Total revenues increased by $764 million to $14,445 million in 2025, up from $13,681 million in 2024, and $11,752 million in 2023. Net earnings decreased significantly to $679 million in 2025, down from $1,391 million in 2024, but up from $518 million in 2023. The effective income tax rate surged to 53.9% in 2025, compared to 21.1% in 2024 and 27.7% in 2023, primarily due to recording a deferred tax liability for the outside basis difference in FNF's investment in F&G. The Title segment's total revenues increased by 10% to $8,490 million in 2025, driven by increases in direct and agency title insurance premiums and escrow fees. Direct title insurance premiums rose by 17% to $2,574 million in 2025, and agency title insurance premiums increased by 10% to $3,250 million. The F&G segment's earnings before income taxes decreased to $323 million in 2025, from $778 million in 2024, but significantly improved from a $(35) million loss in 2023. Market risk benefit losses were $167 million in 2025, compared to gains of $(25) million in 2024, primarily due to unfavorable market movements and policyholder behavior. Personnel costs increased by $288 million, or 11%, in 2025, attributed to increased headcount, elevated health claims, and variable costs. Cash and cash equivalents decreased by $843 million to $2,636 million at December 31, 2025, from $3,479 million at December 31, 2024. Total investments grew to $73,195 million at December 31, 2025, from $63,615 million at December 31, 2024. FNF completed a distribution of an additional 12% of F&G common stock to shareholders on December 31, 2025, retaining approximately 70% ownership. F&G completed a public offering of $375 million 7.30% Junior Subordinated Notes due 2065 in January 2025, using proceeds to redeem $300 million of 5.50% Senior Notes. A stockholder derivative lawsuit was filed on June 10, 2025, against FNF and its non-employee directors regarding compensation, with a hearing on a motion to dismiss rescheduled for March 9, 2026. F&G is a defendant in two putative class action lawsuits related to the MOVEit cybersecurity incident, which are consolidated under a multidistrict litigation.