Fidelity National Financial Announces New Three-Year, 25 Million Share Repurchase Program

Rhea-AI Summary

Fidelity National Financial (NYSE: FNF) has announced a new three-year stock repurchase program approved by its Board of Directors. The program, effective July 31, 2024, allows FNF to repurchase up to 25 million shares of its common stock through July 31, 2027. Purchases can be made in the open market at prevailing prices or through privately negotiated transactions.

This new program follows the expiration of FNF's previous three-year repurchase program on July 31, 2024, under which the company repurchased 16.4 million shares. FNF is a leading provider of title insurance and transaction services to the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers through its majority-owned subsidiary, F&G Annuities & Life, Inc. (NYSE: FG).

Positive

• Authorization to repurchase up to 25 million shares of common stock
• Extended repurchase program duration of three years
• Successful completion of previous repurchase program with 16.4 million shares bought back
• Flexibility in repurchase methods, including open market and privately negotiated transactions

Negative

• None.

JACKSONVILLE, Fla., Aug. 1, 2024 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) ("FNF" or the "Company"), today announced that its Board of Directors has approved a new three-year stock repurchase program, effective July 31, 2024, under which the Company may repurchase up to 25 million shares of FNF common stock. Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions through July 31, 2027. Under its previous three-year repurchase program, which expired on July 31, 2024, the Company repurchased a total of 16.4 million shares of common stock.    

About Fidelity National Financial, Inc.

Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG). FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.

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SOURCE Fidelity National Financial, Inc.

FAQ

What is the size of FNF's new stock repurchase program?

FNF's new stock repurchase program allows for the repurchase of up to 25 million shares of common stock.

When does FNF's new stock repurchase program start and end?

The new stock repurchase program is effective from July 31, 2024, through July 31, 2027, lasting three years.

How many shares did FNF repurchase under its previous program?

Under its previous three-year repurchase program, which expired on July 31, 2024, FNF repurchased a total of 16.4 million shares of common stock.

How will FNF conduct the stock repurchases under the new program?

FNF may make purchases from time to time in the open market at prevailing market prices or in privately negotiated transactions.