Fidelity National Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Fidelity National Financial, Inc. has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

Fidelity National Financial, Inc. (FNF) filed a Annual Report (10-K) with the SEC on February 29, 2024. Fidelity National Financial, Inc. (FNF) filed its annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Title Insurance, with SIC code 6361. FNF's headquarters are located at 601 Riverside Avenue, Jacksonville, FL 32204. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Fidelity National Financial, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of FNF's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. Understanding the detailed financial statements and risk factors outlined in this report is essential for stakeholders to make informed investment decisions regarding FNF and its subsidiaries.

Risk Assessment

Risk Level: medium — Fidelity National Financial, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative events, placing its risk level at medium due to the inherent uncertainties of financial reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify trends in revenue, profitability, and debt levels for Fidelity National Financial, Inc.

Key Numbers

• 2023 — Fiscal Year (Reporting period)
• 2022 — Fiscal Year (Comparative period)
• 2021 — Fiscal Year (Comparative period)
• 6361 — SIC Code (Industry classification)

Key Players & Entities

• Fidelity National Financial, Inc. (company) — Filer name
• FNF (company) — Ticker symbol
• 601 Riverside Avenue, Jacksonville, FL 32204 (company) — Business address
• Title Insurance (company) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date

FAQ

Industry Context

Fidelity National Financial operates within the title insurance industry, a sector closely tied to real estate transactions and mortgage origination volumes.

Regulatory Implications

As a publicly traded company, FNF is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the revenue streams and profitability of FNF's core title insurance business.
2. Examine any disclosed changes in debt levels or equity structure from the previous fiscal year.
3. Review the company's stated risk factors and management's strategies to mitigate them.

Key Dates

• 2024-02-29: Filing Date — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.0001 — on Which Registered FNF Common Stock, $0.0001 par value FNF New York Stock Exchange
• $36.00 — 2,382,960 based on the closing price of $36.00 as reported by The New York Stock Excha
• $0.001 — of 68 shares of common stock, par value $0.001 per share, of F&G for every 1,000 share
• $33.0 billion — etime returns. Approximately 93% of our $33.0 billion fixed indexed and fixed rate annuities
• $15.9 billion — the last five years from approximately $15.9 billion in 2018 to $27.6 billion in 2021 and $2
• $27.6 billion — approximately $15.9 billion in 2018 to $27.6 billion in 2021 and $23.4 billion in 2022. The
• $23.4 billion — on in 2018 to $27.6 billion in 2021 and $23.4 billion in 2022. The size of the industry is cl

Filing Documents

• fnf-20231231.htm (10-K) — 7620KB
• ex1023formofgrant-2023.htm (EX-10.24) — 60KB
• exhibit211q42023.htm (EX-21.1) — 8KB
• exhibit231q42023.htm (EX-23.1) — 4KB
• exhibit311q42023.htm (EX-31.1) — 10KB
• exhibit312q42023.htm (EX-31.2) — 10KB
• exhibit321q42023.htm (EX-32.1) — 6KB
• exhibit322q42023.htm (EX-32.2) — 6KB
• exhibit971q42023.htm (EX-97.1) — 28KB
• fnf-20231231_g1.jpg (GRAPHIC) — 34KB
• fnf-20231231_g2.jpg (GRAPHIC) — 276KB
• 0001331875-24-000019.txt (&nbsp;) — 40049KB
• fnf-20231231.xsd (EX-101.SCH) — 190KB
• fnf-20231231_cal.xml (EX-101.CAL) — 214KB
• fnf-20231231_def.xml (EX-101.DEF) — 1222KB
• fnf-20231231_lab.xml (EX-101.LAB) — 2027KB
• fnf-20231231_pre.xml (EX-101.PRE) — 1617KB
• fnf-20231231_htm.xml (XML) — 9475KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 4 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. Reserved 4 7 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 83 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 89 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 183 Item 9A.

Controls and Procedures

Controls and Procedures 18 4 Item 9B. Other Information 184 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 18 4 PART III Item 10. Directors and Executive Officers of the Registrant 185 Item 11.

Executive Compensation

Executive Compensation 185 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 185 Item 13. Certain Relationships and Related Transactions, and Director Independence 185 Item 14. Principal Accounting Fees and Services 185 PART IV Item 15. Exhibits, Financial Statement Schedules 186 Item 16. Summary 191 1 Table of Contents PART I

Business

Item 1. Business Introductory Note The following describes the business of Fidelity National Financial, Inc. and its subsidiaries. Except where otherwise noted, all references to " we, " " us, " " our " , the " Company " or " FNF " are to Fidelity National Financial, Inc. and its subsidiaries, taken together. Overview We are a leading provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty products and (ii) transaction services to the real estate and mortgage industries. FNF is one of the nation's largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Land Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life, Inc. ("F&G"). On December 1, 2022, we completed our previously announced separation and distribution to our shareholders, on a pro rata basis, of approximately 15% of the common stock of F&G (the "F&G Distribution"). Following the F&G Distribution, we retained control of F&G through our approximate 85% ownership stake. The F&G Distribution was accomplished by the distribution of 68 shares of common stock, par value $0.001 per share, of F&G for every 1,000 shares of our common stock, par value $0.0001 per share, as a dividend to each holder o

View Full Filing

View this 10-K filing on SEC EDGAR