Fidelity National Financial Inc.

Strong title earnings in 2021 and 2022 from increased mortgage originations, Improving sales and earnings for the annuity business, and Shareholders' equity growth from earnings. The stable outlook on Fidelity National reflects our expectation that the group will maintain its strong competitive position, benefiting from favorable operating performance metrics for the title business due to promising market conditions leading the company to maintain the largest U.S. market share. Additionally, we expect the annuity business to continue to grow AAUM due to enhanced distribution channels, product diversification, and margin benefits that could arise from expected higher interest rates. Despite higher levels of share repurchases and continued increases in the ordinary dividend, we also expect Fidelity National to maintain capital adequacy that

...Fidelity National Financial Inc. (FNF), through its title insurance and annuity subsidiaries (collectively, Fidelity National), benefits from favorable market positions in those segments. Fidelity National is an industry leader in 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 through 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, growing distribution relationships, and expanding product offerings leading to growing average assets under management (AAUM). While the earnings potential for FGL was subdued somewhat in 2020 because of low interest...

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