Fidelity National Financial, Inc.

Risk Factors Relating to Market Conditions

•If economic and credit market conditions deteriorate, it could have a material adverse impact on our investment portfolio and could also cause our stock price to fluctuate significantly.

•Conditions in the economy generally could adversely affect our business, results of operations, and financial condition.

•Our investments are subject to market and credit risks. These risks could be heightened during periods of extreme volatility or disruption in financial and credit markets.

•If adverse changes in the levels of real estate activity occur, our revenues may decline.

•Interest rate fluctuations could adversely affect our business, financial condition, liquidity, results of operations, and cash flows.

Risk Factors Relating to Our Business

•We have recorded goodwill as a result of prior acquisitions, and an economic downturn could cause these balances to become impaired, requiring write-downs that would reduce our operating income.

•Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry and prevent us from meeting our obligations under ourindebtedness.

•We may face losses if our actual experience differs significantly from our reserve assumptions.

•If we are unable to attract and retain national marketing organizations and independent agents, sales of our products may be reduced.

•Failure of our enterprise-wide risk management processes could result in unexpected monetary losses, damage to our reputation, additional costs or impairment of our ability to conduct business effectively.

•If we experience changes in the rate or severity of title insurance claims, it may be necessary for us to record additional charges to our claim loss reserve. This may result in lower net earnings and the potential for earnings volatility.

•Changes in the Company’s dealings with large mortgage lenders, servicers, or government-sponsored enterprises could adversely affect our title insurance and mortgage servicing subsidiaries.

•If the rating agencies downgrade our insurance companies, our results of operations and financial condition may suffer.

•If our claim loss prevention procedures fail, we could incur significant claim losses.

•Our use of independent agents for a significant amount of our title insurance policies could adversely impact the frequency and severity of title claims.

•Our business is subject to risk due to our owned distribution strategy and investments in distribution consolidation.

•Our valuation of investments and the determinations of the amounts of allowances and impairments taken on our investments may include methodologies, estimates, and assumptions, which are subject to differing interpretations and, if changed, could materially adversely affect our results of operations and financial condition.

Risk Factors Related to the F&G Distribution

•The F&G Distribution could adversely affect our results of operations or financial condition.

•Certain F&G directors may have actual or potential conflicts of interest because of their FNF equity ownership or their current or former FNF positions.

Risk Factors Relating to the Geographic Concentrations of our Business Segments

•Because we are dependent upon California and Texas for approximately 12.2% and 14.1% of our title insurance premiums, respectively, our Title segment may be adversely affected by regulatory conditions in California and/or Texas.

•Concentration in certain states for the distribution of our life insurance and annuity products in our F&G segment may subject us to losses attributable to economic downturns or catastrophes in those states.

Risk Factors Relating to Government Regulation of the Insurance Industry

•Our subsidiaries must comply with federal and state statutes and regulations. These statutes and regulations may increase our costs, impede our provision of certain products or services, or impose burdensome conditions on actions that we might seek to take to increase the revenues of those subsidiaries, resulting in decreased demand for the Company's products and services or otherwise adversely affecting the Company.

•Our F&G segment is highly regulated and subject to numerous legal restrictions and regulations.

•F&G's business is subject to government regulation in each of the jurisdictions in which we conduct business and regulators have broad administrative and discretionary authority over our business and business practices.

•F&G's business in the United States is regulated by the National Association of Insurance Commissioners (“NAIC”), which continues to consider reforms including relating to cybersecurity regulations, best interest standards, risk-based capital (“RBC”) and life insurance reserves.

•Current and emerging developments relating to market conduct standards for the financial industry emerging from the United States Department of Labor’s (“DOL”) implementation of the “fiduciary rule” may over time materially affect our business.

•Changes to regulations under ERISA could adversely affect the Company by increasing the Company’s regulatory and compliance burden.

•Our regulation in Bermuda and the Cayman Islands may limit or curtail our activities, and changes to existing regulations may affect our ability to continue to offer our existing products and services, or new products and services.

•The SECURE 2.0 Act of 2022 may impact our business and the markets in which we compete.

•Regulatory investigations of the insurance industry may lead to fines, settlements, new regulation or legal uncertainty, which could negatively affect our results of operations.

•Changing rules, public disclosure regulations, and stakeholder expectations on environmental, social, and corporate governance (“ESG”) related matters create a variety of risks for our business.

Risk Factors Relating to the Credit Risk of our Counterparties

•We are subject to the credit risk of our counterparties, including companies with whom we have reinsurance agreements or we have purchased equity options.

•If financial institutions at which we hold escrow funds fail, it could have a material adverse impact on our company.

Risk Factors Related to a National or Global Crisis, Climate Change, Computer Cyber-terrorism and Other Catastrophic Events

•Our business could be materially and adversely affected by the occurrence of a catastrophe, including natural disasters or those caused by humans.