Fidelity National Financial, Inc.

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 and 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 conflicts; consumer spending; government spending; government shutdowns; 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 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.

Current wording

As of October 19, 2025, the MBA expects residential purchase originations to remain flat in 2025, and increase in 2026 and 2027, and expects residential refinance and overall mortgage originations to increase in 2025, and remain flat in 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 and six months ended June 30, 2025, as compared to 7.0% and 6.9% for the corresponding periods 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 further reduced the benchmark rate to a range of 4.00% and 4.25% in September 2025. Average interest rates for a 30-year fixed rate mortgage were 6.6% and 6.7% for the three and nine months ended September 30, 2025, as compared to 6.5% and 6.7% for the corresponding periods in 2024. On October 29, 2025, the Federal Reserve reduced the benchmark rate by an additional 25 basis points.

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 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.

Current wording

A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets including the potential for rising unemployment, and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2024 and 2025. Government shutdowns and changes in United States trade policy, including tariffs, may create additional volatility in 2025. Existing-home sales increased 4% in September 2025 as compared to the corresponding period in 2024, while median existing-home sales prices increased to $415,700, 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 4.1% in June 2025 and 2024.

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 4.3% and 4.1% in August 2025 and September 2024, respectively.

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 and six months ended June 30, 2025 as compared to the corresponding periods 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 nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Previous 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.

Current wording

As of September 30, 2025 and December 31, 2024, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $6.6 billion and 4.71% 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

We believe that the aging of the U.S. population will increase the demand for our indexed annuity and indexed universal life ("IUL") products. As the “baby boomer” generation prepares for retirement, we believe that demand for retirement savings, growth, and income products will grow. We serve a growing retirement population, with more than 10,000 Americans turning 65 every day and a projected 30% increase in people age 65 and older over the next 25 years. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.

Current wording

We believe that the aging of the U.S. population will continue to increase demand for retirement savings, growth, and income solutions, including demand for our indexed annuity and indexed universal life (“IUL”) products. We serve a growing retirement population, with more than 11,000 Americans turning 65 every day and a projected 30% increase in people age 65-100 over the next 25 years according to the U.S. Census Bureau. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.

Previous wording

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 wording

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 nine months ended September 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.

Previous wording

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 wording

Total revenues increased by $427 million in the three months ended September 30, 2025 and increased by $334 million in the nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Previous 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.

Current wording

Net earnings increased by $118 million in the three months ended September 30, 2025 and decreased by $118 million in the nine months ended September 30, 2025 as compared to corresponding periods in 2024.

Previous 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.

Current wording

Income tax expense was $90 million and $44 million in the three months ended September 30, 2025 and 2024, respectively, and $217 million and $223 million in the nine months ended September 30, 2025 and 2024, respectively. Income tax expense as a percentage of earnings before income taxes was 20% and 14% in the three months ended September 30, 2025 and 2024, respectively, and 23% and 20% in the nine months ended September 30, 2025 and 2024, respectively. The increases in income tax expense as a percentage of earnings before taxes in the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024 are primarily attributable to less valuation allowance being released in the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Previous wording

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 wording

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 application of the OBBBA tax provisions did not result in material changes to the Company's total income tax expense or effective tax rate for the three and nine months ended September 30, 2025. The Company is currently evaluating the impact of these provisions on its current income tax and deferred income tax; however, it is not expected to have a material impact to our Consolidated Financial Statements.

Previous 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.

Current wording

Total revenues for the Title segment increased by $169 million, or 8%, in the three months ended September 30, 2025 and increased $562 million, or 10%, in the nine months ended September 30, 2025 from the corresponding periods in 2024.

Previous 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%.

Current wording

Title premiums increased by $208 million, or 15%, in the three months ended September 30, 2025 from the corresponding period in 2024. The increase was comprised of an increase in Title premiums from direct operations of $107 million, or 19%, and an increase in Title premiums from agency operations of $101 million, or 13%.

Previous wording

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 wording

Title premiums increased by $489 million, or 13%, in the nine months ended September 30, 2025 from the corresponding period in 2024. The increase was compromised of an increase in Title premiums from direct operations of $245 million, or 16%, and an increase in Title premiums from agency operations of $244 million, or 11%.

Previous 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.

Current wording

Title premiums from direct operations increased in the three and nine months ended September 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 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.

Current wording

We experie nced an increase in closed title insurance order volumes from both purchase and refinance transactions in the three and nine months ended September 30, 2025 from the corresponding periods in 2024. Total closed order volume was 250,000 in the three months ended September 30, 2025 compared to 232,000 in the three months ended September 30, 2024 and 697,000 in the nine months ended September 30, 2025 compared to 647,000 in the nine months ended September 30, 2024. This represented an overall increase of 8% in the three and nine months ended September 30, 2025 from the corresponding periods in 2024. The increases were primarily attributable to higher housing inventory in the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Previous wording

Total opened title insurance order volumes increased in the three and six months ended June 30, 2025 from the corresponding periods in 2024.

Current wording

Total opened title insurance order volumes increased in the three and nine months ended September 30, 2025 from the corresponding periods in 2024.

Previous 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.

Current wording

The average fee per file in our direct operations was $3,994 and $3,892 in the three and nine months ended September 30, 2025, respectively, compared to $3,708 and $3,682 in the three and nine months ended September 30, 2024, respectively. The increases in average fee per file in the three and nine months ended September 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

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.

Current wording

Escrow, title-related and other fees increased by $53 million, or 9%, in the three months ended September 30, 2025 and increased $136 million, or 8%, in the nine months ended September 30, 2025 from the corresponding periods in 2024. Escrow and title-related fees increased by $25 million, or 11%, in the three months ended September 30, 2025 and $65 million, or 11%, in the nine months ended September 30, 2025 from the corresponding periods in 2024. The increases in escrow and title-related fees in the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024 are due to increased closed order volume. Other fees, excluding escrow and title-related fees, increased by $28 million, or 8%, in the three months ended September 30, 2025 and increased $71 million, or 7%, in the nine months ended September 30, 2025. The increases in Other fees, excluding escrow and title-related fees, in the three and nine months ended September 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. 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.

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 nine months ended September 30, 2025 as compared to the corresponding period in 2024.

Previous 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.

Current wording

Net recognized losses were $38 million and $20 million in the three and nine months ended September 30, 2025, respectively. Net recognized gains were $63 million and $51 million in the three and nine months ended September 30, 2024, respectively. The fluctuations in recognized gains and losses, net in the three and nine months ended September 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 $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.

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 $78 million, or 11%, in the three months ended September 30, 2025 and increased $201 million, or 10% in the nine months ended September 30, 2025 from the corresponding periods in 2024. The increases are due to elevated health claims, inflationary salary increases, and increased variable costs from a modest increase in revenues in the three and nine months ended September 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 58% and 60% for the three months ended September 30, 2025 and 2024, and 61% and 62% for the nine months ended September 30, 2025 and 2024, respectively. Average employee count in the Title segment was 22,600 and 21,493 in the three months ended September 30, 2025 and 2024, respectively, and 22,072 and 21,167 in the nine months ended September 30, 2025 and 2024, respectively.

Previous 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.

Current wording

Other operating expenses increased by $13 million, or 4%, in the three months ended September 30, 2025, and increased by $72 million, or 8%, in the nine months ended September 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 26% and 28% in the three months ended September 30, 2025 and 2024, respectively, and 28% and 29% in the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

The following table illustrates the relationship of agent premiums and agent commissions, which has remained relatively consistent since 2023:

Current wording

The following table illustrates the relationship of agent premiums and agent commissions:

Previous 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.

Current wording

The claim loss provision for title insurance was $70 million and $61 million for the three months ended September 30, 2025 and 2024, respectively, and $190 million and $168 million for the nine months ended September 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 and six months ended June 30, 2025 and 2024 were as follows:

Current wording

The results of operations of our F&G segment for the three and nine months ended September 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024:

Previous 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.

Current wording

•Life-contingent pension risk transfer premiums increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively, reflecting the timing of PRT transactions. PRT premiums are subject to fluctuation period to period.

Previous 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.

Current wording

•Surrender charges decreased for the three months ended September 30, 2025 and were relatively unchanged for the nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively. These charges primarily reflect withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities policies, and are subject to changes in the interest rate environment.

Previous 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.

Current wording

•Policyholder fees and other income increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 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. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year. The increase for the nine months ended September 30, 2025 also includes a reinsurance true-up adjustment.

Previous wording

Below is a summary of interest and investment income for the three and six months ended June 30, 2025 and 2024:

Current wording

Below is a summary of interest and investment income for the three and nine months ended September 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 $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.

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 $219 million and $592 million for the three and nine months ended September 30, 2025, respectively, and $181 million and $463 million for the three and nine months ended September 30, 2024, respectively.

Previous 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:

Current wording

Below is a summary of the major components included in recognized gains and (losses), net for the three and nine months ended September 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 (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.

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 gains and losses attributable to these agreements, and thus excluded from the totals in the table above, was $(77) million and $(176) million for the three and nine month periods ended September 30, 2025, and $(177) million and $(186) million for the three and nine month periods ended September 30, 2024, respectively.

Previous 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.

Current wording

•For the nine months ended September 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 and net realized losses on fixed maturity available-for-sale securities.

Previous 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.

Current wording

•For the three months ended September 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 mark-to-market gains on our preferred and equity securities.

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 and six months ended June 30, 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:

Previous 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.

Current wording

•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.