Risk Sleuth
FNF · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Fidelity National Financial

36 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Government-sponsored enterprises

earns fromnamed as a risk
Changes in our dealings with any of these lenders, servicers or the government-sponsored enterprises, the loss of all or a portion of the business derived from these parties or revisions to the government-sponsored enterprises’ selling or servicing guides related to title insurance or mortgage servicing, could have a material adverse effect on our business.Risk factors (Item 1A)

Also named by AUB, FITB, JEF, TFC, UBSI

Partners and platforms

Independent title agents

depends on · 55.8%named as a risk
Accordingly, our use of independent agents could adversely impact the frequency and severity of title claims.Risk factors (Item 1A)

Also named by ORI

Aspida Re

depends on · $8,589 millionnamed as a risk
As of December 31, 2025, the net amount recoverable from Aspida Re, Wilton Re, Somerset, and Everlake were $8,589 million, $5,071 million, $1,868 million, and $1,032 million, respectively.Risk factors (Item 1A)

Wilton Reassurance Company (Wilton Re)

depends on · $5,071 millionnamed as a risk
Aspida Re, Wilton Re, Somerset and Everlake represent our largest third-party reinsurance counterparty exposure.Risk factors (Item 1A)

Somerset Reinsurance Ltd.

depends on · $1,868 millionnamed as a risk
Aspida Re, Wilton Re, Somerset and Everlake represent our largest third-party reinsurance counterparty exposure.Risk factors (Item 1A)

Everlake Life Insurance Company

depends on · $1,032 millionnamed as a risk
Aspida Re, Wilton Re, Somerset and Everlake represent our largest third-party reinsurance counterparty exposure.Risk factors (Item 1A)

Kubera Insurance (SAC) Ltd.

depends on · up to $435 millionnamed as a risk
Kubera NPA: F&G issued a variable note purchase agreement to Kubera for which it may be liable to fund any shortfall in Kubera’s ability to pay its obligations under the amended reinsurance agreement with FGL Insurance, assuring such principal up to $435 million is timely paid.Risk factors (Item 1A)

Independent Marketing Organizations (IMOs)

depends on · approximately 300 IMOsnamed as a risk
If we are unable to attract and retain a sufficient number of marketers and agents to sell our products, our ability to compete and our revenues would suffer.Risk factors (Item 1A)

Canada Life Assurance Company

depends on · $2.4 billion
The XOL matures on December 31, 2043, and provides for coverage on losses up to $2.4 billion as of December 31, 2024.Business (Item 1)

Also named by PRI

Blackstone ISG-I Advisors LLC (BIS)

depends on · approximately 78% of our $69 billion investment portfolio
As of December 31, 2025, approximately 78% of our $69 billion investment portfolio was managed by BIS, with 20% managed by other third parties, and the remaining 2% internally managed.Business (Item 1)

Bank and broker dealer distribution channel

depends on · 36% of annuity sales
In 2025, the top five firms represented 81% of channel sales.Business (Item 1)

Nomura Bank International plc

depends on · $150 million
The financing facility has $150 million available to draw on as of December 31, 2025.Business (Item 1)

Fort Greene Reinsurance SPC Limited

depends on · approximately $1 billion in anticipated capital commitments
During the third quarter of 2025, F&G announced the launch of a strategic partnership with a new reinsurance vehicle backed by Blackstone managed funds, with approximately $1 billion in anticipated capital commitments.Business (Item 1)

Federal Home Loan Bank of Atlanta (FHLB)

depends onnamed as a risk
FHLB collateral: F&G issues funding agreements to the FHLB for which eligible securities collateral is posted.Risk factors (Item 1A)

Also named by AUB, SSB

Munich Re

depends on
Effective October 1, 2025, this agreement was recaptured and terminated and FGL Insurance entered into a new indemnity reinsurance agreement with Munich Re to cede certain inforce and future flow FIA policies on a coinsurance basis, applicable to the base contract benefits, waiver of surrender charges, and minimum guaranteed surrender value benefits and for certain FIA policies, return of premium rider and minimum interest credit rider benefits.Business (Item 1)

Also named by WRB

Deutsche Bank AG

depends on
In connection with the agreement, F&G Cayman Re entered into a financing agreement with Deutsche Bank AG (“DB”), operating out of its New York branch, whereby DB issued a letter of credit used to support the coinsured general account statutory reserves (generally considered to be the non-economic reserves).Business (Item 1)

Other companies

Financial institutions holding escrow funds

depends on · $16.2 billionnamed as a risk
We have a contingent liability relating to proper disposition of these balances for our customers, which amounted to $16.2 billion at December 31, 2025.Risk factors (Item 1A)

Tax-deferred property exchanges

earns from · $175 million
For the years ended December 31, 2025, 2024, and 2023, fees earned during facilitation of tax-deferred property exchanges were $175 million, $180 million, and $202 million, respectively.Business (Item 1)

U.S. residential real estate market

earns fromnamed as a risk
Declines in the level of real estate activity or the average price of real estate sales are likely to adversely affect our title insurance revenues.Risk factors (Item 1A)

Syncis Holdings / DCMT Worldwide / Roar Joint Venture / PALH LLC owned distribution

named as a risk
These investments, including stakes in Syncis Holdings, DCMT Worldwide, a majority interest in Roar Joint Venture LLC, and a wholly-owned interest in PALH LLC, represent a significant component of our distribution strategy.Risk factors (Item 1A)

Competitors

First American Financial Corporation

competes with
In our principal markets, competitors include other major title underwriters such as First American Financial Corporation, Old Republic International Corporation, Stewart Information Services Corporation, Westcor Land Title Insurance Company, Title Resources Guaranty Company, and WFG National Title Insurance Company, as well as numerous regional title insurance companies, underwritten title companies and independent agency operations at the regional and local level.Business (Item 1)

Places

Texas

concentrated in · 14.1% of our title insurance premiumsnamed as a risk
In the aggregate, California and Texas accounted for approximately 12.2% and 14.1%, respectively, of our total title insurance premiums for 2025.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

California

concentrated in · 12.2% of our title insurance premiumsnamed as a risk
In the aggregate, California and Texas accounted for approximately 12.2% and 14.1%, respectively, of our total title insurance premiums for 2025.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Florida

concentrated in · 40% of FGL Insurance’s premiumsnamed as a risk
The top 5 states for the distribution of F&G retail products in the year ended December 31, 2025, were California, Florida, Pennsylvania, Texas and New Jersey, which together accounted for 40% of FGL Insurance’s premiums.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Commodities and inputs

S&P 500 Index

exposed to its price · FIAs generated approximately 46% of our total gross salesnamed as a risk
We offer a variety of indexed annuities and IUL contracts with crediting strategies linked to the performance of indices such as the S&P 500 Index, Dow Jones Industrials or the NASDAQ 100 Index, and target volatility indices.Market risk (Item 7A)

Also named by CBOE, LNC, RLI, UHAL/B

Euro

exposed to its price
The principal currencies that create foreign currency exchange rate risk in our investment portfolio are the Euro and the British Pound.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Regulators

Iowa Insurance Division

subject to · maximum ordinary dividend capacity for 2026 is $0
FGL Insurance’s principal insurance regulatory authority is the IID; however, state insurance departments throughout the United States also monitor FGL Insurance’s insurance operations as a licensed insurer.Business (Item 1)

Also named by APO, PFG

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk
LoanCare is subject to extensive federal, state and local regulatory oversight, including federal and state regulatory examinations, information gathering requests, inquiries and investigations by governmental and regulatory agencies, including the CFPB.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Bermuda Monetary Authority

subject tonamed as a risk
Our business is subject to regulation in Bermuda and the Cayman Islands, including the BMA and the CIMA.Risk factors (Item 1A)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

National Association of Insurance Commissioners (NAIC)

subject tonamed as a risk
F&G's business in the United States is regulated by the National Association of Insurance Commissioners (“NAIC”), which continues to consider reforms including relating to cybersecurity regulations, best interest standards, risk-based capital (“RBC”) and life insurance reserves.Risk factors (Item 1A)

Also named by ALL, ARES, BX, KKR, MET, OWL, PFG, PGR and 3 more

Cayman Islands Monetary Authority

subject tonamed as a risk
Our reinsurance subsidiary, F&G Cayman Re, is a licensed Class D insurer in the Cayman Islands and a wholly owned direct subsidiary of ours, is licensed by the CIMA and is subject to supervision by CIMA.Risk factors (Item 1A)

New York State Department of Financial Services

subject to
The New York State Department of Financial Services (“NYDFS”) regulates the operations of FGL NY Insurance.Business (Item 1)

Also named by AFL, AIG, AMP, BPOP, COIN, EFX, GS, HOOD and 9 more

Florida Office of Insurance Regulation

subject to
FNF’s lead regulator, the Florida Office of Insurance Regulation, which is also the Company’s lead regulator for this purpose, adopted a requirement for group capital reporting in late 2025 that will be effective for year-end 2026 with filing required in the first half of 2027.Business (Item 1)

Laws and programs

Dodd-Frank Wall Street Reform and Consumer Protection Act

subject tonamed as a risk
If indexed annuities were to be treated as securities, federal and state securities laws would require additional registration and licensing of these products and the agents selling them, and FGL Insurance and FGL NY Insurance would be required to seek additional marketing relationships for these products, any of which could impose significant restrictions on its ability to conduct operations as currently operated.Business (Item 1)

Also named by BAM, CAT, CME, ELS, FISV, LEN, SPGI, TROW and 1 more

U.S. Department of Labor Fiduciary Rule

subject tonamed as a risk
The New Fiduciary Rule likely means that certain of the Company’s agents will be considered fiduciaries for purposes of ERISA and the Code, subjecting the Company, and the insurance industry on the whole, to greater regulatory risk.Risk factors (Item 1A)

Also named by BEN, JPM, MET, PRU

SECURE 2.0 Act of 2022

subject tonamed as a risk
The SECURE Act 2.0 contains provisions that may impact our F&G insurance subsidiaries, and these changes could affect the desirability of IRAs, necessitate changes to our administrative system to implement the Act, and affect, to some extent, the length of time that IRA assets remain in our annuity products.Risk factors (Item 1A)