Fidelity National Financial (FNF) is the largest title insurance company in the U.S., holding roughly 32% market share, and also owns approximately 70% of F&G Annuities & Life, a separately listed annuity and life insurance business. Title insurance protects real estate buyers and lenders against losses from defects in property ownership records, and because nearly every mortgage-financed U.S. real estate transaction requires a lender's title policy, FNF's core business is tightly tied to real estate transaction volume. FNF distributes title insurance through roughly 1,300 direct branch offices and about 5,100 independent agents operating under five brands. Direct operations generate higher margins since FNF retains the full premium, while agents remit only a portion. FNF markets primarily to real estate brokers, lenders, attorneys, and developers rather than directly to homebuyers. The Title segment also includes escrow and closing services and ServiceLink, which provides mortgage transaction services. F&G sells fixed and indexed annuities, indexed universal life insurance, and pension risk transfer solutions to middle-income Americans. F&G earns a spread between investment returns on its asset portfolio and crediting rates paid to policyholders, and partners with Blackstone as its primary investment manager across most of its portfolio. F&G's growth strategy centers on expanding AUM, growing fee-based flow reinsurance arrangements, and increasing pension risk transfer activity. FNF's Title strategy focuses on disciplined cost management through real estate cycles and technology investment, including its inHere digital transaction platform.