Fidelity National Financial Inc.

Strong title earnings in 2020 and 2021 from a supportive mortgage origination environment, Improving sales and earnings for the annuity business, Reduced negative impact from double leverage as $400 million of debt matures in 2022, and Shareholders' equity growth from earnings. The stable outlook on Fidelity National indicates our expectation that the group will maintain its market-leading presence in the U.S. title insurance market while increasing FIA distribution partners as the economy continues to stabilize. We foresee favorable operating performance metrics for the title insurance business with industry-leading margins and continued enhancement to technological capabilities in the closing process. For FGL and core subsidiaries, we expect growth in earnings, without undertaking higher risk, to improve stand-alone capital adequacy over the

...Fidelity National Financial Inc. (FNFI), through its title insurance and annuity subsidiaries (collectively, Fidelity National), has a strong market position. Fidelity National is an industry leader in terms of business generation and operating performance metrics within the title insurance market. Despite the cyclicality of the real estate industry, Fidelity National proactively manages its direct operations through operational insight into its pending 90-day open title policy order cycle, which allows it to manage its fixed-cost structure during the sector's peaks and troughs. FGL, the recently acquired fixed-index annuity (FIA) writer, is already a top-10 player in the market with strong expansion opportunities given capital support from the parent and growing distribution relationships. While the earnings potential for FGL will be subdued because of the low interest rate, this has been more than offset by a record year for the title insurance business. Fidelity National has very strong...

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