What Fidelity National Financial, Inc. told the SEC could break it.

California and Texas are FNF's two largest Title-segment revenue sources — ~12.2% and ~14.1% of total title insurance premiums in 2025 — so adverse regulatory or economic conditions in those states could materially affect the Title segment.

“Because we are dependent upon California and Texas for approximately 12.2% and 14.1% of our title insurance premiums, respectively, our Title segment may be adversely affected by regulatory conditions in California and/or Texas. Californi a and Texas are the two largest sources of revenue for our Title segment.”

FNF's title insurance revenue is directly tied to real-estate values and the volume of closings, which depend on the economy, mortgage-funding availability and interest rates; declines in real-estate activity or prices reduce title revenues.

“Generally, revenues from title insurance policies are directly correlated with the value of the property underlying the title policy, and appreciation or depreciation in the overall value of the real estate market are major factors in total industry revenues. Industry revenues are also driven by factors affecting the volume of real estate closings, such as the state of the economy, the availability of mortgage funding, and changes in interest rates, which affect demand for new mortgage loans and refinancing transactions.”

FNF's title insurers face state regulation and dividend restrictions, and its F&G annuity/life segment is heavily regulated, including by the NAIC (cybersecurity, best-interest standards, risk-based capital and reserve reforms), which can raise costs and constrain products and distributions.

“Our F&G segment is highly regulated and subject to numerous legal restrictions and regulations. F&G's business is subject to government regulation in each of the jurisdictions in which we conduct business and regulators have broad administrative and discretionary authority over our business and business practices. 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.”