capital allocation strategy and we are well positioned to deliver long-term shareholder value."Summary Financial Results(In millions, except per share data)Three Months Ended
March 31,
2026
March 31,
2025Total revenue$    3,226
$    2,729F&G gross sales1$    3,173
$    2,902F&G net sales1$    2,245
$    2,181F&G assets under management (AUM)1$  56,436
$  54,546F&G AUM before reinsurance1$  74,454
$  67,398Total assets$ 111,499
$  98,209Adjusted pre-tax title margin13.1 %
11.7 %Net earnings attributable to common shareholders$       243
$         83Net earnings per share attributable to common shareholders$      0.90
$      0.30Adjusted net earnings1$       249
$       213Adjusted net earnings per share1$      0.93
$      0.78Weighted average common diluted shares269
273Total common shares outstanding269
275____________________________1 See definition of non-GAAP measures belowSegment Financial Results Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.Mike Nolan, Chief Executive Officer, added, "Our Title business delivered outstanding results in the first quarter, generating adjusted pre-tax Title earnings of $268 million, up 27% over the first quarter of 2025, and an industry leading adjusted pre-tax Title margin of 13.1%. This performance reflects the strength of our direct commercial business, continued momentum in refinance with orders opened up more than 50% over the prior year, and our disciplined approach to expense management driving strong incremental margins. These results demonstrate that our scale, technology investments and operating model continue to support the earnings power of our business even in the current historically low transactional environment."Mr. Nolan added, "While we are poised to benefit from an eventual recovery in the residential housing market, we also see a second driver in our technology and AI investments. The productivity gains we have already achieved through automation and data at scale are a key reason we continue to deliver industry leading margins. We believe FNF is well positioned to benefit from advances in AI, given our scale, proprietary data, embedded workflows and financial strength, enabling us to not only remain an industry leader, but also lead innovation in a way that continues to protect our customers."First Quarter 2026 HighlightsTotal revenue was $2.0 billion, compared with $1.8 billion for the first quarter of 2025Total revenue, excluding recognized gains and losses, was $2.1 billion, a 14% increase over the first quarter of 2025Direct title premiums were $583 million, a 14% increase over the first quarter of 2025Agency title premiums were $788 million, a 16% increase over the first quarter of 2025Commercial revenue was $338 million, a 15% increase over the first quarter of 2025Purchase orders opened increased 2% on a daily basis and purchase orders closed decreased 1% on a daily basis compared with the first quarter of 2025Refinance orders opened increased 52% on a daily basis and refinance orders closed increased 75% on a daily basis over the first quarter of 2025Commercial orders opened increased 5% and commercial orders closed increased 8% over the first quarter of 2025Total fee per file was $3,655 for the first quarter, a 3% decrease from the first quarter of 2025First Quarter 2026 Financial ResultsPre-tax title margin was 10.5% and industry leading adjusted pre-tax title margin was 13.1% for the first quarter, compared with 9.6% and 11.7%, respectively, for the first quarter of 2025Pre-tax earnings in Title for the first quarter were $211 million, compared with $171 million for the first quarter of 2025Adjusted pre-tax earnings in Title was $268 million for the first quarter, compared with $211 million for the first quarter of 2025F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.Chris Blunt, F&G's Chief Executive Officer, commented, "The first quarter was a solid start to the year, highlighted by record assets under management before reinsurance of nearly $75 billion fueled by $3.2 billion of gross sales in the quarter, including $2 billion of core sales from indexed annuities, indexed universal life and pension risk transfer, and $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities. Our high quality, diversified investment portfolio continues to perform extremely well, including our private origination portfolio, with total credit-related impairments stable and below our pricing assumptions."Mr. Blunt continued, "Our diversified, self-funding capital model is supported by our annual inforce capital generation and third party capital through our reinsurance sidecar and our strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth in our core business, while consistently returning capital to shareholders through dividends and opportunistic share repurchases. During the first quarter, we returned $67 million of capital to shareholders through dividends and share repurchases. We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth and shareholder value."First Quarter 2026AUM before flow reinsurance was $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025.  This included retained AUM of $56.4 billion, an increase of 3% over the first quarter of 2025Gross sales were $3.2 billion for the first quarter, compared with $2.9 billion for the first quarter of 2025; reflects continued strong demand for retirement savings productsCore sales were $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025; reflects higher core retail indexed annuity and indexed universal life sales and pension risk transfer salesOpportunistic sales were $1.2 billion for the first quarter, compared with $1.1 billion for the first quarter of 2025; reflects higher funding agreements, partially offset by lower multiyear guaranteed annuities sales.  Opportunistic volumes vary quarter to quarter depending on economics and market opportunityNet sales were $2.2 billion for the first quarter, in-line with the first quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuitiesF&G Segment net earnings attributable to common shareholders were $175 million for the first quarter which included favorable mark-to-market movement, compared to a net loss of $18 million for the first quarter of 2025 which included unfavorable mark-to-market movementF&G Segment adjusted net earnings attributable to common shareholders were $80 million for the first quarter which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stakeEffective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investmentsF&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million below the midpoint of management's long-term expected return of approximately 12% to 14%As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefitPlease see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanationConference Call
We will host a call with investors and analysts to discuss FNF's first quarter of 2026 results on Thursday, May 7, 2026, beginning at 11:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  More information about FNF can be found at fnf.com. About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.Use of Non-GAAP Financial Information
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 earnings release 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 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 measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP 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 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 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 below.Forward-Looking Statements and Risk Factors
This press release 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.FNF-ECONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investors@fnf.com
515.330.3307 FIDELITY NATIONAL FINANCIAL, INC.FIRST QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




March 31, 2026




Direct title premiums
$        583
$        583
$         —
$            —
$            —Agency title premiums
788
788
—
—
—Escrow, title related and other fees
1,111
588
496
27
—Total title and escrow
2,482
1,959
496
27
—










Interest and investment income
822
91
723
36
(28)Recognized gains and losses, net
(78)
(46)
(32)
—
—Total revenue
3,226
2,004
1,187
63
(28)










Personnel costs
827
748
60
19
—Agent commissions
608
608
—
—
—Other operating expenses
398
340
33
25
—Benefits & other policy reserve changes
484
—
484
—
—Market risk benefit (gains) losses
73
—
73
—
—Depreciation and amortization
215
35
173
7
—Provision for title claim losses
62
62
—
—
—Interest expense
61
—
41
20
—Total expenses
2,728
1,793
864
71
—










Pre-tax earnings (loss)
$        498
$        211
$       323
$            (8)
$           (28)










  Income tax expense (benefit)
175
69
74
32
—  (Loss) earnings from equity investments
(2)
(2)
—
—
—  Non-controlling interests
78
4
74
—
—










Net earnings (loss) attributable to common shareholders
$        243
$        136
$       175
$           (40)
$           (28)










EPS attributable to common shareholders - basic
$       0.90


















EPS attributable to common shareholders - diluted
$       0.90


















Weighted average shares - basic
269







Weighted average shares - diluted
269







 FIDELITY NATIONAL FINANCIAL, INC.FIRST QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




March 31, 2026




Net earnings (loss) attributable to common shareholders
$          243
$          136
$       175
$           (40)
$           (28)










Pre-tax earnings (loss)
$          498
$          211
$       323
$            (8)
$           (28)










 Non-GAAP Adjustments









  Recognized (gains) and losses, net
(117)
46
(163)
—
—  Market related liability adjustments
(37)
—
(37)
—
—  Purchase price amortization
27
11
15
1
—  Transaction and other costs
5
—
5
—
—










Adjusted pre-tax earnings (loss)
$          376
$          268
$       143
$            (7)
$           (28)










Total non-GAAP, pre-tax adjustments
$         (122)
$            57
$      (180)
$             1
$            —  Income taxes on non-GAAP adjustments
34
(14)
48
—
—  Non-controlling interest on non-GAAP adjustments
37
—
37
—
—  Deferred tax asset valuation allowance
18
18
—
—
—  Tax expense related to change in FG tax basis
39
—
—
39
—Total non-GAAP adjustments
$              6
$            61
$       (95)
$            40
$            —










Adjusted net earnings (loss) attributable to common shareholders
$          249
$          197
$         80
$            —
$           (28)










Adjusted EPS attributable to common shareholders - diluted
$         0.93







 FIDELITY NATIONAL FINANCIAL, INC.FIRST QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




March 31, 2025




Direct title premiums
$        510
$        510
$         —
$            —
$            —Agency title premiums
681
681
—
—
—Escrow, title related and other fees
1,065
525
505
35
—Total title and escrow
2,256
1,716
505
35
—










Interest and investment income
760
83
666
39
(28)Recognized gains and losses, net
(287)
(25)
(263)
1
—Total revenue
2,729
1,774
908
75
(28)










Personnel costs
770
672
67
31
—Agent commissions
528
528
—
—
—Other operating expenses
377
313
41
23
—Benefits & other policy reserve changes
524
—
524
—
—Market risk benefit (gains) losses
109
—
109
—
—Depreciation and amortization
196
36
153
7
—Provision for title claim losses
54
54
—
—
—Interest expense
60
—
40
20
—Total expenses
2,618
1,603
934
81
—










Pre-tax earnings (loss)
$        111
$        171
$       (26)
$            (6)
$           (28)










  Income tax expense (benefit)
29
42
(5)
(8)
—  Earnings from equity investments
1
1
—
—
—  Non-controlling interests
—
3
(3)
—
—










Net earnings (loss) attributable to common shareholders
$          83
$        127
$       (18)
$             2
$           (28)










EPS attributable to common shareholders - basic
$       0.30


















EPS attributable to common shareholders - diluted
$       0.30


















Weighted average shares - basic
273







Weighted average shares - diluted
273







 FIDELITY NATIONAL FINANCIAL, INC.FIRST QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
Elimination Three Months Ended




March 31, 2025




Net earnings (loss) attributable to common shareholders
$            83
$          127
$           (18)
$             2
$           (28)










Pre-tax earnings (loss)
$          111
$          171
$           (26)
$            (6)
$           (28)










Non-GAAP Adjustments









  Recognized (gains) and losses, net
53
25
29
(1)
—  Market related liability adjustments
103
—
103
—
—  Purchase price amortization
32
15
15
2
—  Transaction costs
1
—
1
—
—Adjusted pre-tax earnings (loss)
$          300
$          211
$          122
$            (5)
$           (28)










Total non-GAAP, pre-tax adjustments
$          189
$            40
$          148
$             1
$            —  Income taxes on non-GAAP adjustments
(40)
(10)
(30)
—
—  Non-controlling interest on non-GAAP adjustments
(20)
—
(20)
—
—  Deferred tax asset valuation allowance
1
1
—
—
—Total non-GAAP adjustments
$          130
$            31
$            98
$             1
$            —










Adjusted net earnings (loss) attributable to common shareholders
$          213
$          158
$            80
$             3
$           (28)










Adjusted EPS attributable to common shareholders - diluted
$         0.78


















 FIDELITY NATIONAL FINANCIAL, INC.SUMMARY BALANCE SHEET INFORMATION(In millions) 

March 31,
2026
December 31,
2025

(Unaudited)
(Unaudited)Cash and investment portfolio

$      75,699

$      75,831Goodwill

5,216

5,272Title plant

424

424Total assets

111,499

109,014Notes payable

4,402

4,400Reserve for title claim losses

1,704

1,700Secured trust deposits

802

731Accumulated other comprehensive (loss) earnings

(1,895)

(1,678)Non-controlling interests

1,465

1,548Total equity and non-controlling interests

8,719

8,972Total equity attributable to common shareholders

7,254

7,424Non-GAAP Measures and Other InformationTitle SegmentThe table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended(Dollars in millions)March 31,
2026
March 31,
2025Pre-tax earnings $        211
$        171Non-GAAP adjustments before taxes


  Recognized (gains) and losses, net46
25  Purchase price amortization11
15Total non-GAAP adjustments57
40Adjusted pre-tax earnings $        268
$        211Adjusted pre-tax margin13.1 %
11.7 % FIDELITY NATIONAL FINANCIAL, INC.QUARTERLY OPERATING STATISTICS(Unaudited) 

Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024Quarterly Opened Orders ('000's except % data)Total opened orders*
389
332
370
366
343
299
352
344Total opened orders per day*
6.4
5.3
5.8
5.8
5.6
4.7
5.5
5.5Purchase % of opened orders
67 %
65 %
70 %
76 %
75 %
72 %
73 %
80 %Refinance % of opened orders
33 %
35 %
30 %
24 %
25 %
28 %
27 %
20 %Total closed orders*
234
259
250
246
201
232
232
229Total closed orders per day*
3.8
4.1
3.9
3.9
3.3
3.7
3.6
3.6Purchase % of closed orders
63 %
65 %
74 %
75 %
75 %
72 %
77 %
81 %Refinance % of closed orders
37 %
35 %
26 %
25 %
25 %
28 %
23 %
19 %
















Commercial (millions, except orders in '000's)Total commercial revenue
$      338
$      479
$      389
$      333
$      293
$      376
$      290
$      273Total commercial opened orders
55.2
51.4
54.8
54.1
52.6
47.5
50.8
50.7Total commercial closed orders
28.0
32.9
30.8
29.6
26.0
28.9
25.9
25.7
















National commercial revenue
$      182
$      277
$      209
$      178
$      149
$      208
$      151
$      145National commercial opened orders
23.7
22.5
24.3
23.7
22.7
20.7
21.9
21.4National commercial closed orders
11.7
14.2
13.1
12.0
10.2
11.8
10.4
9.8
















Total Fee Per FileFee per file
$   3,655
$   4,099
$   3,994
$   3,894
$   3,761
$   3,909
$   3,708
$   3,759Residential fee per file
$   2,776
$   2,722
$   2,908
$   3,001
$   2,776
$   2,772
$   2,881
$   2,995Total commercial fee per file
$ 12,100
$ 14,600
$ 12,600
$ 11,300
$ 11,300
$ 13,000
$ 11,200
$ 10,600National commercial fee per file
$ 15,500
$ 19,500
$ 16,000
$ 14,900
$ 14,600
$ 17,600
$ 14,500
$ 14,800
















Total StaffingTotal field operations employees
10,700
10,600
10,600
10,500
10,200
10,300
10,400
10,300
















Actual title claims paid ($ millions)
$        57
$        80
$        58
$        66
$        65
$        75
$        64
$        70Title Segment (continued)FIDELITY NATIONAL FINANCIAL, INC.MONTHLY TITLE ORDER STATISTICS 


Direct Orders Opened *

Direct Orders Closed *Month
 / (% Purchase)
 / (% Purchase)January 2026

119,00065 %

67,00063 %February 2026

124,00065 %

75,00062 %March 2026

146,00069 %

92,00063 %






First Quarter 2026

389,00067 %

234,00063 %



Direct Orders Opened *

Direct Orders Closed *Month
 / (% Purchase)

 / (% Purchase)January 2025

107,00076 %

62,00074 %February 2025

108,00075 %

64,00076 %March 2025

128,00074 %

75,00075 %






First Quarter 2025

343,00075 %

201,00075 %* Includes an immaterial number of non-purchase and non-refinance ordersF&G SegmentThe table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders.  The F&G Segment is reported net of noncontrolling minority interest.
Three Months Ended(Dollars in millions)March 31,
2026
March 31,
2025Net earnings (loss) attributable to common shareholders $           175
$           (18)Non-GAAP adjustments(1):


Recognized (gains) losses, net(163)
29Market related liability adjustments(37)
103Purchase price amortization15
15Transaction and other costs5
1Income taxes on non-GAAP adjustments48
(30)Non-controlling interest on non-GAAP adjustments37
(20)Adjusted net earnings (loss) attributable to common shareholders(1)$            80
$            80Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments.F&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million, or $0.05 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million, or $0.14 per share, below the midpoint of management's long-term expected return of approximately 12% to 14%Footnotes:1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.F&G Segment (continued)The table below provides a summary of sales highlights.

Three months ended(In millions)
March 31,
2026
March 31,
2025




Indexed annuities ("FIA/RILA")
$         1,579
$         1,461Indexed universal life ("IUL")
44
43Pension risk transfer ("PRT")
317
311Subtotal: Core sales
1,940
1,815Fixed rate annuities ("MYGA")
183
562Funding agreements ("FABN/FHLB")
1,050
525Subtotal: Opportunistic sales(2)
1,233
1,087Gross sales(1)
3,173
2,902Sales attributable to flow reinsurance to third parties(3)
(928)
(721)Net sales(1)
2,245
2,181
Footnotes:1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.2.Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities3.Sales attributable to flow reinsurance to third parties includes the reinsurance sidecarDEFINITIONS  The following represents the definitions of non-GAAP measures used by the Company.Adjusted Net Earnings attributable to common shareholdersAdjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period.ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.        ANE provides information to enhance an investor's understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments.ANE is calculated by adjusting net earnings or 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. 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;vi. 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; andvii. Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdictionRecognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge floating rate investments.While these adjustments are an integral part of the overall performance of FNF, 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.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; andvi. 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 ReinsuranceAUM 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.SalesAnnuity, 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. View original content:https://www.prnewswire.com/news-releases/fnf-reports-first-quarter-2026-financial-results-302764544.htmlSOURCE Fidelity National Financial, Inc. Original: FNF Reports First Quarter 2026 Financial Results

F&G Annuities & Life Announces First Quarter 2026 Earnings Release and Conference CallApril 22, 2026 4:15 PM
PR Newswire (US)

DES MOINES, Iowa, April 22, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release first quarter 2026 earnings after the close of regular market trading on Wednesday, May 6, 2026.A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, May 7, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on F&G's Investor Relations website at investors.fglife.com.Webcast, Conference Call and Replay InformationThe event can be accessed in the following ways:Live Webcast: Register and access the webcast on F&G's Investor Relations website at investors.fglife.comConference Call: Dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International)Replay: A webcast replay will be available on F&G's Investor Relations website after the live eventAbout F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307



View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-announces-first-quarter-2026-earnings-release-and-conference-call-302750595.htmlSOURCE F&G Annuities & Life, Inc.

Original: F&G Annuities & Life Announces First Quarter 2026 Earnings Release and Conference Call

Fidelity National Financial Announces First Quarter 2026 Earnings Release and Conference CallApril 22, 2026 4:15 PM
PR Newswire (US)

JACKSONVILLE, Fla., April 22, 2026 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) (FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), will release first quarter 2026 earnings after the close of regular market trading on Wednesday, May 6, 2026.A webcast and conference call to discuss the results will follow at 11:00 a.m. Eastern Time on Thursday, May 7, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on FNF's Investor Relations website at investor.fnf.com.Webcast, Conference Call and Replay Information
The event can be accessed in the following ways:Live Webcast: Register and access the webcast on FNF's Investor Relations website at investor.fnf.comConference Call: Dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (International)Replay: A webcast replay will be available on FNF's Investor Relations website after the live eventAbout Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG). FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investors@fnf.com
515.330.3307



View original content:https://www.prnewswire.com/news-releases/fidelity-national-financial-announces-first-quarter-2026-earnings-release-and-conference-call-302750594.htmlSOURCE Fidelity National Financial, Inc.

Original: Fidelity National Financial Announces First Quarter 2026 Earnings Release and Conference Call

F&G Annuities & Life Announces New Three-Year $100 Million Share Repurchase ProgramMarch 16, 2026 4:10 PM
PR Newswire (US)

DES MOINES, Iowa, March 16, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that its Board of Directors has approved a new three-year stock repurchase program, effective March 16, 2026, under which the Company may repurchase up to $100 million of F&G common stock.  Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions through March 31, 2029.The Company's existing stock repurchase authorization permits aggregate repurchases of up to $50 million, of which approximately $32 million remains available as of March 13, 2026, and that authorization is scheduled to expire on November 6, 2026.Chris Blunt, F&G's Chief Executive Officer, commented, "Our financial results clearly demonstrate the strength and flexibility of our business model where we achieved record AUM before flow reinsurance, strong sales, excellent investment performance and maintained a solid financial and capital position this past year. Our high quality, diversified portfolio continues to perform exceptionally well, with credit impairments remaining stable and below our internal expectations. We are also in an advantageous position as we continue to transition our business to be more fee-based, higher margin and less capital intensive which we believe will create a more valuable company.  While we are executing well, the market has been slow to recognize the strength of our business and the momentum that we are generating."About F&GF&G Annuities and Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.   Forward-Looking Statements and Risk FactorsThis press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. 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: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; 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; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307



View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-announces-new-three-year-100-million-share-repurchase-program-302715007.htmlSOURCE F&G Annuities & Life, Inc.

Original: F&G Annuities & Life Announces New Three-Year $100 Million Share Repurchase Program

F&G Annuities & Life Joins Voya Financial's Annuity Platform, Expanding Access to Protected Growth SolutionsFebruary 25, 2026 4:15 PM
PR Newswire (US)

Distribution relationship introduces F&G's fixed indexed annuities (FIAs), registered index-linked annuities (RILAs) and multi-year guaranteed annuities (MYGAs) product suite to Voya's industry leading wealth solutions businessDES MOINES, Iowa and NEW YORK, Feb. 25, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") and Voya Financial, Inc. (NYSE: VOYA) today announced that F&G's annuity solutions will be available for distribution through Voya's Wealth Management platform, marking an exciting collaboration between two premier financial services organizations committed to helping Americans achieve financial security.Through the platform, Voya financial professionals can offer F&G annuities, providing clients with additional retirement and income protection choices. The relationship combines F&G's competitive product offerings with Voya's integrated advice and distribution capabilities, expanding access to annuity solutions designed to meet diverse retirement planning and long-term wealth protection needs."We are thrilled to partner with Voya to bring F&G's suite of annuity solutions to their wealth management business," said Conor Murphy, President and Chief Financial Officer of F&G. "This collaboration represents an important opportunity to serve more Americans as they plan for their financial futures. Voya's commitment to customer centricity and financial confidence aligns perfectly with F&G's mission of helping people turn their aspirations into reality."As part of the relationship, Voya financial professionals will have access to F&G's annuity offerings, supported by educational resources and product expertise intended to drive strong advisor and client outcomes. Both organizations share a dedication to innovation, integrity and putting customers first, values that form the foundation of this exciting relationship."We look forward to bringing our scale and advisor acumen to this collaboration," said John Brett, President, Wealth Management at Voya Financial. "This relationship enhances our ability to deliver impactful, well-designed solutions that help clients address a wide range of retirement and investment needs."About F&GF&G Annuities & Life, Inc. (NYSE: FG) is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.About Voya Financial®Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya's services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.Media ContactsF&G
Gabrielle Simon
413.695.3818
pro-F&G@prosek.comVoya Financial
Olivia Valente
203.528.5284
olivia.valente@voya.comInvestor ContactsF&G
Lisa Foxworthy-Parker
SVP of Investor & External Relations
515.330.3307
Investor.relations@fglife.comVoya Financial
Mei Ni Chu
IR@voya.com"F&G" is the marketing name for Fidelity & Guaranty Life Insurance Company issuing insurance in the United States outside of New York. Life insurance and annuities issued by Fidelity & Guaranty Life Insurance Company, Des Moines, IA.



View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-joins-voya-financials-annuity-platform-expanding-access-to-protected-growth-solutions-302697483.htmlSOURCE F&G Annuities & Life, Inc.

Original: F&G Annuities & Life Joins Voya Financial's Annuity Platform, Expanding Access to Protected Growth Solutions

F&G Annuities & Life Declares Dividends on Common and Preferred StockFebruary 20, 2026 7:30 AM
PR Newswire (US)

DES MOINES, Iowa, Feb. 20, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.25 per common share. The dividend will be payable on March 31, 2026, to stockholders of record as of March 17, 2026.The Board also declared a quarterly cash dividend of $0.859375 per share of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, to be paid on April 15, 2026, to holders of record as of April 1, 2026.About F&GF&G Annuities and Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.   Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307



View original content:https://www.prnewswire.com/news-releases/fg-annuities--life-declares-dividends-on-common-and-preferred-stock-302693548.htmlSOURCE F&G Annuities & Life, Inc.

Original: F&G Annuities & Life Declares Dividends on Common and Preferred Stock

FNF Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 19, 2026 4:46 PM
PR Newswire (US)

JACKSONVILLE, Fla., Feb. 19, 2026 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported financial results for the fourth quarter and twelve months ended December 31, 2025.
Special Stock DistributionFNF has completed the planned distribution through a special dividend of approximately 12% ownership of F&G to FNF shareholders, representing approximately $500 million of value. On December 31, 2025, FNF completed the distribution to FNF's shareholders of approximately 16 million shares of F&G common stock owned by FNF.  Following the distribution, FNF retains control of F&G through an approximate 70% equity ownership stake.Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per share, excluding a $471 million noncash deferred income tax charge resulting from the distribution of F&G shares, 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. Net (loss) earnings attributable to common shareholders also include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders. Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the fourth quarter were $382 million, or $1.41 per share, compared to $366 million, or $1.34 per share, for the fourth quarter of 2024. Full year adjusted net earnings were $1.4 billion, or $4.97 per share, compared to $1.3 billion, or $4.63 per share, for the year ended December 31, 2024.The Title Segment contributed $306 million and $1.1 billion for the fourth quarter and full year 2025, respectively, compared to $263 million and $877 million for the fourth quarter and full year 2024, respectivelyThe F&G Segment contributed $104 million and $412 million for the fourth quarter and full year 2025, respectively, compared to $123 million and $475 million for the fourth quarter and full year 2024, respectivelyThe Corporate Segment, before eliminating dividend income from F&G in the consolidated financial statements, had adjusted net earnings of $4 million and $3 million for the fourth quarter and full year 2025, respectively, compared to $8 million and $21 million for the fourth quarter and full year 2024, respectivelyFNF's consolidated adjusted net earnings include significant income and expense items in the F&G Segment, as well as investment income from alternative investments below management's long-term expected return. Please see "Segment Financial Results" for F&G, as well as the "Non-GAAP Measures and Other Information" section for further explanationNet loss attributable to common shareholders for the fourth quarter was $117 million, or $0.43 per diluted share (per share), compared to net earnings of $450 million, or $1.65 per share, for the fourth quarter of 2024. Full year net earnings attributable to common shareholders were $602 million, or $2.21 per share, compared to $1.3 billion, or $4.65 per share, for the year ended December 31, 2024.  The fourth quarter and full year 2025 results include the $471 million noncash charge to recognize the deferred tax liability upon the special stock distribution of F&G shares.Company HighlightsTitle Segment delivered excellent performance across the business: For the Title Segment, total revenue was $2.2 billion and $8.5 billion for the fourth quarter and full year, respectively, compared to $2.0 billion and $7.7 billion for the fourth quarter and full year 2024, respectively. Total revenue, excluding recognized gains and losses, was $2.3 billion for the fourth quarter, an 11% increase over the fourth quarter of 2024, and $8.6 billion for the full year, an 11% increase over full year 2024. Our industry leading adjusted pre-tax title margin was 17.5% and 15.9% for the fourth quarter and full year, respectivelyF&G Segment generated record assets under management: F&G achieved record assets under management before flow reinsurance of $73.1 billion at the end of the fourth quarter, an increase of 12% over the fourth quarter of 2024. F&G's gross sales were $3.4 billion and $14.6 billion for the fourth quarter and full year, respectivelyRobust return of capital to shareholders: FNF returned approximately $170 million of capital to shareholders in the fourth quarter through $140 million of common stock dividends and $30 million of share repurchases. This brought the full year 2025 capital returned to shareholders to approximately $800 million through $546 million of common stock dividends and $251 million of share repurchases. FNF ended the year with $659 million in cash and short-term liquid investments at the holding companyWilliam P. Foley, II, Chairman, commented, "The fourth quarter rounded out an excellent year for our Title and F&G businesses. Our Title business delivered an industry leading adjusted pre-tax Title margin of 15.9% for the full year 2025, reflecting strong performance across the business with exceptional strength in commercial combined with disciplined expense management.  FNF has transformed the Title business through decades of innovative technology solutions and investments in the business, driving efficiencies and margin expansion, significantly outperforming prior cyclical lows."Mr. Foley added, "F&G grew AUM before flow reinsurance by 12% to $73 billion at the end of 2025. F&G continues to provide an important complement to our Title business having contributed 30% of FNF's adjusted net earnings for full year 2025.  To further unlock the embedded value in F&G, we completed an approximate 12% share dividend of F&G's common stock to FNF shareholders on December 31, 2025.  We believe the increased liquidity will broaden investor interest and ultimately result in a valuation that more appropriately reflects F&G's strong business momentum and improving returns as the company grows its fee-based, higher margin and less capital-intensive earnings streams as they transition to a capital light business model."Summary Financial Results(In millions, except per share data)Three Months EndedTwelve Months Ended
December 31,
2025
December 31,
20242025
2024Total revenue$     4,051
$     3,621$    14,445
$  13,681F&G gross sales1$     3,392
$     3,469$    14,638
$  15,262F&G net sales1$     2,304
$     2,438$    10,029
$  10,571F&G assets under management (AUM)1$   57,574
$   53,817$    57,574
$  53,817F&G AUM before flow reinsurance1$   73,090
$   65,274$    73,090
$  65,274Total assets$ 109,014
$   95,263$  109,014
$  95,263Adjusted pre-tax title margin17.5 %
16.6 %15.9 %
15.1 %Net earnings attributable to common shareholders$       (117)
$         450$         602
$    1,270Net earnings per share attributable to common shareholders$      (0.43)
$        1.65$        2.21
$      4.65Adjusted net earnings1$        382
$         366$      1,352
$    1,265Adjusted net earnings per share1$       1.41
$        1.34$        4.97
$      4.63Weighted average common diluted shares270
273272
273Total common shares outstanding271
275271
275





1See definition of non-GAAP measures belowSegment Financial Results Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.Mike Nolan, Chief Executive Officer, added, "Our Title business delivered outstanding results in the current environment having achieved industry leading adjusted pre-tax Title margins, including 17.5% in the fourth quarter of 2025. This is a testament to our Company's transformation over the past two decades where we have developed pioneering technology and invested in our business, which are driving efficiencies and helping us maintain a competitive edge. This can further be seen in our margin expansion over the last three years as we have significantly outperformed prior cyclical lows. Our Title business is performing incredibly well and positioned for the eventual recovery in the housing market back to more normalized levels where we will benefit from scale advantages and the efficiency gains that have driven through our Company."Fourth Quarter 2025 HighlightsTotal revenue of $2.2 billion, compared with $2.0 billion in the fourth quarter of 2024Total revenue, excluding recognized gains and losses, of $2.3 billion, an 11% increase over the fourth quarter of 2024Direct title premiums of $754 million, a 21% increase over fourth quarter of 2024Agency title premiums of $840 million, a 7% increase over fourth quarter of 2024Commercial revenue of $479 million, a 27% increase over fourth quarter of 2024Purchase orders opened on a daily basis were in line with the fourth quarter of 2024 and purchase orders closed increased 1% on a daily basisRefinance orders opened increased 38% on a daily basis and refinance orders closed increased 39% on a daily basis over the fourth quarter of 2024Commercial orders opened increased 8% and commercial orders closed increased 14% over the fourth quarter of 2024Total fee per file of $4,099 for the fourth quarter, a 5% increase over the fourth quarter of 2024Fourth Quarter 2025 Financial ResultsPre-tax title margin of 14.7% and industry leading adjusted pre-tax title margin of 17.5% for the fourth quarter, compared to 13.5% and 16.6%, respectively, for the fourth quarter of 2024Pre-tax earnings in Title for the fourth quarter of $330 million, compared with $271 million for the fourth quarter of 2024Adjusted pre-tax earnings in Title for the fourth quarter of $401 million, compared with $343 million for the fourth quarter of 2024. These results reflect strong performance across the business, highlighted by exceptional strength in our direct commercial businessFull Year 2025 Financial ResultsPre-tax title margin was 14.5% and industry leading adjusted pre-tax title margin was 15.9% for the full year, compared to 14.2% and 15.1% for the full year 2024, respectivelyPre-tax earnings in Title for the full year were $1.2 billion, compared to $1.1 billion for the full year 2024Adjusted pre-tax earnings in Title for the full year were $1.4 billion, compared to $1.2 billion for the full year 2024; these results were driven by exceptional strength in our direct commercial business, along with strong results from our distributed direct operations, centralized refinance and default businesses and agency businessF&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.Chris Blunt, F&G's Chief Executive Officer, said, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025, including $9 billion of gross sales in our core products - indexed annuities, indexed universal life and pension risk transfer.  Our high quality, diversified investment portfolio continues to perform extremely well with credit-related impairments remaining stable and below our expectations." Mr. Blunt continued, "We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth. We took action to improve our operating expense ratio by 10 basis points as compared to year end 2024 and we have strengthened our capital position, augmented by the launch of our reinsurance sidecar. At the end of the year, we expanded our public float to 30% to enhance market liquidity and broaden investor access to the stock. Looking ahead to 2026, we remain focused on continuing to grow our core business and delivering long-term shareholder value."Fourth Quarter 2025AUM before flow reinsurance was $73.1 billion at the end of the fourth quarter, an increase of 12% over the fourth quarter of 2024. This included retained AUM of $57.6 billion, an increase of 7% over the fourth quarter of 2024Gross sales were $3.4 billion for the fourth quarter, modestly below $3.5 billion in the fourth quarter of 2024, driven by favorable market conditions and strong demand for retirement savings productsCore sales were $2.8 billion for the fourth quarter, in line with the fourth quarter of 2024, reflecting higher indexed annuity and indexed universal life sales; partially offset by lower pension risk transfer salesOpportunistic sales were $0.6 billion for the fourth quarter, comprised of $0.4 billion of multiyear guaranteed annuities and $0.2 billion of funding agreements, in line with the fourth quarter of 2024 which was comprised of multiyear guaranteed annuities. Opportunistic volumes vary quarter to quarter depending on economics and market opportunityNet sales were $2.3 billion for the fourth quarter, down slightly from the fourth quarter of 2024; this reflects flow reinsurance at varying ceded amounts in line with capital targets for multiyear guaranteed annuities and fixed indexed annuitiesF&G Segment net earnings attributable to common shareholders were $104 million for the fourth quarter due to unfavorable mark-to-market movement, compared to $274 million for the fourth quarter of 2024 which included favorable mark-to-market movementF&G Segment adjusted net earnings attributable to common shareholders were $104 million for the fourth quarter, compared to $123 million for the fourth quarter of 2024F&G Segment adjusted net earnings were $104 million for the fourth quarter of 2025. Investment income from alternative investments was $53 million, or $0.20 per share, below management's long-term expected return of approximately 10%F&G Segment adjusted net earnings of $123 million for the fourth quarter of 2024 included income from $6 million, or $0.02 per share, of actuarial model refinements and other items. Investment income from alternative investments was $27 million, or $0.10 per share, below management's long-term expected return of approximately 10%As compared to the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debtPlease see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanationFull Year 2025AUM before flow reinsurance was $73.1 billion at year-end 2025, an increase of 12% over year-end 2024. This included retained AUM of $57.6 billion, an increase of 7% over year-end 2024Gross sales were $14.6 billion for the full year, one of our best sales years in history, driven by favorable market conditions and strong demand for retirement savings products; our all-time record of $15.3 billion was in 2024Core sales were $9.0 billion for the full year, reflecting strong indexed annuity, indexed universal life and pension risk transfer sales; our second year of more than $9 billion in core salesOpportunistic sales were $5.6 billion for the full year, comprised of $3.8 billion of multiyear guaranteed annuities and $1.8 billion of funding agreements, compared to $6.1 billion in full year 2024 which was comprised of $5.1 billion of multiyear guaranteed annuities and $1.0 billion of funding agreements. Opportunistic volumes vary depending on economics and market opportunityNet sales were $10.0 billion for the full year, compared to $10.6 billion for the full year 2024; this reflects flow reinsurance at varying ceded amounts in line with capital targets for multiyear guaranteed annuities and fixed indexed annuitiesF&G Segment net earnings attributable to common shareholders were $217 million for the full year due to favorable mark-to-market movement, compared to net earnings of $538 million for the full year 2024 which included favorable mark-to-market movementF&G Segment adjusted net earnings attributable to common shareholders were $412 million for the full year, compared to $475 million for the full year 2024F&G Segment adjusted net earnings of $412 million for the full year 2025 included income from $13 million, or $0.05 per share, reinsurance true-up adjustment, $8 million, or $0.03 per share, tax valuation allowance benefit and $3 million, or $0.01 per share, of actuarial reserve release. Investment income from alternative investments was $228 million, or $0.84 per share, below management's long-term expected return of approximately 10%F&G Segment adjusted net earnings of $475 million for the full year 2024 included expense from $24 million, or $0.09 per share, of actuarial model updates and refinements; partially offset by income from $12 million, or $0.04 per share, tax valuation allowance benefit and $5 million, or $0.02 per share, of other income items. Investment income from alternative investments was $123 million, or $0.45 per share, below management's long-term expected return of approximately 10%As compared to the prior year and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debtPlease see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanationConference Call
We will host a call with investors and analysts to discuss FNF's fourth quarter and full year 2025 results on Friday, February 20, 2026, beginning at 11:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  More information about FNF can be found at fnf.com. About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.Use of Non-GAAP Financial Information
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 earnings release 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 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 measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP 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 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 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 below.Forward-Looking Statements and Risk Factors
This press release 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.FNF-ECONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investors@fnf.com 
515.330.3307 FIDELITY NATIONAL FINANCIAL, INC.FOURTH QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




December 31, 2025




Direct title premiums
$            754
$            754
$             —
$                   —
$                  —Agency title premiums
840
840
—
—
—Escrow, title related and other fees
1,661
609
1,013
39
—Total title and escrow
3,255
2,203
1,013
39
—










Interest and investment income
843
93
741
41
(32)Recognized gains and losses, net
(47)
(58)
11
—
—Total revenue
4,051
2,238
1,765
80
(32)










Personnel costs
901
796
70
35
—Agent commissions
646
646
—
—
—Other operating expenses
415
357
35
23
—Benefits & other policy reserve changes
1,265
—
1,265
—
—Market risk benefit (gains) losses
19
—
19
—
—Depreciation and amortization
221
37
174
10
—Provision for title claim losses
72
72
—
—
—Interest expense
61
—
41
20
—Total expenses
3,600
1,908
1,604
88
—










Pre-tax earnings (loss)
$            451
$            330
$           161
$                   (8)
$                (32)










  Income tax expense (benefit)
536
58
31
447
—  Earnings (loss) from equity investments
(1)
—
—
(1)
—  Non-controlling interests
31
6
26
(1)
—










Net (loss) earnings attributable to common
shareholders
$          (117)
$            266
$           104
$               (455)
$                (32)










EPS attributable to common shareholders - basic
$         (0.43)


















EPS attributable to common shareholders -
diluted
$         (0.43)


















Weighted average shares - basic
269







Weighted average shares - diluted
270







 FIDELITY NATIONAL FINANCIAL, INC.FOURTH QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




December 31, 2025




Net (loss) earnings attributable to common
shareholders
$               (117)
$                266
$           104
$               (455)
$                (32)










Pre-tax earnings (loss)
$                451
$                330
$           161
$                   (8)
$                (32)










 Non-GAAP Adjustments









  Recognized (gains) and losses, net
62
58
4
—
—  Market related liability adjustments
(22)
—
(22)
—
—  Purchase price amortization
36
13
18
5
—  Transaction and other costs
1
—
1
—
—










Adjusted pre-tax earnings (loss)
$                528
$                401
$           162
$                   (3)
$                (32)










Total non-GAAP, pre-tax adjustments
$                  77
$                  71
$               1
$                    5
$                  —  Income taxes on non-GAAP adjustments
(17)
(17)
1
(1)
—  Non-controlling interest on non-GAAP adjustments
(2)
—
(2)
—
—  Deferred tax asset valuation allowance
(30)
(14)
—
(16)
—  Distribution of F&G deferred tax adjustment
471
—
—
471
—Total non-GAAP adjustments
$                499
$                  40
$             —
$                459
$                  —










Adjusted net earnings (loss) attributable to
common shareholders
$                382
$                306
$           104
$                    4
$                (32)










Adjusted EPS attributable to common
shareholders - diluted
$               1.41







 FIDELITY NATIONAL FINANCIAL, INC.FOURTH QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationThree Months Ended




December 31, 2024




Direct title premiums
$            625
$            625
$             —
$                  —
$                  —Agency title premiums
787
787
—
—
—Escrow, title related and other fees
1,766
560
1,169
37
—Total title and escrow
3,178
1,972
1,169
37
—










Interest and investment income
816
97
707
40
(28)Recognized gains and losses, net
(373)
(57)
(317)
1
—Total revenue
3,621
2,012
1,559
78
(28)










Personnel costs
832
709
81
42
—Agent commissions
606
606
—
—
—Other operating expenses
406
327
54
25
—Benefits & other policy reserve changes
927
—
927
—
—Market risk benefit (gains) losses
(105)
—
(105)
—
—Depreciation and amortization
194
35
152
7
—Provision for title claim losses
64
64
—
—
—Interest expense
57
—
38
19
—Total expenses
2,981
1,741
1,147
93
—










Pre-tax earnings (loss)
$            640
$            271
$           412
$                (15)
$                (28)










  Income tax expense (benefit)
144
75
85
(16)
—  Earnings from equity investments
12
12
—
—
—  Non-controlling interests
58
5
53
—
—










Net earnings (loss) attributable to common
shareholders
$            450
$            203
$           274
$                    1
$                (28)










EPS attributable to common shareholders - basic
$           1.65


















EPS attributable to common shareholders -
diluted
$           1.65


















Weighted average shares - basic
272







Weighted average shares - diluted
273







 FIDELITY NATIONAL FINANCIAL, INC.FOURTH QUARTER SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
Elimination Three Months Ended




December 31, 2024




Net earnings (loss) attributable to common
shareholders
$                450
$                203
$                274
$                    1
$                (28)










Pre-tax earnings (loss)
$                640
$                271
$                412
$                 (15)
$                (28)










Non-GAAP Adjustments









  Recognized (gains) and losses, net
23
57
(33)
(1)
—  Market related liability adjustments
(233)
—
(233)
—
—  Purchase price amortization
38
15
21
2
—  Pension retirement charge
(1)
—
—
(1)
—  Immediately vested stock compensation expense
12
—
—
12
—  Transaction costs
19
—
19
—
—










Adjusted pre-tax earnings (loss)
$                498
$                343
$                186
$                   (3)
$                (28)










Total non-GAAP, pre-tax adjustments
$              (142)
$                  72
$              (226)
$                  12
$                  —  Income taxes on non-GAAP adjustments
28
(17)
48
(3)
—  Non-controlling interest on non-GAAP
adjustments
27
—
27
—
—  Deferred tax asset valuation allowance
3
5
—
(2)
—Total non-GAAP adjustments
$                (84)
$                  60
$              (151)
$                    7
$                  —










Adjusted net earnings (loss) attributable to
common shareholders
$                366
$                263
$                123
$                    8
$                (28)










Adjusted EPS attributable to common
shareholders - diluted
$               1.34







 FIDELITY NATIONAL FINANCIAL, INC.YTD SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationTwelve Months Ended




December 31, 2025




Direct title premiums
$        2,574
$         2,574
$          —
$               —
$                  —Agency title premiums
3,250
3,250
—
—
—Escrow, title related and other fees
5,444
2,381
2,884
179
—Total title and escrow
11,268
8,205
2,884
179
—










Interest and investment income
3,237
363
2,837
154
(117)Recognized gains and losses, net
(60)
(78)
10
8
—Total revenue
14,445
8,490
5,731
341
(117)










Personnel costs
3,437
2,983
293
161
—Agent commissions
2,518
2,518
—
—
—Other operating expenses
1,615
1,353
156
106
—Benefits & other policy reserve changes
3,963
—
3,963
—
—Market risk benefit (gains) losses
167
—
167
—
—Depreciation and amortization
844
147
665
32
—Provision for title claim losses
262
262
—
—
—Interest expense
242
—
164
78
—Total expenses
13,048
7,263
5,408
377
—










Pre-tax earnings (loss) from continuing operations
$        1,397
$         1,227
$       323
$             (36)
$              (117)










  Income tax expense (benefit)
753
283
52
418
—  Earnings (loss) from equity investments
35
39
—
(4)
—  Non-controlling interests
77
23
54
—
—










Net earnings (loss) attributable to common
shareholders
$            602
$            960
$       217
$           (458)
$              (117)










EPS attributable to common shareholders - basic
$           2.22


















EPS attributable to common shareholders -
diluted
$           2.21


















Weighted average shares - basic
271







Weighted average shares - diluted
272







 FIDELITY NATIONAL FINANCIAL, INC.YTD SEGMENT INFORMATION(In millions, except per share data)(Unaudited)

Consolidated
Title
F&G
Corporate and
Other
EliminationTwelve Months Ended




December 31, 2025




Net earnings (loss) attributable to common
shareholders
$                602
$                960
$           217
$              (458)
$              (117)










Pre-tax earnings (loss)
$             1,397
$             1,227
$           323
$                (36)
$              (117)










Non-GAAP Adjustments









  Recognized (gains) and losses, net
250
78
180
(8)
—  Market related liability adjustments
28
—
28
—
—  Purchase price amortization
146
54
80
12
—  Transaction and other costs
20
—
16
4
—










Adjusted pre-tax earnings (loss)
$             1,841
$             1,359
$           627
$                (28)
$              (117)










Total non-GAAP, pre-tax adjustments
$                444
$                132
$           304
$                    8
$                  —  Income taxes on non-GAAP adjustments
(95)
(32)
(61)
(2)
—  Deferred tax asset valuation allowance
(22)
(6)
—
(16)
—  Non-controlling interest on non-GAAP adjustments
(48)
—
(48)
—
—  Distribution of F&G deferred tax adjustment
$                471
$                  —
$             —
$                471
$                  —Total non-GAAP adjustments
$                750
$                  94
$           195
$                461
$                  —










Adjusted net earnings (loss) attributable to
common shareholders
$             1,352
$             1,054
$           412
$                    3
$              (117)










Adjusted EPS attributable to common shareholders
- diluted
$               4.97







 FIDELITY NATIONAL FINANCIAL, INC.YTD SEGMENT INFORMATION(In millions, except per share data)(Unaudited)





F&G



Twelve Months Ended
Consolidated
Title

Corporate and
Other
EliminationDecember 31, 2024




Direct title premiums
$        2,200
$        2,200
$                  —
$                  —
$                  —Agency title premiums
2,953
2,953
—
—
—Escrow, title related and other fees 
5,321
2,196
2,941
184
—Total title and escrow
10,474
7,349
2,941
184
—










Interest and investment income
3,124
359
2,719
154
(108)Recognized gains and losses, net
83
(6)
84
5
—Total revenue
13,681
7,702
5,744
343
(108)










Personnel costs
3,148
2,695
296
157
—Agent commissions
2,287
2,287
—
—
—Other operating expenses
1,558
1,251
203
104
—Benefits & other policy reserve changes
3,791
—
3,791
—
—Market risk benefit (gains) losses
(25)
—
(25)
—
—Depreciation and amortization
739
141
569
29
—Provision for title claim losses
232
232
—
—
—Interest expense
209
—
132
77
—Total expenses
11,939
6,606
4,966
367
—










Pre-tax earnings (loss)
$        1,742
$        1,096
$                778
$                (24)
$              (108)










  Income tax expense (benefit)
367
265
136
(34)
—  Earnings from equity investments
16
16
—
—
—  Non-controlling interests
121
17
104
—
—










Net earnings (loss) attributable to common
shareholders
$        1,270
$           830
$                538
$                  10
$              (108)










EPS attributable to common shareholders - basic
$          4.69







EPS attributable to common shareholders -
diluted
$          4.65


















Weighted average shares - basic
271







Weighted average shares - diluted
273







 FIDELITY NATIONAL FINANCIAL, INC.YTD SEGMENT INFORMATION(In millions, except per share data)(Unaudited)


Consolidated
Title
F&G
Corporate and
Other
EliminationTwelve Months Ended




December 31, 2024




Net earnings (loss) attributable to common
shareholders
$             1,270
$                830
$           538
$                  10
$              (108)










Pre-tax earnings (loss)
$             1,742
$             1,096
$           778
$                 (24)
$              (108)










Non-GAAP Adjustments









  Recognized (gains) and losses, net
28
6
27
(5)
—  Market related liability adjustments
(214)
—
(214)
—
—  Purchase price amortization
153
59
84
10
—  Pension retirement charge
(1)
—
—
(1)
—  Immediately vested stock compensation expense
12
—
—
12
—  Transaction costs
17
—
16
1
—










Adjusted pre-tax earnings (loss)
$             1,737
$             1,161
$           691
$                   (7)
$              (108)










Total non-GAAP, pre-tax adjustments
$                   (5)
$                  65
$            (87)
$                  17
$                  —  Income taxes on non-GAAP adjustments
1
(16)
21
(4)
—  Deferred tax asset valuation allowance
(4)
(2)
—
(2)
—  Non-controlling interest on non-GAAP adjustments
3
—
3
—
—Total non-GAAP adjustments
$                   (5)
$                  47
$            (63)
$                  11
$                  —










Adjusted net earnings (loss) attributable to
common shareholders
$             1,265
$                877
$           475
$                  21
$              (108)










Adjusted EPS attributable to common
shareholders - diluted
$               4.63







 FIDELITY NATIONAL FINANCIAL, INC.SUMMARY BALANCE SHEET INFORMATION(In millions)


December 31,
2025
December 31,
2024

(Unaudited)
(Unaudited)Cash and investment portfolio

$         75,831

$         67,094Goodwill

5,272

5,271Title plant

424

420Total assets

109,014

95,263Notes payable

4,400

4,321Reserve for title claim losses

1,700

1,713Secured trust deposits

731

551Accumulated other comprehensive (loss) earnings

(1,678)

(2,052)Non-controlling interests

1,548

778Total equity and non-controlling interests

8,972

8,532Total equity attributable to common shareholders

7,424

7,754Non-GAAP Measures and Other InformationTitle SegmentThe table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended

Twelve Months Ended(Dollars in millions)December 31,
2025
December 31,
2024

December 31,
2025December 31,
2024Pre-tax earnings $             330
$             271

$               1,227$               1,096Non-GAAP adjustments before taxes






  Recognized (gains) and losses, net58
57

786  Purchase price amortization13
15

5459Total non-GAAP adjustments71
72

13265Adjusted pre-tax earnings $             401
$             343

$               1,359$               1,161Adjusted pre-tax margin17.5 %
16.6 %

15.9 %15.1 % FIDELITY NATIONAL FINANCIAL, INC.QUARTERLY OPERATING STATISTICS(Unaudited)


Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024Quarterly Opened Orders ('000's except % data)Total opened orders*
332
370
366
343
299
352
344
315Total opened orders per day*
5.3
5.8
5.8
5.6
4.7
5.5
5.5
5.1Purchase % of opened orders
65 %
70 %
76 %
75 %
72 %
73 %
80 %
79 %Refinance % of opened orders
35 %
30 %
24 %
25 %
28 %
27 %
20 %
21 %Total closed orders*
259
250
246
201
232
232
229
186Total closed orders per day*
4.1
3.9
3.9
3.3
3.7
3.6
3.6
3.0Purchase % of closed orders
65 %
74 %
75 %
75 %
72 %
77 %
81 %
79 %Refinance % of closed orders
35 %
26 %
25 %
25 %
28 %
23 %
19 %
21 %
















Commercial (millions, except orders in '000's)Total commercial revenue
$      479
$       389
$       333
$       293
$      376
$       290
$       273
$       238Total commercial opened orders
51.4
54.8
54.1
52.6
47.5
50.8
50.7
48.7Total commercial closed orders
32.9
30.8
29.6
26.0
28.9
25.9
25.7
24.3
















National commercial revenue
$      277
$       209
$       178
$       149
$      208
$       151
$       145
$       123National commercial opened orders
22.5
24.3
23.7
22.7
20.7
21.9
21.4
19.4National commercial closed orders
14.2
13.1
12.0
10.2
11.8
10.4
9.8
9.2
















Total Fee Per FileFee per file
$   4,099
$    3,994
$    3,894
$    3,761
$   3,909
$    3,708
$    3,759
$    3,555Residential fee per file
$   2,722
$    2,908
$    3,001
$    2,776
$   2,772
$    2,881
$    2,995
$    2,746Total commercial fee per file
$ 14,600
$  12,600
$  11,300
$  11,300
$ 13,000
$  11,200
$  10,600
$    9,800National commercial fee per file
$ 19,500
$  16,000
$  14,900
$  14,600
$ 17,600
$  14,500
$  14,800
$  13,400
















Total StaffingTotal field operations employees
10,600
10,600
10,500
10,200
10,300
10,400
10,300
10,000
















Actual title claims paid ($ millions)
$        80
$         58
$         66
$         65
$        75
$         64
$         70
$         70Title Segment (continued)FIDELITY NATIONAL FINANCIAL, INC.MONTHLY TITLE ORDER STATISTICS


Direct Orders Opened *
Direct Orders Closed *Month
 / (% Purchase)
 / (% Purchase)October 2025

130,00065 %

94,00066 %November 2025

101,00066 %

76,00065 %December 2025

101,00064 %

89,00066 %






Fourth Quarter 2025

332,00065 %

259,00065 %


Direct Orders Opened *
Direct Orders Closed *Month
 / (% Purchase)
 / (% Purchase)October 2024

121,00071 %

85,00070 %November 2024

90,00074 %

72,00073 %December 2024

88,00072 %

75,00074 %






Fourth Quarter 2024

299,00072 %

232,00072 %* Includes an immaterial number of non-purchase and non-refinance ordersF&G SegmentThe table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders.  The F&G Segment is reported net of noncontrolling minority interest.
Three Months Ended

Twelve Months Ended(Dollars in millions)December 31,
2025
December 31,
2024

December 31,
2025
December 31,
2024Net earnings (loss) attributable to common
shareholders $                 104
$                 274

$                 217
$                 538Non-GAAP adjustments(1):







Recognized (gains) losses, net4
(33)

180
27Market related liability adjustments(22)
(233)

28
(214)Purchase price amortization18
21

80
84Transaction and other costs1
19

16
16Income taxes on non-GAAP adjustments1
48

(61)
21Non-controlling interest on non-GAAP adjustments(2)
27

(48)
3Adjusted net earnings (loss) attributable to common
shareholders(1)$                 104
$                 123

$                 412
$                 475F&G Segment adjusted net earnings were $104 million for the fourth quarter of 2025. Investment income from alternative investments was $53 million, or $0.20 per share, below management's long-term expected return of approximately 10%F&G Segment adjusted net earnings of $123 million for the fourth quarter of 2024 included income of $6 million, or $0.02 per share, from actuarial model refinements and other items. Investment income from alternative investments was $27 million, or $0.10 per share, below management's long-term expected return of approximately 10%F&G Segment adjusted net earnings of $412 million for the full year 2025 included income from $13 million, or $0.05 per share, reinsurance true-up adjustment, $8 million, or $0.03 per share, tax valuation allowance benefit and $3 million, or $0.01 per share, of actuarial reserve release. Investment income from alternative investments was $228 million, or $0.84 per share, below management's long-term expected return of approximately 10%F&G Segment adjusted net earnings of $475 million for the full year 2024 included expense from $24 million, or $0.09 per share, of actuarial model updates and refinements; partially offset by income from $12 million, or $0.04 per share, tax valuation allowance benefit and $5 million, or $0.02 per share, of other income items. Investment income from alternative investments was $123 million, or $0.45 per share, below management's long-term expected return of approximately 10%Footnotes:
1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.F&G Segment (continued)The table below provides a summary of sales highlights.

Three months ended

Year ended(In millions)
December 31,
2025
December 31,
2024

December 31,
2025
December 31,
2024









Indexed annuities ("FIA/RILA")
$               1,876
$               1,797

$               6,703
$               6,729Indexed universal life ("IUL")
53
41

190
166Pension risk transfer ("PRT")
832
983

2,126
2,242Subtotal: Core sales
2,761
2,821

9,019
9,137Fixed rate annuities ("MYGA")
356
648

3,794
5,105Funding agreements ("FABN/FHLB")
275
—

1,825
1,020Subtotal: Opportunistic sales(2)
631
648

5,619
6,125Gross sales(1)
3,392
3,469

14,638
15,262Sales attributable to flow reinsurance to third
parties(3)
(1,088)
(1,031)

(4,609)
(4,691)Net sales(1)
2,304
2,438

10,029
10,571

Footnotes:
1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.2.Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities3.Sales attributable to flow reinsurance to third parties includes the reinsurance sidecarDEFINITIONS   The following represents the definitions of non-GAAP measures used by the Company.Adjusted Net Earnings attributable to common shareholdersAdjusted 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; andviii. Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdictionWhile these adjustments are an integral part of the overall performance of FNF, 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.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; andvi. 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 ReinsuranceAUM 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.



View original content:https://www.prnewswire.com/news-releases/fnf-reports-fourth-quarter-and-full-year-2025-financial-results-302693119.htmlSOURCE Fidelity National Financial, Inc.

Original: FNF Reports Fourth Quarter and Full Year 2025 Financial Results

F&G Annuities & Life Reports Fourth Quarter and Full Year 2025 ResultsFebruary 19, 2026 4:15 PM
PR Newswire (US)

DES MOINES, Iowa, Feb. 19, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the fourth quarter and full year ended December 31, 2025.Net earnings attributable to common shareholders for the fourth quarter were $124 million, or $0.92 per diluted share (per share), compared to $323 million, or $2.50 per share, for the fourth quarter of 2024. Full year net earnings attributable to common shareholders were $248 million, or $1.88 per share, compared to $622 million, or $4.88 per share, for the year ended December 31, 2024. Net earnings or losses attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the fourth quarter were $123 million, or $0.91 per share, compared to $143 million, or $1.12 per share, for the fourth quarter of 2024. Full year adjusted net earnings were $482 million, or $3.64 per share, compared to $546 million, or $4.30 per share, for the year ended December 31, 2024. Adjusted net earnings include significant income and expense items, as well as investment income from alternative investments below management's long-term expected return. Please see the "Fourth Quarter 2025 Results", "Full Year 2025 Results" and "Non-GAAP Measures and Other Information" sections for further explanation.Company HighlightsGenerated record assets under management: F&G achieved record assets under management before flow reinsurance of $73.1 billion as of December 31, 2025, an increase of 12% over year-end 2024. This included retained AUM of $57.6 billion. F&G's gross sales were $14.6 billion for the full year 2025, including $3.4 billion in the fourth quarterExcellent credit performance in the investment portfolio: The investment portfolio is performing well, with 97% of fixed maturities being investment grade. It is well matched to our liability profile and diversified across asset types. Credit-related impairments have remained low and stable, averaging 6 basis points over the past five years and significantly below pricing assumptionsReported adjusted return on assets (ROA) and adjusted return on equity (ROE) ex AOCI include short-term fluctuations in investment income from alternative investments: Adjusted ROA was 87 basis points for the fourth quarter, in line with the sequential quarter, and reflects asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin, and operating expense discipline driving scale benefit; adjusted ROE excluding AOCI was 8.2% for the fourth quarterContinued progress toward our Investor Day targets: We have made strong progress toward the medium-term targets set out at our 2023 Investor DayContinued focus on organic growth and return of capital to shareholders: F&G returned $137 million of capital to shareholders from common and preferred dividends during the full year 2025, including $38 million in the fourth quarterStrong solvency position and announcement of the strategic sale of our Bermuda subsidiary: Estimated risk-based capital (RBC) ratio for our primary operating subsidiary of approximately 430% as of December 31, 2025, above our 400% target; reflects partial recapture of inforce block and dividend of assets from our Bermuda legal entity, F&G Life Re Ltd, at year-end; we are on track to close a transaction in the first quarter of 2026 to sell this Bermuda legal entity, including the remaining inforce block, as we no longer need a Bermuda operation to support our reinsurance strategyCompleted planned distribution of approximately 12% of FNF's ownership of F&G to FNF shareholders: On December 31, 2025, FNF completed the distribution to FNF's shareholders of approximately 16 million shares of F&G common stock owned by FNF. Following the distribution of approximately 12% of the outstanding common shares of F&G's common stock to FNF shareholders, FNF retains control of F&G through an approximate 70% equity ownership stakeChris Blunt, F&G's Chief Executive Officer, commented, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025, including $9 billion of gross sales in our core products – indexed annuities, indexed universal life and pension risk transfer. Our high quality, diversified investment portfolio continues to perform extremely well with credit-related impairments remaining stable and below our expectations."Mr. Blunt continued, "We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth. We took action to improve our operating expense ratio by 10 basis points as compared to year end 2024 and we have strengthened our capital position, augmented by the launch of our reinsurance sidecar. At the end of the year, we expanded our public float to 30% to enhance market liquidity and broaden investor access to the stock. Looking ahead to 2026, we remain focused on continuing to grow our core business and delivering long-term shareholder value."Summary Financial Results1(In millions, except per share data)Three Months EndedTwelve Months Ended
December 31, 2025
December 31, 20242025
2024Gross sales$        3,392
$          3,469$      14,638
$      15,262Net sales$        2,304
$          2,438$      10,029
$      10,571Assets under management (AUM)$      57,574
$        53,817$      57,574
$      53,817Average assets under management (AAUM) YTD$      55,384
$        51,574$      55,384
$      51,574AUM before flow reinsurance$      73,090
$        65,274$      73,090
$      65,274Adjusted return on assets0.87 %
1.06 %0.87 %
1.06 %Adjusted return on average equity (ex. AOCI)8.2 %
10.3 %8.2 %
10.3 %Net earnings (loss) $           124
$             323$           248
$           622Net earnings (loss) per share$          0.92
$            2.50$          1.88
$          4.88Adjusted net earnings $           123
$             143$           482
$           546Adjusted net earnings per share$          0.91
$            1.12$          3.64
$          4.30Book value per common share$        33.49
$          29.14$        33.49
$        29.14Book value per common share, excluding AOCI$        44.43
$          44.28$        44.43
$        44.28Fourth Quarter 2025 Results
Record AUM before flow reinsurance was $73.1 billion as of December 31, 2025, an increase of 12% over $65.3 billion at the end of the fourth quarter of 2024.  This included record AUM of $57.6 billion as of December 31, 2025, an increase of 7% over $53.8 billion at the end of the fourth quarter of 2024.  A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release.Gross sales were $3.4 billion for the fourth quarter, slightly below $3.5 billion in the fourth quarter of 2024, and were driven by favorable market conditions and strong demand for retirement savings products.Core sales were $2.8 billion for the fourth quarter, in line with the fourth quarter of 2024, reflecting higher indexed annuity and indexed universal life sales; partially offset by lower pension risk transfer sales.Opportunistic sales were $0.6 billion for the fourth quarter, comprised of $0.4 billion of multiyear guaranteed annuities and $0.2 of funding agreements, in line with the fourth quarter of 2024 which was comprised of multiyear guaranteed annuities. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity.Net sales were $2.3 billion for the fourth quarter, down slightly from the fourth quarter of 2024; this reflects flow reinsurance at varying ceded amounts in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities.Adjusted net earnings were $123 million, or $0.91 per share, compared to $143 million, or $1.12 per share, for the fourth quarter of 2024.  Adjusted net earnings include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations.Adjusted net earnings were $123 million, or $0.91 per share, for the fourth quarter of 2025. Investment income from alternative investments was $65 million, or $0.47 per share, below management's long-term expected return of approximately 10%Adjusted net earnings of $143 million, or $1.12 per share, for the fourth quarter of 2024 included income from $7 million, or $0.05 per share, of actuarial model refinements and other items. Investment income from alternative investments was $32 million, or $0.25 per share, below management's long-term expected return of approximately 10%As compared to the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debt.1See definition of non-GAAP measures belowFull Year 2025 Results
Record AUM before flow reinsurance was $73.1 billion as of December 31, 2025, an increase of 12% over $65.3 billion as of December 31, 2024.  This included record AUM of $57.6 billion as of December 31, 2025, an increase of 7% over $53.8 billion as of December 31, 2024.  A rollforward of AUM can be found in the "Non-GAAP Measures and Other Information" section of this release.Gross sales were $14.6 billion for the full year, one of our best sales years in history, driven by favorable market conditions and strong demand for retirement savings products; our all-time record of $15.3 billion was in 2024.Core sales were $9.0 billion for the full year, reflecting strong indexed annuity, indexed universal life and pension risk transfer sales; our second year of more than $9 billion in core sales.Opportunistic sales were $5.6 billion for the full year, comprised of $3.8 billion of multiyear guaranteed annuities and $1.8 billion of funding agreements, as compared to $6.1 billion in full year 2024 which was comprised of $5.1 billion of multiyear guaranteed annuities and $1.0 billion of funding agreements. Opportunistic volumes vary depending on economics and market opportunity.Net sales were $10.0 billion for the full year, as compared to $10.6 billion for full year 2024; this reflects flow reinsurance at varying ceded amounts in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities.Adjusted net earnings for the full year were $482 million, or $3.64 per share, compared to $546 million, or $4.30 per share for the full year 2024.  Adjusted net earnings include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations.Adjusted net earnings of $482 million, or $3.64 per share, for the full year 2025 included income from $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $278 million, or $2.03 per share, below management's long-term expected return of approximately 10%Adjusted net earnings of $546 million, or $4.30 per share, for the full year 2024 included expense from $30 million, or $0.23 per share, of actuarial model updates and refinements; partially offset by income from $14 million, or $0.11 per share, tax valuation allowance benefit and $6 million, or $0.05 per share, of other income items. Investment income from alternative investments was $145 million, or $1.11 per share, below management's long-term expected return of approximately 10%As compared to the prior year and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit; partially offset by higher interest expense on debt.Capital and Liquidity Highlights
Total F&G equity attributable to common shareholders, excluding AOCI, was $6.0 billion, or $44.43 per share, as of December 31, 2025.  This reflects an increase of $0.78 per share as compared to December 31, 2024, after the effect of the common stock offering, including $0.36 per share increase during the fourth quarter.

4Q25

FY2025Book value per common share excluding AOCI - Starting Balance1$44.07
$44.28Common stock offering
—

(0.63)     Subtotal, after effect of common stock offering$44.07
$43.65Adjusted net earnings and other
0.85

3.03Subtotal, before capital actions & mark-to-market$44.92
$46.68Capital actions
(0.56)

(1.04)Subtotal, before mark-to-market$44.36
$45.64Mark-to-market movement
0.07

(1.21)Book value per common share excluding AOCI - As of December 31, 2025$44.43
$44.43
1The starting balance for 4Q25 and FY2025 is September 30, 2025 and December 31, 2024, respectivelyF&G has returned capital to shareholders through common and preferred dividends of $137 million for the full year, including $38 million in the fourth quarter.The Company continues to have a strong and stable capital position with an estimated statutory company action level risk-based capital (RBC) ratio for our primary operating subsidiary of approximately 430% as of December 31, 2025, above our 400% target.  At year end, F&G's Iowa operating company has recaptured approximately $900 million of the affiliated statutory liabilities from Bermuda-based F&G Life Re Ltd and received a $200 million dividend of assets.  This action was taken in preparation for the planned sale of F&G Life Re Ltd as we no longer need a Bermuda operation to support our reinsurance strategy. We expect to close the sale of the F&G Life Re Ltd legal entity to Ancient Financial Holdings LP, on March 1, 2026, which will include the remaining inforce block of approximately $1.9 billion.F&G maintains strong capitalization and financial flexibility across all of our statutory balance sheets, including our offshore entities, which are conservatively managed to the most stringent capital requirements of our regulators and four rating agencies. Earnings Conference Call
Members of F&G's senior management team will host a conference call with the investment community to discuss F&G's fourth quarter and full year 2025 results on Friday, February 20, 2026, beginning at 9:00 a.m. Eastern Time.  The conference call will be broadcast live over F&G's Investor Relations website at investors.fglife.com.  A replay will also be available at the same location.About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.Use of Non-GAAP Financial Information
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. 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 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, the Company 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 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, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. 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: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; 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; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307F&G ANNUITIES & LIFE, INC.CONSOLIDATED BALANCE SHEETS(In millions, except per share data)(Unaudited)
Assets
December 31, 2025
December 31, 2024Investments



Fixed maturity securities available for sale, at fair value, (amortized cost of $55,292), net of
allowance for credit losses of $104 at December 31, 2025
$                       52,700
$                       46,317Equity securities, at fair value
341
415Derivative investments
1,148
792Mortgage loans, net of allowance for credit losses of $86 at December 31, 2025
7,891
5,926Investments in unconsolidated affiliates (certain investments at fair value of $270 at December 31, 2025)
4,878
3,565Other long-term investments
1,294
580Policy loans
147
104Short-term investments
1,043
2,410Total investments
$                       69,442
$                       60,109Cash and cash equivalents
1,486
2,264Reinsurance recoverable, net of allowance for credit losses of $18 at December 31, 2025
17,545
13,369Goodwill
2,180
2,179Prepaid expenses and other assets (certain assets held at fair value of $24 at December 31, 2025)
1,052
950Other intangible assets, net
6,275
5,572Market risk benefits asset
285
189Income taxes receivable
83
—Deferred tax asset, net
82
299Total assets
$                       98,430
$                       84,931Liabilities and Equity



Contractholder funds
$                       62,726
$                       56,404Future policy benefits
10,755
8,749Market risk benefits liability
903
549Accounts payable and accrued liabilities
2,701
2,219Income taxes payable
—
5Notes payable
2,237
2,171Funds withheld for reinsurance liabilities
14,191
10,758Total liabilities
$                       93,513
$                       80,855Equity



Preferred stock $0.001 par value; authorized 25,000,000 shares as of
December 31, 2025; outstanding and issued shares of 5,000,000
—
—Common stock $0.001 par value; authorized 500,000,000 shares as of
December 31, 2025; outstanding and issued shares of 135,610,292 and 137,056,106, respectively
—
—Additional paid-in-capital
3,764
3,464Retained earnings
2,568
2,440Accumulated other comprehensive income (loss) ("AOCI")
(1,488)
(1,923)Treasury stock, at cost (1,445,814 shares as of December 31, 2025)
(40)
(30)Total F&G Annuities & Life, Inc. shareholders' equity
$                        4,804
$                        3,951Non-controlling interests
113
125Total equity
$                        4,917
$                        4,076Total liabilities and equity
$                      98,430
$                      84,931 F&G ANNUITIES & LIFE, INC.CONSOLIDATED STATEMENTS OF OPERATIONSFOURTH QUARTER INFORMATION(In millions, except per share data)(Unaudited)


Three months ended

Twelve months ended

December 31,
2025
December 31,
2024

December 31,
2025
December 31,
2024Revenues








Life insurance premiums and other fees
$                  987
$               1,149

$               2,795
$               2,860Interest and investment income
741
707

2,837
2,719Owned distribution revenues
26
20

89
81Recognized gains and (losses), net
11
(317)

10
84Total revenues
1,765
1,559

5,731
5,744Benefits and expenses








Benefits and other changes in policy reserves
1,265
927

3,963
3,791Market risk benefit (gains) losses
19
(105)

167
(25)Depreciation and amortization
174
152

665
569Personnel costs
70
81

293
296Other operating expenses
35
54

156
203Interest expense
41
38

164
132Total benefits and expenses
1,604
1,147

5,408
4,966









Earnings (loss) before income taxes
161
412

323
778Income tax expense (benefit)
31
85

52
136Net earnings (loss)
130
327

271
642Less: Non-controlling interests
2
—

6
3Net earnings (loss) attributable to F&G
128
327

265
639Less: Preferred stock dividend
4
4

17
17Net earnings (loss) attributable to F&G common
shareholders
$                  124
$                  323

$                  248
$                  622









Net earnings (loss) attributable to F&G common
shareholders per common share








Basic
$                 0.93
$                 2.58

$                 1.89
$                 4.98Diluted
$                 0.92
$                 2.50

$                 1.88
$                 4.88Weighted average common shares used in computing
net earnings (loss) per common share








Basic
133
125

131
125Diluted
139
131

132
131 Non-GAAP Measures and Other InformationRECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS (LOSS)


Three months ended

Twelve months ended

December 31,
2025
December 31,
2024

December 31,
2025
December 31,
2024









Net earnings (loss) attributable to common shareholders
$                  124
$                  323

$                  248
$                  622Non-GAAP adjustments








Recognized (gains) and losses, net








Net realized and unrealized (gains) losses on fixed maturity
available-for-sale securities, equity securities and other invested assets
7
24

44
(76)Change in allowance for expected credit losses
14
—

54
32Change in fair value of reinsurance related embedded derivatives
(23)
(153)

139
33Change in fair value of other derivatives and embedded derivatives
6
96

(57)
38Recognized (gains) losses, net
4
(33)

180
27Market related liability adjustments
(22)
(233)

28
(214)Purchase price amortization
18
21

80
84Transaction costs, other and non-recurring items
1
19

16
16Non-controlling interest
(3)
(2)

(9)
(10)Income taxes adjustment
1
48

(61)
21Adjusted net earnings attributable to common shareholders ¹
$                  123
$                  143

$                  482
$                  546
1See definition of non-GAAP measures belowAdjusted net earnings were $123 million, or $0.91 per share, for the fourth quarter of 2025. Investment income from alternative investments was $65 million, or $0.47 per share, below management's long-term expected return of approximately 10%Adjusted net earnings of $143 million, or $1.12 per share, for the fourth quarter of 2024 included income from $7 million, or $0.05 per share, of actuarial model refinements and other items. Investment income from alternative investments was $32 million, or $0.25 per share, below management's long-term expected return of approximately 10%Adjusted net earnings of $482 million, or $3.64 per share, for the full year 2025 included income from $16 million, or $0.12 per share, reinsurance true-up adjustment, $10 million, or $0.07 per share, tax valuation allowance benefit and $4 million, or $0.03 per share, of actuarial reserve release. Investment income from alternative investments was $278 million, or $2.03 per share, below management's long-term expected return of approximately 10%Adjusted net earnings of $546 million, or $4.30 per share, for the full year 2024 included expense from $30 million, or $0.23 per share, of actuarial model updates and refinements; partially offset by income from $14 million, or $0.11 per share, tax valuation allowance benefit and $6 million, or $0.05 per share, of other income items. Investment income from alternative investments was $145 million, or $1.11 per share, below management's long-term expected return of approximately 10% RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI


Three months ended(In millions)
December 31,
2025
September 30,
2025
June 30, 2025
March 31, 2025Total F&G Annuities & Life, Inc. shareholders' equity
4,804
4,824
4,438
4,363Less: Preferred stock
250
250
250
250Total F&G equity attributable to common shareholders
4,554
4,574
4,188
4,113Less: AOCI
(1,488)
(1,376)
(1,670)
(1,734)Total F&G equity attributable to common shareholders, excluding AOCI
$                6,042
$                5,950
$                5,858
$                5,847








Common shares outstanding
136
135
135
135








Book value per common share
$                33.49
$                33.88
$                31.02
$                30.47Book value per common share, excluding AOCI
$                44.43
$                44.07
$                43.39
$                43.31 ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE FLOW REINSURANCE




Three months ended(In millions)
December 31,
2025
September 30,
2025
June 30, 2025
March 31, 2025AUM at beginning of period
$               56,647
$               55,565
$               54,546
$               53,817Net new business asset flows
1,660
2,269
1,763
1,790Net flow reinsurance to third parties
(733)
(1,187)
(744)
(1,395)Net capital transaction proceeds (disbursements)
—
—
—
334AUM at end of period¹
$               57,574
$               56,647
$               55,565
$               54,546








AAUM YTD¹
$               55,384
$               54,870
$               54,521
$               53,877








AUM before flow reinsurance
$               73,090
$               71,430
$               69,161
$               67,398 SALES HIGHLIGHTS


Three months ended

Twelve months ended

December 31,
2025
December 31,
2024

December 31,
2025
December 31,
2024









Indexed annuities ("FIA/RILA")
$               1,876
$               1,797

$               6,703
$               6,729Indexed universal life ("IUL")
53
41

190
166Pension risk transfer ("PRT")
832
983

2,126
2,242Subtotal: Core sales
2,761
2,821

9,019
9,137Fixed rate annuities ("MYGA")
356
648

3,794
5,105Funding agreements ("FABN/FHLB")
275
—

1,825
1,020Subtotal: Opportunistic sales2
631
648

5,619
6,125Gross sales
3,392
3,469

14,638
15,262Sales attributable to flow reinsurance to third parties3
(1,088)
(1,031)

(4,609)
(4,691)Net sales
2,304
2,438

10,029
10,571
1See definition of non-GAAP measures below2Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities3Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar DEFINITIONS














The following represents the definitions of non-GAAP measures used by F&G:
Adjusted Net Earnings attributable to common shareholders







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)  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;(vi)  Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and(vii)  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.
Adjusted Weighted Average Diluted Shares Outstanding







Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders.







Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.







Adjusted Net Earnings attributable to common shareholders per Diluted Share







Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding.







Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.







Adjusted Return on Assets attributable to Common Shareholders







Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM.  Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.







Adjusted Return on Average Common Shareholder Equity, excluding AOCI







Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI.  Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company's adjusted earnings.







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 AUM plus flow reinsured assets, including certain block reinsured assets that have the characteristics of 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) (Quarterly and YTD)







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.







Book Value per Common Share, excluding AOCI







Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company.







Debt-to-Capitalization Ratio, excluding AOCI







Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.







Return on Average F&G common shareholder Equity, excluding AOCI







Return on average F&G common shareholder equity, excluding AOCI  is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.







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.







Total Capitalization, excluding AOCI







Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt.  Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company.







Total Equity, excluding AOCI
Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity.







Total F&G Equity attributable to common shareholders, excluding AOCI







Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders. 



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Original: F&G Annuities & Life Reports Fourth Quarter and Full Year 2025 Results

Fidelity National Financial Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference CallFebruary 5, 2026 4:15 PM
PR Newswire (US)

JACKSONVILLE, Fla., Feb. 5, 2026 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) (FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE: FG) (F&G), will release fourth quarter and full year 2025 earnings after the close of regular market trading on Thursday, February 19, 2026.A webcast and conference call to discuss the results will follow at 11:00 a.m. Eastern Time on Friday, February 20, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on FNF's Investor Relations website at investor.fnf.com.Webcast, Conference Call and Replay InformationThe event can be accessed in the following ways:Live Webcast: Register and access the webcast on FNF's Investor Relations website at investor.fnf.comConference Call: Dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (International)Replay: A webcast replay will be available on FNF's Investor Relations website after the live eventAbout Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG). FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.FNF-G



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Original: Fidelity National Financial Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference Call

F&G Annuities & Life Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference CallFebruary 5, 2026 4:15 PM
PR Newswire (US)

DES MOINES, Iowa, Feb. 5, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release fourth quarter and full year 2025 earnings after the close of regular market trading on Thursday, February 19, 2026.A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Friday, February 20, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on F&G's Investor Relations website at investors.fglife.com.Webcast, Conference Call and Replay InformationThe event can be accessed in the following ways:Live Webcast: Register and access the webcast on F&G's Investor Relations website at investors.fglife.comConference Call: Dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International)Replay: A webcast replay will be available on F&G's Investor Relations website after the live eventAbout F&GF&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307



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Original: F&G Annuities & Life Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference Call