Fidelity National Financial Earns Less On Adjusted Basis Despite 19% Commercial Revenue Growth

Fidelity National Financial, which provides title insurance and real estate closing services, earned $352 million on an adjusted basis in the third quarter, down from $439 million a year earlier, despite 19% growth in commercial title revenue. The company reported the results Thursday in an earnings release accompanying its SEC filing, with F&G’s smaller adjusted profit contribution offsetting growth in pretax title earnings.

F&G Pulls Adjusted Earnings Lower

Adjusted earnings per share fell to $1.32 from $1.63 a year earlier. Consolidated revenue also declined, to $3,578 million from $4,030 million.

Accounting profit moved the other way: common shareholders’ earnings reached $633 million, or $2.37 per share, compared with $358 million, or $1.33 per share. Favorable market-value movements helped F&G contribute $535 million in accounting earnings, versus $98 million a year earlier; FNF’s adjusted measure excludes those movements and nonrecurring items.

F&G’s adjusted contribution fell to $72 million from $139 million. FNF’s ownership was approximately 72%, compared with approximately 82% a year earlier, following the year-end stock distribution. The company also cited lower surrender-charge income, higher liability costs and a reduced product margin following the F&G Life Re (Bermuda) sale.

Alternative-investment income was $43 million below management’s long-term return expectation in each comparable quarter. The earlier quarter also benefited from $11 million of significant income items. Across the first nine months of 2026, FNF’s adjusted earnings were $971 million, compared with $970 million a year earlier.

Commercial Closings Support Title Profit

Commercial title revenue rose 19% to $463 million. Adjusted pretax title earnings increased 3% to $422 million from $410 million, although the adjusted margin narrowed to 17.1% from 17.8%.

Title revenue excluding recognized gains and losses reached $2.5 billion, up 7%. Direct title premiums increased 11% to $755 million, while agency premiums rose 3% to $915 million. The segment’s adjusted contribution after tax was $315 million, compared with $330 million.

Purchase orders opened rose 3% per day, and purchase closings increased 2% per day. Refinance openings fell 11% per day, while refinance closings rose 8% per day. Commercial openings increased 2% and closings rose 4%; the overall fee per file increased 6% to $4,229.

Title insurance protects property buyers and lenders against ownership claims. FNF also handles escrow, settlement and related mortgage services, while its majority-owned F&G business sells annuities and life insurance and serves institutional clients through funding agreements and pension risk transfers.

F&G Chooses Returns Over Sales Volume

F&G generated $3.0 billion in gross sales, compared with $4.2 billion a year earlier. Core retail sales reached a company-described record $2.1 billion, but opportunistic sales were nearly $700 million, versus a record $2.0 billion in the earlier quarter.

F&G said it had reduced its emphasis on multiyear guaranteed annuities over the past year because returns fell below its threshold. Net sales declined to $1.4 billion from $2.8 billion, with reinsurance transferring part of new sales to other insurers in line with capital targets.

Assets managed before reinsurance reached $76.2 billion, up 7% year over year, including $56.2 billion retained by F&G. Conor Murphy, F&G’s chief executive officer and president, said the business was moving toward a “more fee-based, higher margin and less capital intensive business” while expanding its core insurance franchise.

FNF returned approximately $143 million to shareholders during the quarter: $138 million in dividends and $5 million in buybacks. First-nine-month payouts totaled approximately $561 million, comprising $417 million in dividends and $144 million in repurchases.

The holding company ended the quarter with $545 million in cash and readily available short-term investments.

Sources

• 8-K Filing — Fidelity National Financial, Inc. (FNF) — SEC EDGAR
• Exhibit fnfpressreleaseq32026.htm — Fidelity National Financial, Inc. 8-K exhibit — SEC EDGAR
• Fidelity National Financial, In (FNF) Stock Forecasts — Yahoo Finance
• Fidelity National Financial: Q3 Earnings Snapshot | 9news.com — Associated Press
• FNF Reports Third Quarter 2026 Financial Results – Company Announcement - FT.com — Financial Times
• Fidelity National Info Shares Hit 52-Week Low After Guidance Cut — MarketWatch
• Fidelity National Information Services (FIS) Q3 Earnings Match Estimates — Yahoo Finance