FNF Adjusted Earnings Fall as Title Margin Compresses

The Tip Desk · November 6, 2026 · 3 min read

Adjusted net earnings were $352 million, or $1.32 a share, in the third quarter, down from $370 million, or $1.39 a share, in the second quarter.

Fidelity National Financial (FNF), a title insurer and owner of a majority stake in F&G Annuities & Life, reported adjusted net earnings attributable to common shareholders of $352 million, or $1.32 a share, for the three months ended September 30, 2026, down from $370 million, or $1.39 a share, in the second quarter.

GAAP net earnings attributable to common shareholders were $633 million, or $2.37 a share, versus $358 million, or $1.33 a share, a year earlier, a swing the company said included mark-to-market effects and non-recurring items excluded from adjusted results.

The Title Segment contributed $315 million of adjusted net earnings, down from $339 million in the second quarter. The F&G Segment contributed $72 million, up from $65 million, both periods reflecting the approximately 72% ownership stake after the year-end stock distribution. The Corporate Segment adjusted net loss was $7 million.

Title total revenue was $2.4 billion. Excluding recognized gains and losses, title revenue was $2.5 billion, a 7% increase over the third quarter of 2025. Adjusted pre-tax title earnings were $422 million, up 3% from $410 million a year earlier, which the company said was driven primarily by higher direct operating revenue and agent premiums. The adjusted pre-tax title margin was 17.1%, compared with 17.8% a year earlier and 17.8% in the second quarter.

Direct title premiums were $755 million, an 11% increase over the third quarter of 2025. Agency title premiums were $915 million, up 3%. Commercial revenue was $463 million, up 19%. Purchase orders opened increased 3% on a daily basis and purchase orders closed increased 2% versus a year earlier. Refinance orders opened decreased 11% on a daily basis and refinance orders closed increased 8%. Commercial orders opened increased 2% and closed increased 4%. Total fee per file was $4,229, a 6% increase.

Chief Executive Officer Mike Nolan said commercial remained a meaningful contributor and that the residential purchase business continued to outperform despite low transaction volumes. Chairman William P. Foley, II, said the title business generated the 17.1% adjusted pre-tax title margin despite continued pressure on residential transaction volumes, supported by disciplined expense management and strong commercial performance.

F&G’s assets under management before reinsurance were $76.2 billion as of September 30, 2026, a 7% increase over the third quarter of 2025 and a record, up from $74.7 billion at the end of the second quarter. Gross sales were $3.0 billion, including record core retail sales of $2.1 billion. Core sales were $2.3 billion, including $200 million of core institutional pension risk transfer sales. Opportunistic sales were nearly $700 million, primarily funding agreements, compared with a record $2.0 billion a year earlier. The company said it has de-emphasized multiyear guaranteed annuities sales due to returns below its threshold. Net sales were $1.4 billion, compared with $2.8 billion a year earlier, reflecting flow reinsurance in line with capital targets.

F&G Segment net earnings attributable to common shareholders were $535 million, which included favorable mark-to-market movement, compared with $98 million a year earlier, which included unfavorable mark-to-market movement. F&G Segment adjusted net earnings were $72 million, reflecting the approximately 72% ownership stake, compared with $139 million a year earlier, which reflected the approximately 82% stake. Investment income from alternative investments was $43 million, or $0.16 a share, below management’s current long-term expected return of approximately 12%.

FNF returned approximately $143 million of capital to shareholders in the third quarter through $138 million of common stock dividends and $5 million of share repurchases, down from approximately $195 million in the second quarter. Holding-company cash and short-term liquid investments were $545 million at quarter-end.