Title insurance company Fidelity National Financial (NYSE: FNF) reported Q4 CY2025 results beating Wall Street’s revenue expectations, with sales up 11.9% year on year to $4.05 billion. Its non-GAAP profit of $1.41 per share was 5.8% below analysts’ consensus estimates.

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Chris Blunt, F&G's Chief Executive Officer, said, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025, including $9 billion of gross sales in our core products - indexed annuities, indexed universal life and pension risk transfer. Our high quality, diversified investment portfolio continues to perform extremely well with credit-related impairments remaining stable and below our expectations. "

Company Overview

Issuing more title insurance policies than any other company in the United States, Fidelity National Financial (NYSE: FNF) provides title insurance and escrow services for real estate transactions while also offering annuities and life insurance through its F&G subsidiary.

Revenue Growth

Big picture, insurers generate revenue from three key sources. The first is the core business of underwriting policies. The second source is income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from various sources such as policy administration, annuities, or other value-added services. Regrettably, Fidelity National Financial’s revenue grew at a mediocre 6% compounded annual growth rate over the last five years. This wasn’t a great result compared to the rest of the insurance sector, but there are still things to like about Fidelity National Financial.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Fidelity National Financial’s annualized revenue growth of 10.9% over the last two years is above its five-year trend, suggesting its demand recently accelerated. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Fidelity National Financial reported year-on-year revenue growth of 11.9%, and its $4.05 billion of revenue exceeded Wall Street’s estimates by 13%.

Net premiums earned made up 46.6% of the company’s total revenue during the last five years, meaning Fidelity National Financial’s growth drivers strike a balance between insurance and non-insurance activities.

Net premiums earned commands greater market attention due to its reliability and consistency, whereas investment and fee income are often seen as more volatile revenue streams that fluctuate with market conditions.

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Net Premiums Earned

When insurers sell policies, they protect themselves from extremely large losses or an outsized accumulation of losses with reinsurance (insurance for insurance companies). Net premiums earned are therefore net of what’s ceded to reinsurers as a risk mitigation and transfer strategy.

Fidelity National Financial’s net premiums earned was flat over the last five years, much worse than the broader insurance industry. This shows that policy underwriting underperformed its other business lines.

When analyzing Fidelity National Financial’s net premiums earned over the last two years, we can see that growth accelerated to 10.2% annually. This performance was similar to its total revenue.

Key Takeaways from Fidelity National Financial’s Q4 Results

We were impressed by how significantly Fidelity National Financial blew past analysts’ revenue expectations this quarter. On the other hand, its EPS missed. Overall, this quarter could have been better. The stock remained flat at $54.21 immediately after reporting.

Big picture, is Fidelity National Financial a buy here and now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).