Fidelity National Financial, Inc. is the largest title insurance company in the United States, playing a critical role in securing real estate transactions. The company's core business model revolves around issuing title insurance policies and providing escrow, trust, and other title-related services to protect property owners and lenders against financial loss from title defects. FNF operates primarily through two main segments: Title and F&G. The Title segment, which historically generates the majority of the company's revenue (approximately 56% of total revenue in 2024), includes direct operations and agency operations. The F&G segment (F&G Annuities & Life, Inc.), in which FNF holds an approximate 70% ownership stake, provides deferred and immediate annuities, indexed universal life insurance, and pension risk transfer solutions, contributing around 42% of total revenue in 2024. This dual-segment structure provides FNF with a diversified revenue stream, balancing the cyclical nature of the real estate market with the steady, spread-based income of the life and annuity business. The company also offers technology and transaction services to the real estate and mortgage industries, maintaining a dominant market share in the U.S. title insurance sector.
