Fidelity National Financial's Title Business Drives Earnings Higher
Fidelity National Financial reported adjusted net earnings of $370 million, up 16% from a year earlier, as title-segment strength offset a swing to a loss at its F&G annuities arm.
Fidelity National Financial (FNF) posted adjusted net earnings of $370 million, or $1.39 a share, in the second quarter of 2026, up 16% from $318 million, or $1.16 a share, a year earlier. Net earnings attributable to common shareholders rose to $288 million, or $1.08 a share, from $278 million, or $1.02 a share, in the second quarter of 2025.
The result extended a rebound from the fourth quarter of 2025, when a one-time $471 million noncash deferred tax charge tied to the special stock distribution of F&G Annuities & Life shares produced a net loss of $(0.43) a share. Per-share earnings climbed from $0.30 in the first quarter of 2025 to $0.90 in the first quarter of 2026 and then to $1.08 in the latest period, a trajectory that traces the company's recovery from that charge.
Total revenue reached $4.05 billion, up from $3.64 billion a year earlier and $3.23 billion in the prior quarter. The Title segment generated $2.5 billion of that total, a 16% year-over-year increase excluding recognized gains and losses that accelerated from 14% growth in the first quarter. Adjusted pre-tax title margin expanded to 17.8% from 15.5% a year earlier and from 13.1% in the first quarter, matching the 17.8% margin posted in the third quarter of 2025 after a dip through the fourth quarter and first-quarter trough.
Direct title premiums rose 21% to $767 million and agency premiums rose 15% to $967 million, while commercial revenue climbed 32% to $440 million. Refinance activity outpaced purchase transactions in the quarter, with refinance orders opened and closed up 16% and 26% daily year over year, respectively, compared with gains of 3% and 4% for purchase orders. Total fee per file rose 5% to $4,107. Adjusted pre-tax Title earnings climbed 33% to $448 million from $337 million a year earlier, and the segment's adjusted contribution rose to $339 million from $260 million.
The F&G segment moved the other direction. Its adjusted contribution fell to $65 million from $89 million a year earlier, a decline due in part to its reduced ownership stake in F&G, which stood at roughly 72% following the December 2025 special stock distribution, down from about 82% a year earlier. F&G swung to a net loss of $55 million from net earnings of $33 million, driven by unfavorable mark-to-market adjustments. Gross sales fell to $2.7 billion from a near-record $4.1 billion a year earlier and from $3.2 billion in the first quarter, as opportunistic sales collapsed to $700 million from $1.9 billion on lower multiyear guaranteed annuity volume. Core retail sales of indexed annuities and indexed universal life held up, reaching $1.8 billion in one of F&G's strongest quarters on record. F&G AUM before reinsurance reached a record $74.7 billion, up 8% year over year but decelerating from 11% growth in the first quarter. Alternative investment income fell to $35 million from $55 million, both below the segment's roughly 12% long-term expected return.
The Corporate segment's adjusted net loss widened to $6 million from $3 million a year earlier. Total assets grew to $114.5 billion at quarter-end from $109.0 billion at the end of 2025.
Fidelity National Financial returned $195 million to shareholders in the quarter, split between $138 million in dividends and $57 million in buybacks, bringing the first-half total to $417 million. Holding-company cash and short-term liquid investments fell to $457 million from $495 million at the end of the first quarter.