Fidelity National Financial, Inc. Reports Third Quarter 2008 EPS of ($0.95); Results Include a $261.6 Million Charge to Strengthen Reserve for Claim Losses

Jacksonville, Fla. -- (October 22, 2008) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today reported operating results for the three-month and nine-month periods ended September 30, 2008.

"We continue to operate our businesses in an extremely difficult economic environment," said Chairman William P. Foley, II.  "Order counts in the title business continued to be weak in July and August, with a short-lived increase in early September that lasted only a few weeks.  We remain focused on cost and expense management throughout the company, as we eliminated approximately 1,000 additional positions in the third quarter.  The majority of those eliminations came later in the quarter, so our reported results do not reflect any significant benefit from those late quarter staffing reductions.  Additionally, on October 1, we instituted a 10% company-wide pay reduction that will most likely remain in place through the first quarter of 2009.  We also continued to close title and escrow offices during the third quarter, closing more than 115 offices at a total accelerated lease expense of $12.5 million.  The significant weakness in the capital markets also required us to record $42 million in realized losses during the quarter, with $7 million in actual realized losses from securities sold and $35 million in impairments from corporate bonds and equity securities. We continue to manage our investment portfolio in a conservative fashion, as the average rating remains Aa1/AA+ and the duration remains approximately three years. The $35 million in impairments are other than temporary accounting impairments, not actual cash losses. The final material event during the quarter was the $261.6 million reserve strengthening charge. Based on continued adverse reported and paid claims trends over the last six quarters, we made the decision in the third quarter to more heavily weight the three most recent full year's data on loss experience in the actuarial model and incorporate that data into the assumptions and factors that determine ultimate expected loss experience for all prior calendar years. This particular change was the primary driver in requiring a significant increase in the level of our balance sheet reserve position. We believe this update to the actuarial model better reflects the expected loss experience that we will ultimately record because of this very difficult market.

"Our specialty insurance business earnings were negatively impacted by the numerous hurricanes that hit during this summer, as we incurred homeowner's losses during the quarter, but we won't see the benefit of the increased flood claim processing revenue until the fourth quarter. Finally, our two major minority-owned investments, Sedgwick and Ceridian, both continue to generate consistent EBITDA margins, despite the tough operating environment. Overall, we are focused on continuing to navigate our way through these challenging times, maintaining profitability in our title insurance operation, providing significant liquidity and ensuring the strength of our balance sheet."

Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 27 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, 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 economic performance 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 and political conditions, including changes in the financial markets; continued 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, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com