Fidelity National Financial operates two primary business segments: title insurance and services, and a diversified insurance company (F&G) offering indexed annuities, universal life insurance, fixed annuities, and pension risk transfer solutions. The title segment generates revenue from insurance premiums, escrow fees, and investment income, with exposure to mortgage interest rates and real estate market activity, while F&G earns premiums, policyholder fees, index credits, and investment income from a large portfolio of fixed income and alternative assets. The company generates profits through insurance underwriting, policy fees, investment returns on substantial assets under management, and hedging strategies that manage exposure to equity market performance through derivatives tied to the S&P 500 Index.