CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net earnings	$ 765	$ 883
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	623	545
Equity in earnings of unconsolidated affiliates	(36)	(4)
Loss (gain) on sales of investments and other assets and asset impairments, net	90	(132)
Interest credited/index credits to contractholder account balances	337	1,482
Change in market risk benefits, net	148	80
Deferred policy acquisition costs and deferred sales inducements	(956)	(1,061)
Charges assessed to contractholders for mortality and admin	(248)	(209)
Non-cash lease costs	96	99
Operating lease payments	(102)	(112)
Distributions from unconsolidated affiliates, return on investment	140	70
Stock-based compensation cost	64	48
Change in NAV of limited partnerships, net	(231)	(261)
Change in valuation of derivatives, equity securities, preferred securities, and other assets, net	(82)	(372)
Changes in assets and liabilities, net of effects from acquisitions:
Change in derivative collateral liabilities	144	544
Change in reinsurance recoverable	9	(28)
Change in future policy benefits	978	1,080
Change in funds withheld from reinsurers	2,648	2,895
Net increase in trade receivables	(18)	(18)
Net decrease in reserve for title claim losses	(5)	(50)
Net change in income taxes	8	25
Net change in other assets and other liabilities	(50)	(184)
Net cash provided by operating activities	4,322	5,320
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	10,109	7,995
Additions to property and equipment, capitalized software and title plants	(113)	(116)
Purchases of investment securities	(16,520)	(12,644)
Net proceeds from sales and maturities of short-term investment securities	1,539	983
Acquisitions and dispositions	(60)	(570)
Additional investments in unconsolidated affiliates	(1,607)	(903)
Distributions from unconsolidated affiliates, return of investment	330	224
Net other investing activities	(4)	15
Net cash used in investing activities	(6,326)	(5,016)
Cash flows from financing activities:
Debt offering	375	550
Debt service payments	(300)	(250)
Dividends paid	(406)	(391)
Subsidiary dividends paid to non-controlling interest shareholders	(43)	(34)
Exercise of stock options	4	17
Additional investment in consolidated subsidiary	(9)	(21)
Net change in secured trust deposits	183	35
Payment of contingent consideration for prior period acquisitions	(24)	(13)
Contractholder account deposits	8,991	8,574
Contractholder account withdrawals	(6,646)	(6,568)
Purchases of treasury stock	(221)	0
F&G common stock offering	117	0
Other financing activities	(2)	0
Net cash provided by financing activities	2,019	1,899
Net increase in cash and cash equivalents	15	2,203
Cash and cash equivalents at beginning of period	3,479	2,767
Cash and cash equivalents at end of period	$ 3,494	$ 4,970

Fidelity National Financial, Inc. 10-Q