Fidelity National Financial FNF F&G — Increase deferred tax liability, reinsurance receivable

Our net deferred tax (liability) asset was $(359) million and $315 million as of December 31, 2025 and 2024, respectively. The significant changes in the deferred taxes are as follows: the deferred tax asset for investment securities decreased by $271 million primarily due to unrealized gains recorded for investment securities, of which $29 million was related to unrealized gains in our Title segment and $242 million was related to unrealized gains in our F&G segment's life insurance business. The deferred tax liability related to deferred acquisition costs increased by $134 million, which is consistent with the growth in sales in our F&G segment. The reinsurance receivable deferred tax asset increased by $356 million and the reinsurance receivable deferred tax liability increased by $316 million, both due to the increase in modified coinsurance reinsurance in the F&G segment. The deferred tax asset relating to life insurance receivables increased by $88 million primarily due to GAAP reserves increasing more than tax reserves by F&G. The deferred tax liability relating to partnerships increased by $79 million, of which $30 million relates to partnerships in our Title segment and $49 million relates to partnerships in our F&G segment. In connection with the 2025 F&G distribution, we recorded a deferred tax liability of $404 million for our outside basis difference in F&G. This deferred tax liability represents the difference between the book basis and tax basis of the retained F&G shares as of December 31, 2025, as we can no longer recover our investment tax free. $471 million was recorded through continuing operations, with the remaining movement in the deferred tax liability recorded through other comprehensive income and equity, following the accounting guidance regarding intraperiod allocation under ASC 740 and ASC 810. As a