2020 Annual Report

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2020 BOARD OF DIRECTORS EXECUTIVE OFFICERS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM William P. Foley, II Raymond R. Quirk Ernst & Young Chairman of the Board Chief Executive Officer 12926 Gran Bay Parkway Fidelity National Financial, Inc. Jacksonville, FL 32258 Michael J. Nolan Douglas K. Ammerman President PUBLICATIONS Retired The Company’s Annual Report on Form KPMG LLP 10-K and quarterly reports on Form 10-Q Roger S. Jewkes are available on the Investor Relations Chief Operating Officer Thomas M. Hagerty section of the Company’s website at Managing Partner www.fnf.com. Thomas H. Lee Partners, L.P. Anthony J. Park Executive Vice President A Notice of Annual Meeting of Stockholder Daniel D. Lane Chief Financial Officer and Proxy Statement are furnished to Chairman of the Board stockholders in advance of the Annual Lane/Kuhn Pacific Peter T. Sadowski Meeting. Executive Vice President Sandra D. Morgan Chief Legal Officer STOCK EXCHANGE LISTING Past Chairwoman of the Nevada Fidelity National Financial, Inc. Gaming Control Board common stock is listed on the New York Michael L. Gravelle Stock Exchange under symbol FNF. Heather H. Murren Executive Vice President General Counsel and Corporate Secretary Managing Partner CERTIFICATIONS Murren Family Office FNF filed the Chief Executive Officer and Chief Financial Officer certifications Raymond R. Quirk GENERAL INFORMATION required by Section 302 of the Chief Executive Officer Sarbanes-Oxley Act of 2002 as exhibits to its Fidelity National Financial, Inc. Annual Report on Form 10-K for the fiscal CORPORATE OFFICE year ended December 31, 2020. John D. Rood Fidelity National Financial, Inc. 601 Riverside Avenue Chairman INVESTOR RELATIONS The Vestcor Companies, Inc. Jacksonville, FL 32204 Please visit the Contact Investor Relations www.fnf.com section of FNF's Investor Info website at Peter O. Shea, Jr. FNF.com to submit a question or request to President and Chief Executive Officer STOCK TRANSFER AGENT AND REGISTRAR the Investor Relations department. J.F. Shea Company Continental Stock Transfer and You can also contact FNF's Investor Trust Company Relations department via email at Cary H. Thompson 1 State Street [email protected]. Vice Chairman 30th Floor Bank of America Merrill Lynch New York, NY 10004 (212) 509-4000 [email protected] AUDIT COMMITTEE www.continentalstock.com/contact Douglas K. Ammerman, Chair Heather H. Murren John D. Rood

COMPENSATION COMMITTEE Daniel D. Lane, Chair Heather H. Murren Cary H. Thompson

GOVERNANCE COMMITTEE Peter O. Shea, Jr., Chair Sandra D. Morgan John D. Rood FINANCIAL HIGHLIGHTS (Dollars in millions, except per share amounts) 2020 2019 2018

INCOME STATEMENT: Year Ended December 31, Total Revenue $ 10,778 $ 8,469 $ 7,594 Net Earnings Attributable to Common Shareholders $ 1,427 $ 1,062 $ 628 Adjusted Pre-Tax Title Margin 19.6% 1 6.3% 14.8% Cash Flow from Operations $ 1,578 $ 1,121 $ 943

BALANCE SHEET: At December 31, Total Assets $ 50,455 $ 10,677 $ 9,301 Cash and Investment Portfolio $ 37,766 $ 5,760 $ 4,806 Reserve for Claim Losses $ 1,623 $ 1,509 $ 1,488 Total Equity $ 8,392 $ 5,365 $ 4,628

$10,778 19.6%

TOTAL ADJUSTED $8,469 16.3% REVENUE $7,594 PRE-TAX 14.8% TITLE MARGIN

‘18 ‘19 ‘20 ‘18 ‘19 ‘20

$1,427 $50,455

$1,062 NET EARNINGS TOTAL ATTRIBUTABLE ASSETS TO COMMON $628 SHAREHOLDERS

$10,677 $9,301

‘18 ‘19 ‘20 ‘18 ‘19 ‘20

FIDELITY NATIONAL FINANCIAL, INC. | 1 William P. Foley, II Raymond R. Quirk Chairman of the Board Chief Executive Officer

TO OUR SHAREHOLDERS

During the first quarter of 2020, our country and the world found itself in the beginning of what continues to be a significant battle against COVID-19. Our priority has been the health and safety of our employees and their families, our customers, and our communities, as well as those of our subsidiaries. Today, we hope our shareholders and constituents, our FNF family, are all safe and well.

After a year full of uncertainty, we are proud of the results we were able to deliver in 2020 which resulted in a record year for our title business. Our team’s tremendous efforts during such an unprecedented time enabled us to execute on our strategy and deliver superior, industry leading performance. We generated total revenue of $10.8 billion, net earnings of $1.4 billion and robust cash flow from operations. Diluted earnings per share from continuing operations were $5.08 and adjusted diluted earnings per share from continuing operations were $5.34. Our title business generated record adjusted pre-tax title earnings of $1.8 billion, with a record adjusted pre-tax title margin of 19.6%. Total commercial revenue for the full year was approximately $1.0 billion, as we experienced a nice rebound in the fourth quarter. Our balance sheet remained strong as we ended the year with just under $1.0 billion of holding company cash and short-term liquid investments.

Building on our long history of investing in, developing, and adopting technology, we continued to execute on key technology initiatives in 2020 that are designed to transform the experience of buying, selling, or refinancing a home. In early March, just prior to the pandemic, we completed our migration to the cloud. This multi-year effort provided critical flexibility for the company as interest rates dropped, volume increased and the vast majority of our staff made the transition to working from home.

In early 2020, we expanded our WireSafe programs to include the first component of our inHere® Experience Platform, reducing the risk of wire fraud and improving the initial experience for consumers when starting a real estate transaction. By the end of 2020, FNF title companies had delivered over one million digital opening packages to consumers driving change in our industry at scale.

Throughout 2020, we executed on initiatives that improved the production and delivery of our core title products. We realized the benefit of a decade and a half of investment in AI and machine learning during 2020 with nearly three quarters of our 2.9 million direct title transactions processed leveraging our proprietary title automation technology. Our title automation technology and the

2 | FIDELITY NATIONAL FINANCIAL, INC. cloud-based engines that search, collect, and process data contributed to record margins. In December of 2020 we announced the inHere® Experience Platform, which leverages our significant national footprint, network of expert local escrow and settlement professionals, and the latest cloud-based technology. FNF is committed to the development and adoption of innovative technology in the title and real estate industries for the benefit of all of our customers, employees, and shareholders.

Following the termination of our proposed acquisition of Stewart Information Services, the Board and management team underwent a comprehensive review of FNF’s capital allocation strategy, determining that expansion into the annuity market through the acquisition of FGL Holdings (“F&G”), would best maximize value for our shareholders. As a minority owner in F&G, prior to the acquisition, our team had come to know the business and developed a deep respect for its management team. The acquisition closed in June 2020, and since closing we have been very pleased with F&G and their continued ability to execute on their growth strategy, aided by their credit rating upgrade as a result of FNF’s balance sheet which has opened large, new market opportunities. We are very pleased with the early success that F&G has achieved entering the bank and broker dealer channel where they have generated $500 million of channel sales since launch in early July. As we move into 2021, expansion into institutional products, including the pension risk transfer market, will also be an area of strategic focus for F&G. We expect F&G’s next phase of growth to benefit from leveraging FNF’s expertise in capital allocation, value creation and strategic oversight.

Throughout the year we remained committed to value creation through the means of our quarterly cash dividend and share repurchases. For the ninth straight year, our board elected to increase our quarterly cash dividend and increased our fourth quarter dividend to $0.36 per share, a 9.0% increase from the previous quarterly cash dividend of $0.33 per share. In October 2020, we announced a plan targeting $500 million of share purchases over the following twelve months, and during the year we repurchased over 7.5 million shares for a total of approximately $244 million. The board continuously evaluates the Company’s capital allocation program to deploy a thoughtful capital allocation plan that is centered on delivering value to our shareholders.

FNF has a long history of delivering consistent, industry-leading operating results and investment returns to our shareholders. FNF’s successful operating model is reinforced by our approach to Environmental, Social and Governance (“ESG”) factors across our company. In 2020, we released our first sustainability report and we continued to enhance our ESG efforts through our Digital Strategy Initiative which centers around our paperless technology programs and through our commitment to diversity as demonstrated by our board composition.

Though we continue to find ourselves living in unprecedented times as a result of the COVID-19 pandemic and fully recognize the challenges and uncertainties that a global pandemic inflicts on all of us, we remain cautiously optimistic looking to the year ahead. We are not only proud of our 2020 financial results, but proud of our efforts to drive the industry forward through our successful technology rollouts and deployments, leveraging the FNF portfolio of companies to drive change in the real estate market. We thank all of our employees for their efforts in 2020 and our shareholders for their ongoing support.

William P. Foley, II Raymond R. Quirk Chairman of the Board Chief Executive Officer

(1) See the Non-GAAP Financial Measures page for reconciliations of GAAP to non-GAAP financial measures. FIDELITY NATIONAL FINANCIAL, INC. | 3 NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PRE-TAX EARNINGS TO ADJUSTED PRE-TAX EARNINGS 2020

($ in millions) CONSOLIDATED TITLE Pre-tax earnings $ 1,784 $ 1,878 Recognized (gains) and losses, net (181) (143) Indexed product related derivatives 111 - Debt issuance costs 5 - Purchase price amortization 106 73 Transaction costs 68 - Other adjustments 1 1 Adjusted Pre-tax earnings $1,894 $1,809

RECONCILIATION OF DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS TO ADJUSTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS 2020

($ in millions, except per share data) Net earnings from continuing operations attributable to common shareholders $ 1,452 Recognized (gains) and losses, net (181) Indexed product related derivatives 111 Debt issuance costs 5 Purchase price amortization 106 Transaction costs 68 Other adjustments 1 Income taxes on non-GAAP adjustments (29) Non-controlling interest on non-GAAP adjustments (7) Adjusted net earnings from continuing operations attributable to common shareholders $1,526 Earnings per share from continuing operations - diluted $5.08 Adjusted earnings per share from continuing operations - diluted $5.34 Weighted average shares outstanding - diluted 286

Use of Non-GAAP Financial Information Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, FNF has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted pre-tax earnings and adjusted earnings per share.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided above.

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BOARD OF DIRECTORS EXECUTIVE OFFICERS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM William P. Foley, II Raymond R. Quirk Chairman of the Board Chief etie ffier Michael J. Nolan PUBLICATIONS Douglas K. Ammerman reident etired Roger S. Jewkes Thomas M. Hagerty Chief eratin ffier anain artner Anthony J. Park etie ie reident Daniel D. Lane Chief inania ffier Chairman of the Board Peter T. Sadowski etie ie reident STOCK EXCHANGE LISTING Sandra D. Morgan Chief ea ffier at Chairoman of the eada amin Contro Board Michael L. Gravelle Heather H. Murren etie ie reident enera Cone and Cororate eretar CERTIFICATIONS anain artner Raymond R. Quirk GENERAL INFORMATION Chief etie ffier CORPORATE OFFICE John D. Rood INVESTOR RELATIONS Chairman Peter O. Shea, Jr. reident and Chief etie ffier STOCK TRANSFER AGENT AND REGISTRAR Cary H. Thompson ie Chairman AUDIT COMMITTEE

COMPENSATION COMMITTEE

GOVERNANCE COMMITTEE 2020