Fidelity National Financial Inc.

The stable outlook reflects our expectation that the group will maintain its strong competitive position, benefiting from favorable operating performance metrics for the title business and its leading share of the title market. Additionally, we expect F&G will keep expanding as a result of its enhanced product and distribution channel diversification, and margin benefits that could arise from rising interest rates. We also expect Fidelity National to maintain consolidated capital adequacy that is redundant at the strong stress level. We could lower our rating in the next 12-24 months if: Fidelity National's competitive position weakens as a result of title insurance's market share falling below 30%, Operating metrics decline to be more in line with title insurance peers and are

...Fidelity National Financial Inc. (FNFI), through its title insurance (Fidelity National) and majority-owned annuity writer (F&G), benefits from favorable market positions in those segments. Fidelity National is a leader in business generation and operating performance metrics within the title insurance market. F&G writes business in the fixed-indexed annuity (FIA) segment through the independent agent channel and has strong expansion opportunities, given its ownership structure as well as strategic support from FNFI. Fidelity National has strong capitalization with robust earnings, partly offset by the more efficiently capitalized annuity business. The title operations' capital adequacy was redundant at the '##' stress level, while the '###' redundancy of the F&G business restrains consolidated capital at the 'A' level through 2024. The level of redundancy is at the higher end of the 'A' range. Fidelity National's risk management capabilities are evolving to better manage the consolidated...

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