Investor UpdateFall 2020

Legal Disclosure

This presentation may contain forward-looking statements that involve a number of risks and uncertainties. Statements that arenot historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future areforward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, andinformation currently available to, management. Because such statements are based on expectations as to future financial andoperating results and are not statements of fact, actual results may differ materially from those projected. We undertake noobligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risksand uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic,business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of realestate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage fundingor a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will notnecessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributionsfrom our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face;compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “StatementRegarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with theSecurities and Exchange Commission.

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Organization

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Fidelity National Financial, Inc. is the leading provider of title insurance and settlement services tothe real estate and mortgage industries• The nation’s largest title insurance and settlement services company

• Most diversified competitor from a geographic, product, and revenue channel perspective

• #1 market share in the residential purchase, refinance, and commercial markets

• FNF holds the #1 or #2 market position in 43 states

FGL Holdings (“F&G”) is a leading provider of annuity and life insurance, concentrated in the middle-income market• Top 5 Fixed Indexed Annuity (“FIA”) writer in the industry

• Nation’s leading provider of title insurance and transaction services to the real estate and mortgage industries

₋ Nation’s largest title insurance company with long-time industry-leading margins

₋ Leading player in residential purchase, refinance and commercial markets

₋ Strong performer in varying market conditions; clear way to benefit from U.S. real estate market

• F&G is a leading provider of retirement and life insurance solutions for nearly 700,000 customers

₋ Offering Fixed Indexed Annuities, Multi-Year Guarantee Annuities (MYGA) and Indexed Universal Life (IUL)

₋ Favorable ratings outlook and momentum

₋ Favorable growth opportunities through new distribution channels

• Solid balance sheet enables payment of cash dividend, repurchase of shares, strategic acquisitions, continued investment in core businesses and future repayment of debt

• Long track record of creating value for shareholders

Investor Update

Investment Highlights

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FNF – Title Insurance Market Share

Fidelity National Financial

32.7%

Old Republic

15.2%Others

18.7%

Stewart Title

9.8%

First American

23.6%

Source: ALTA Market Share –6 months 2020 Market Share – Family-Company Summary

Total

Fidelity National Financial

42.5%

Old Republic

6.1%Others

14.7%

Stewart Title

10.7%

First American

26.0%Direct Fidelity

National Financial

27.3%

Old Republic

20.2%Others

20.9%

Stewart Title

9.3%

First American

22.3%

Agent

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FNF – Market Share

Overall Market Share

Market Share

#1

(28)

#2

(15)

#3

(5)

#4+

(2) Source: ALTA Market Share – 6 month 2020 Market Share by Family and State

19%

49%

33% MD

41% DE31% NJ

18% CT36%

25%44% RI

27% MA19% NH

13% VT 25%

25%

26% 37%

30%

44%

42%

30%

36%26%

42%

27%

44%

26%

56%

28%

38%

58%

28%

22%

19%

31%

34%

28%

21%

16%

23%

35%

32%

27%

12%

15%

27%

42%

19%

41%

47%

40%

FNF market share of 41%

FNF market share of 25%

FNF market share of 30%

FNF market share of 31%

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FNF market share of 36%

Company Overview

Title Operating Strategy

• Continuously monitor operating metrics

₋ Opened and closed order counts, headcount, efficiency metrics

• React quickly, utilize the “order lag” to our advantage

• Slow to add headcount when volumes improve; aggressively reduce headcount as order volumes decline

• Management compensation heavily weighted to variable incentives; bonus and commissions are a large part of compensation

• “Normalized” quarterly/annual pre-tax title margin of 15% - 20%

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Title Operating Performance

$1.7

$1.4

$2.0

$1.8

$1.3

$1.7

$2.1

$1.8$1.7

$2.1

$0.0

$0.5

$1.0

$1.5

$2.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Mortgage Originations

Title Revenue Pre-Tax Title Margin

trillions

Title Revenue | Margin %

$5.2$4.8

$5.6$5.9

$5.6

$6.4

$7.0 $7.2 $7.2

$8.3

7.7%

10.9%

14.1%

13.7%

12.5%

14.3%14.7% 14.5%

14.8%

16.3%

5%

7%

9%

11%

13%

15%

17%

19%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

billions

Refinance Purchase 8

Comparisons

Industry Leading Title Margins

10.9%

14.1% 13.7%

12.5%

14.3% 14.7% 14.5% 14.8%

16.3%

18.3%

4.4%

7.7% 8.1%

7.0%

8.3%9.1% 9.3%

10.0%

11.5% 11.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 9mo. 2020

FNF Competitor's Average9

F&G Annuities & Life Overview

• F&G is a leading provider of annuity and life insurance products, providing deferred annuities, including fixed

indexed and fixed rate annuities, immediate annuities, and indexed universal life insurance

• Established in 1959, F&G meets the needs of nearly 700,000 people across the United States through a national

network of 37,000 licensed agents

• Acquired by FNF on June 1, 2020, F&G provides predictable countercyclical income to FNF and performs well in a

rising interest rate market

• Average Assets Under Management (AAUM) of approximately $27 billion for the quarter ended September 30,

2020

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Real Estate Technology Overview

• CINC, Real Geeks, SkySlope and Agent Pronto collectively touch the core stages of residential real estate transactions through lead

generation, lead management, lead conversion, transaction coordination and transaction management, all of which are adjacent

and complementary to FNF’s role as the leading settlement services provider in the nation

• Our focus is currently on integrating those lead management, CRM and digital transaction management technologies to offer a

best of breed technology solution to real estate agent customers to further solidify our relationships with this vital group of clients

and keep FNF at the core of real estate transactions nationally

• Combined 2019 revenue of approximately $110 million

• 9mo. 2020 revenue of approximately $81 million

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FNF – Income Statements

($ millions except for per share data) 9 Mo. 2020* 9 Mo. 2019 2019 2018 2017

Title Revenue $6,331 $5,949 $8,259 $7,175 $7,211F&G Revenue $566 - - - -

Corp. and Other Revenue $111 $158 $210 $419 $452

Total Revenue $7,008 $6,107 $8,469 $7,594 $7,663

Title Adjusted Pre-Tax Earnings (Margin)$1,185 (18.3%) $942 (16.4%) $1,297 (16.3%) $1,080 (14.8%) $1,045 (14.5%)F&G Adjusted Pre-Tax Earnings $128 - - - -

Corp. and Other Adj. Pre-Tax Earnings ($70) ($62) ($76) ($86) ($64)

Adjusted Pre-Tax Earnings $1,243 $880 $1,221 $994 $981

Title Adjusted Net Earnings $880 $707 $981 $811 $656F&G Adjusted Net Earnings $107 - - - -

Corp. and Other Adj. Net Earnings ($49) ($30) ($41) ($61) ($24)Adjusted Net Earnings from Continuing Operations (EPS) $938 ($3.31) $677 ($2.44) $940 ($3.39) $750 ($2.70) $632 ($2.27)

12* Results of F&G for the four month period ended September 30, 2020 following the acquisition by FNF

Capital Allocation

Use in 9 Mo. 2020 $ (millions)

Common stock dividend 287

Interest expense 47

Stock repurchase 104

Acquisitions 2,030

Other 154

Total 2,622

Source in 9 Mo. 2020 $ (millions)

Underwriter dividends 390

UTC dividends 511

ServiceLink principal/interest 88

Net Financing 1,238

Other 155

Total 2,382

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FNF – Balance Sheet

Balance Sheet(September 30, 2020)

Cash & Investments $35,098Goodwill &

Other Intangible Assets $6,763

Other Assets $8,024

Total Assets $49,885

Contractholder funds $27,488

Notes Payable $2,664

Reserve for Title Claim Losses $1,555

Other Liabilities $10,996

Total Liabilities $42,703

FNF Shareholders’ Equity $7,141

Non-Controlling Interests $41

Total Equity $7,182

Total Liab. & Equity $49,885

Debt to total capital – 27.1%

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Investment Portfolio Overview (excluding F&G segment)

September 30, 2020

Fixed Maturity and Equity Securities

60%Short-term Investments

2%

Other Investments

3%

Cash

35%

Corporate Bonds

51%

Common Stocks

20%

Foreign Bonds

1%

MBS, CMBS, ABS

2%

U.S. Gov't / Agency Bonds

12%

Preferred Stocks

11%

Municipal Bonds

3%Aa

10%Not Rated /

Below Investment Grade

8%

Baa29%Aaa and Agency

Backed

24%

A29%

Total Cash and Investments

Moody’s Ratings –Fixed Income*

*Moody’s or equivalent rating is used.

Total Fixed Income & Equity Portfolio

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NAIC 152%

NAIC 2

40%

NAIC 36%

NAIC 41%

NAIC 5 and 61%

NAIC Ratings –Fixed Income

Investment Portfolio Overview (F&G segment)

September 30, 2020

Fixed Income, Mortgages and

Equity Securities

94%

Other Investments

3%

Cash

3%

Corporate Bonds

43%

Structured (CLO, MBS, ABS)

32%

Mortgages6%

Municipal Bonds

5%

Alternative Assets4%

Hybrids3%

Preferred Stocks3%

Other

4%

Total Cash and Investments

Total Fixed Income, Mortgages & Equities

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Title Claims/Reserves

$173

$151 $147

$118$128

$140$155

$179

$204

$226

87%

84%81%

75% 70% 58%45% 37%

26%

11%$0

$50

$100

$150

$200

$250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Reserves and IBNR Paid to Date

Estimated Policy Year CompletionUltimate Loss 2010 to 2019 ($ in millions)

Loss Ratio 4.8% 4.6% 3.8% 2.8% 3.6% 3.3% 3.3% 3.7% 4.2% 4.3%

GAAP Premiums $3,641 $3,261 $3,839 $4,151 $3,603 $4,230 $4,660 $4,849 $4,878 $5,263

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