Fidelity National Financial, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FNF$43.84+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001331875-25-000033
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001331875-25-000055
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 204 previous paragraphs and 209 current paragraphs.
134 unchanged; 65 reworded; 9 added; 3 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 26 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
On June 11, 2025, the Company effected a redomestication of the Company from the State of Delaware to the State of Nevada (the “Redomestication”). As of June 11, 2025, the affairs of the Company ceased to be governed by the Delaware General Corporation Law and the Company adopted a new certificate of incorporation and bylaws governed by the Nevada Revised Statutes. The Redomestication did not result in any change in the business, physical location, management, assets, liabilities or net worth of the Company, nor did it result in any change in location of the Company’s current employees, including management. The Redomestication did not affect any of the Company’s material contracts with any third parties, and the Company’s rights and obligations under those material contractual arrangements will continue to be the rights and obligations of the Company after the Redomestication. The daily business operations of the Company will continue as they were conducted prior to the Redomestication. The consolidated financial condition and results of operations of the Company immediately after consummation of the Redomestication remain the same as immediately before the Redomestication.
Current report
Critical Accounting Policies and Estimates
Current report
The accounting estimates described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024 are those we consider critical in preparing our unaudited Condensed Consolidated Financial Statements. There were no changes to the Company’s critical accounting policies during the six months ended June 30, 2025. Management is required to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures with respect to contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. See Note ABasis of Financial Statements, included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our unaudited Condensed Consolidated Financial Statements.
Current report
Total revenues increased by $477 million in the three months ended June 30, 2025 and decreased by $93 million in the six months ended June 30, 2025 as compared to the corresponding periods in 2024.
Current report
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA includes a broad range of tax reform provisions that may affect the Company’s financial results. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the impact of these provisions which could affect the Company’s income tax expense and deferred tax assets; however, it is not expected to have a material impact to our Consolidated Financial Statements.
Current report
Title premiums increased by $281 million, or 12% in the six months ended June 30, 2025 from the corresponding period in 2024. The increase was compromised of an increase in Title premiums from direct operations of $138 million, or 14%, and an increase in Title premiums from agency operations of $143 million or 10%.
Current report
Title premiums from agency operations increased $55 million, or 7%, in the three months ended June 30, 2025 and increased $143 million, or 10% in the six months ended June 30, 2025 from the corresponding periods in 2024.
Current report
Market Risk Benefit (gains) losses
Current report
(a)Balances at June 30, 2025, reflect classifications consistent with the NAIC Principles Based Bond Definition Project effective January 1, 2025.
Removed paragraphs (3)
Previous report
Total revenues decreased by $570 million in the three months ended March 31, 2025 compared to the corresponding period in 2024.
Previous report
Market Risk Benefit losses (gains)
Previous report
Interest expense in the Corporate and Other segment increased $1 million in the three months ended March 31, 2025 from the corresponding period in 2024.
Reworded paragraphs (65)
Previous wording
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets and geopolitical uncertainties associated with international conflict; 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, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024 and other filings with the Securities Exchange Commission ("SEC").
Current wording
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets and geopolitical uncertainties associated with international conflict; 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, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission ("SEC").
Previous wording
As of April 11, 2025, the MBA expects residential purchase transactions to increase in 2025, 2026, and 2027, and expects residential refinance transactions to increase in 2025 and 2026 but remain flat in 2027, and overall mortgage originations to increase in 2025, 2026, and 2027.
Current wording
As of July 17, 2025, the MBA expects residential purchase transactions to remain flat in 2025, increase in 2026 and 2027, and expects residential refinance transactions to increase in 2025 and 2026 but remain flat in 2027, and overall mortgage originations to increase in 2025, 2026 and 2027.
Previous wording
Following a decline in inflation in 2024, the Federal Reserve reduced the benchmark rate to a range of 4.25% and 4.50% as of December 31, 2024. The Federal Reserve has held rates steady at the range of 4.25% and 4.50% in 2025. Average interest rates for a 30-year fixed rate mortgage were 6.8% for the three months ended March 31, 2025, as compared to 6.7% for the corresponding period in 2024.
Current wording
Following a decline in inflation in 2024, the Federal Reserve reduced the benchmark rate to a range of 4.25% and 4.50% as of December 31, 2024. The Federal Reserve has held rates steady at the range of 4.25% and 4.50% in 2025. Average interest rates for a 30-year fixed rate mortgage were 6.8% for the three and six months ended June 30, 2025, as compared to 7.0% and 6.9% for the corresponding periods in 2024.
Previous wording
A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2024 and the first quarter of 2025. Changes in United States trade policy, including tariffs, may create additional volatility in 2025. Existing-home sales decreased 2.4% in March 2025 as compared to the corresponding period in 2024 while median existing-home sales prices increased to $403,700, or approximately 3%, from the corresponding period in 2024.
Current wording
A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2024 and the first half of 2025. Changes in United States trade policy, including tariffs, may create additional volatility in 2025. Existing-home sales were unchanged in June 2025 as compared to the corresponding period in 2024, while median existing-home sales prices increased to a record $435,300, or approximately 2%, from the corresponding period in 2024.
Previous wording
Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 4.2% and 3.8% in March 2025 and 2024, respectively.
Current wording
Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 4.1% in June 2025 and 2024.
Previous wording
We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail, and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file increased in the three months ended March 31, 2025 as compared to the corresponding period in 2024.
Current wording
We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail, and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file increased in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024.
Previous wording
Some of our F&G products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of March 31, 2025 and December 31, 2024, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were both $6.0 billion and 5%. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
Current wording
As of June 30, 2025 and December 31, 2024, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $6.7 billion and 4.57% and $6.4 billion and 4.42%, respectively. Some of our F&G products, most notably our fixed rate annuities, include guaranteed minimum crediting rates, . We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
Previous wording
Net earnings decreased by $186 million in the three months ended March 31, 2025 compared to corresponding period in 2024.
Current wording
Net earnings decreased by $50 million in the three months ended June 30, 2025 and decreased by $236 million in the six months ended June 30, 2025 as compared to corresponding periods in 2024.
Previous wording
Income tax expense was $29 million and $63 million in the three months ended March 31, 2025 and 2024. Income tax expense as a percentage of earnings before income taxes was 26% and 19% in the three months ended March 31, 2025 and 2024, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2025 as compared to the corresponding periods in 2024 is primarily attributable to more valuation allowance being recorded in the three months ended March 31, 2025 as compared to the corresponding period in 2024.
Current wording
Income tax expense was $98 million and $116 million in the three months ended June 30, 2025 and 2024, respectively, and $127 million and $179 million in the six months ended June 30, 2025 and 2024, respectively. Income tax expense as a percentage of earnings before income taxes was 26% and 25% in the three months ended June 30, 2025 and 2024, respectively, and 26% and 23% in the six months ended June 30, 2025 and 2024, respectively. The increase in income tax expense as a percentage of earnings before taxes in the six months ended June 30, 2025 as compared to the corresponding period in 2024 is primarily attributable to an increase in the valuation allowance recorded in the six months ended June 30, 2025 as compared to the corresponding period in 2024.
Previous wording
Total revenues for the Title segment increased by $111 million, or 7%, in the three months ended March 31, 2025 from the corresponding period in 2024.
Current wording
Total revenues for the Title segment increased by $282 million, or 15%, in the three months ended June 30, 2025 and increased 393, or 11% in the six months ended June 30, 2025 from the corresponding periods in 2024.
Previous wording
Title premiums increased by $158 million, or 15%, in the three months ended March 31, 2025 from the corresponding period in 2024. The increase was comprised of an increase in Title premiums from direct operations of $70 million, or 16%, and an increase in Title premiums from agency operations of $88 million, or 15%.
Current wording
Title premiums increased by $123 million, or 9%, in the three months ended June 30, 2025 from the corresponding period in 2024. The increase was comprised of an increase in Title premiums from direct operations of $68 million, or 12%, and an increase in Title premiums from agency operations of $55 million, or 7%.
Previous wording
Title premiums from direct operations increased in the three months ended March 31, 2025 from the corresponding period in 2024. The increase was attributable to an increase in the average fee per file and an increase in closed order volume.
Current wording
Title premiums from direct operations increased in the three and six months ended June 30, 2025 from the corresponding periods in 2024. The increase was attributable to increases in the average fee per file and closed order volume.
Previous wording
We experie nced an increase in closed title insurance order volumes from both purchase and refinance transactions in the three months ended March 31, 2025 from the corresponding period in 2024. Total closed order volume was 201,000 in the three months ended March 31, 2025 compared to 186,000 in the three months ended March 31, 2024. This represented an overall increase of 8% in the three months ended March 31, 2025, from the corresponding period in 2024. The increase was primarily attributable to higher housing inventory in the three months ended March 31, 2025 when compared to the corresponding period in 2024.
Current wording
We experie nced an increase in closed title insurance order volumes from both purchase and refinance transactions in the three and six months ended June 30, 2025 from the corresponding periods in 2024. Total closed order volume was 246,000 in the three months ended June 30, 2025 compared to 229,000 in the three months ended June 30, 2024 and 447,000 in the six months ended June 30, 2025 compared to 415,000 in the six months ended June 30, 2024. This represented an overall increase of 7% and 8% in the three and six months ended June 30, 2025, respectively, from the corresponding periods in 2024. The increases were primarily attributable to higher housing inventory in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024.
Previous wording
Total opened title insurance order volumes increased in the three months ended March 31, 2025 as compared to the corresponding periods in 2024.
Current wording
Total opened title insurance order volumes increased in the three and six months ended June 30, 2025 from the corresponding periods in 2024.
Previous wording
The average fee per file in our direct operations was $3,761 in the three months ended March 31, 2025, compared to $3,555 three months ended March 31, 2024. The increase in average fee per file in the three months ended March 31, 2025 as compared to the corresponding period in 2024 is primarily attributable to home price appreciation. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.
Current wording
The average fee per file in our direct operations was $3,894 and $3,834 in the three and six months ended June 30, 2025, respectively, compared to $3,759 and $3,668 in the three and six months ended June 30, 2024, respectively. The increases in average fee per file in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024 are primarily attributable to home price appreciation. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.
Previous wording
Escrow, title-related and other fees increased by $41 million, or 8%, in the three months ended March 31, 2025 from the corresponding period in 2024. Escrow and title-related fees increased by $19 million, or 11%, in the three months ended March 31, 2025 from the corresponding period in 2024. The increase in escrow and title-related fees in the three months ended March 31, 2025 as compared to the corresponding period in 2024 are relatively consistent with the increase in direct premiums. Other fees, excluding escrow and title-related fees, increased by $22 million, or 7%, in the three months ended March 31, 2025. The increase in Other fees, excluding escrow and title-related fees, in the three months ended March 31, 2025 as compared to the corresponding period in 2024 was attributable to various immaterial items.
Current wording
June 30, 2025 from the corresponding periods in 2024. The increase in escrow and title-related fees in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024 are relatively consistent with the increase in direct premiums. Other fees, excluding escrow and title-related fees, increased by $21 million, or 6%, in the three months ended June 30, 2025 and increased $42 million, or 6% in the six months ended June 30, 2025. The increases in Other fees, excluding escrow and title-related fees, in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024 were attributable to various immaterial items.
Previous wording
Interest and investment income levels are primarily a function of securities markets, interest rates, and the amount of cash available for investment. There was no change in Interest and investment income in the three months ended March 31, 2025 from the corresponding period in 2024.
Current wording
Interest and investment income levels are primarily a function of securities markets, interest rates, and the amount of cash available for investment. Interest and investment income was relatively flat in the three and six months ended June 30, 2025 as compared to the corresponding period in 2024.
Previous wording
Net recognized losses were $25 million in the three months ended March 31, 2025. Net recognized gains were $63 million in the three months ended March 31, 2024. The fluctuations in recognized gains and losses, net in the three months ended March 31, 2025 as compared to the corresponding period in 2024 are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.
Current wording
Net recognized gains were $43 million and $18 million in the three and six months ended June 30, 2025, respectively. Net recognized losses were $75 million and $12 million in the three and six months ended June 30, 2024, respectively. The fluctuations in recognized gains and losses, net in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024, are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.
Previous wording
Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $54 million, or 9%, in the three months ended March 31, 2025 compared to the corresponding period in 2024. The increase is due to inflationary salary increases and increased variable costs from a modest increase in revenues. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 65% and 67% for the three months ended March 31, 2025 and 2024, respectively. Average employee count in the Title segment was 21,399 and 20,516 in the three months ended March 31, 2025 and 2024, respectively.
Current wording
Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $69 million, or 10%, in the three months ended June 30, 2025 and increased $123 million, or 9% in the six months ended June 30, 2025 from the corresponding periods in 2024. The increases are due to elevated health claims of $12 million in the three months ended June 30, 2025, and inflationary salary increases and increased variable costs from a modest increase in revenues in the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 60% for the three months ended June 30, 2025 and 2024, and 62% and 63% for the six months ended June 30, 2025 and 2024, respectively. Average employee count in the Title segment was 22,216 and 21,166 in the three months ended June 30, 2025 and 2024, respectively, and 21,808 and 20,841 in the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Other operating expenses increased by $28 million, or 10%, in the three months ended March 31, 2025, from the corresponding period in 2024. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 30% and 31% in the three months ended March 31, 2025 and 2024, respectively.
Current wording
Other operating expenses increased by $31 million, or 10%, in the three months ended June 30, 2025, and increased by 59 million, or 10% in the six months ended June 30, 2025 from the corresponding periods in 2024. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 27% in the three months ended June 30, 2025 and 2024, and 29% in the six months ended June 30, 2025 and 2024.
Previous wording
The claim loss provision for title insurance was $54 million and $46 million for the three months ended March 31, 2025 and 2024, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.
Current wording
The claim loss provision for title insurance was $66 million and $61 million for the three months ended June 30, 2025 and 2024, respectively, and $120 million and $107 million for the six months ended June 30, 2025 and 2024, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.
Previous wording
The results of operations of our F&G segment for the three months ended March 31, 2025 and 2024 were as follows:
Current wording
The results of operations of our F&G segment for the three and six months ended June 30, 2025 and 2024 were as follows:
Previous wording
Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies, and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Earnings, for the three months ended March 31, 2025 and 2024:
Current wording
Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies, and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Earnings, for the three and six months ended June 30, 2025 and 2024:
Previous wording
•Life-contingent pension risk transfer premiums decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, reflecting the timing of PRT transactions. As noted above, PRT premiums are subject to fluctuation period to period.
Current wording
•Life-contingent pension risk transfer premiums increased for the three months ended June 30, 2025 and decreased for the six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, reflecting the timing of PRT transactions. As noted above, PRT premiums are subject to fluctuation period to period.
Previous wording
•Surrender charges increased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting increases in withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities policies. The increase in termination activity is primarily due to the higher interest rate environment.
Current wording
•Surrender charges were relatively unchanged for the three months ended June 30, 2025 and increased for the six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively. The increase for the six months ended June 30, 2025 primarily reflects increases in withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities policies. The increase in termination activity is primarily due to the higher interest rate environment.
Previous wording
•Policyholder fees and other income increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily reflecting a reinsurance true-up adjustment, increased cost of insurance charges, net of changes in unearned revenue liabilities (“URL”) on IUL policies from growth in business and higher guaranteed minimum withdrawal benefit (“GMWB”) rider fees. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.
Current wording
•Policyholder fees and other income increased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily reflecting increased cost of insurance charges, net of changes in unearned revenue liabilities (“URL”) on IUL policies from growth in business and higher guaranteed minimum withdrawal benefit (“GMWB”) rider fees. The increase for the six months ended June 30, 2025 also includes a reinsurance true-up adjustment. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.
Previous wording
Below is a summary of interest and investment income for the three months ended March 31, 2025 and 2024:
Current wording
Below is a summary of interest and investment income for the three and six months ended June 30, 2025 and 2024:
Previous wording
Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $184 million and $127 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
Current wording
Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $189 million and $373 million for the three and six months ended June 30, 2025, respectively, and $155 million and $282 million for the three and six months ended June 30, 2024, respectively.
Previous wording
Below is a summary of the major components included in recognized gains and losses, net for the three and three months ended March 31, 2025 and 2024:
Current wording
Below is a summary of the major components included in recognized gains and losses, net for the three and six months ended June 30, 2025 and 2024:
Previous wording
Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $(42) million for the three month period ended March 31, 2025, and $(19) million for the three month period ended March 31, 2024, respectively.
Current wording
Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized (losses) gains attributable to these agreements, and thus excluded from the totals in the table above, was $(57) million and $(99) million for the three and six month periods ended June 30, 2025, and $10 million and $(9) million for the three and six month periods ended June 30, 2024, respectively.
Previous wording
•For the three months ended March 31, 2025, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities.
Current wording
•For the three and six months ended June 30, 2025, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities.
Previous wording
•For the three months ended March 31, 2024, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of unrealized fair value option (“FVO”) gains on owned distribution investments and preferred securities, partially offset by realized losses on fixed maturity available-for-sale securities and mark-to-market losses on our equity securities.
Current wording
• For the three and six months ended June 30, 2024, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of unrealized fair value option (“FVO”) gains on owned distribution investments and preferred securities, partially offset by realized losses on fixed maturity available-for-sale securities and mark-to-market losses on our equity securities.
Previous wording
We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments.
Current wording
We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments and we utilize foreign currency swaps to reduce market risks from fluctuations in foreign exchange rates that impact earnings associated with our foreign currency denominated investments.
Previous wording
The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuities, universal life products and floating rate investments are summarized in the table below for the three months ended March 31, 2025 and 2024:
Current wording
The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuities, universal life products and floating rate investments are summarized in the table below for the three and six months ended June 30, 2025 and 2024:
Previous wording
•The net change in fair value of the interest rate swaps was primarily driven by fluctuations in the interest rate index underlying the swap contracts.
Current wording
•The net change in fair value of the foreign currency and interest rate swaps were primarily driven by fluctuations in the foreign currency exchange rate and interest rate indexes underlying the swap contracts.
Previous wording
•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.
Current wording
•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, increased for the three months ended June 30, 2025 and decreased for the six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.
Previous wording
•The indexed annuities/IUL market related liability movements during the three months ended March 31, 2025 and March 31, 2024, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads increased (decreased) the direct indexed annuities market related liability by $47 million and $(84) million during the three months ended March 31, 2025 and March 31, 2024, respectively. The remaining changes in market value of the market related liability movements for all periods were primarily driven by equity market impacts. See “Revenues—Recognized gains and (losses), net”above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.
Current wording
•The indexed annuities/IUL market related liability movements during the three and six months ended June 30, 2025 and June 30, 2024, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads increased (decreased) the direct indexed annuities market related liability by $36 million and $(85) million during the three months ended June 30, 2025 and June 30, 2024, respectively. The change in risk free rates and non-performance spreads increased (decreased) the direct indexed annuities market related liability by $83 million and $(168) million during the six months ended June 30, 2025 and June 30, 2024, respectively. The remaining changes in market value of the market related liability movements for all periods were primarily driven by equity market impacts. See “Revenues—Recognized gains and (losses), net”above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.
Previous wording
◦During the three months ended March 31, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $21 million for the three months ended March 31, 2025.
Current wording
◦During the three and six months ended June 30, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $5 million and $26 million for the three and six months ended June 30, 2025, respectively.
Previous wording
◦During the three months ended March 31, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increase in total benefits and other changes in policy reserves of $57 million for the three months ended March 31, 2024.
Current wording
◦There were no assumptions updated for the three months ended June 30, 2024. During the six months ended June 30, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increase in total benefits and other changes in policy reserves of $57 million for the six months ended June 30, 2024.
Previous wording
•Index credits, interest credited and bonuses for the three months ended March 31, 2025, were higher compared to the three months ended March 31, 2024, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.
Current wording
•Index credits, interest credited and bonuses for the three and six months ended June 30, 2025, were higher compared to the three and six months ended June 30, 2024, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Escrow, title-related and other fees increased by $42 million, or 7%, in the three months ended June 30, 2025 and increased $83 million, or 8%, in the six months ended June 30, 2025 from the corresponding periods in 2024. Escrow and title-related fees increased by $21 million, or 9%, in the three months ended June 30, 2025 and $41 million, or 10% in the six months ended
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Title premiums from agency operations increased $88 million, or 15%, in the three months ended March 31, 2025 from the corresponding period in 2024.
Previous report — wording carried elsewhere
100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. On March 24, 2025, F&G completed a public offering of 8,000,000 shares of F&G common stock, par value $0.001 per share. In connection with the offering, F&G entered into an underwriting agreement, pursuant to which F&G granted the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 shares of F&G common stock. Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of F&G common stock at the same price per share paid by the underwriters. F&G intends to use the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.