Fidelity National Financial (FNF) 8-K Fidelity National Financial, Inc. Reports Second Quarter 2007 EPS of $0.38

Exhibit 99.1

Fidelity National Financial, Inc. Reports Second Quarter 2007 EPS of $0.38

Jacksonville, Fla. — (July 25, 2007) — Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance and claims management services, today reported operating results for the three-month and six-month periods ended June 30, 2007.

			Pro Forma
	Three Months	Three Months Ended	Three Months Ended
	Ended June 30, 2007	June 30, 2006*	June 30, 2006**
Total revenue	$1.49 billion	$2.64 billion	$1.66 billion
Pre-tax margin	8.4%	11.2%	11.8%
Net earnings	$84.8 million	$132.6 million	$125.1 million
Net earnings per diluted share	$0.38	$0.76	$0.56
Cash flow from operations	$144.6 million	$324.8 million	N/A
Return on average equity	9.6%	12.4%	N/A

			Pro Forma
	Six Months Ended	Six Months Ended	Six Months Ended
	June 30, 2007	June 30, 2006*	June 30, 2006**
Total revenue	$2.86 billion	$5.00 billion	$3.17 billion
Pre-tax margin	8.8%	10.3%	11.1%
Net earnings	$168.2 million	$239.0 million	$223.9 million
Net earnings per diluted share	$0.75	$1.38	$1.01
Cash flow from operations	$229.7 million	$332.8 million	N/A
Return on average equity	9.6%	12.5%	N/A

*	The three-month and six-month periods ended June 30, 2006, include the results of Fidelity National Information Services, Inc. (“FIS”), which was a majority-owned subsidiary of FNF during those periods in 2006.
**	A complete pro forma summary of earnings excluding FIS and the minority interest expense related to Fidelity National Title Group, Inc. (“FNT”) for the three-month and six month periods ended June 30, 2006, is included later in this press release.

     The following are summary financial and operational results for the current operating segments of FNF for the three-month and six-month periods ended June 30, 2007, and 2006:

     Fidelity National Title Group (“FNT”)

	Three Months Ended	Three Months Ended,
	June 30, 2007	June 30, 2006
Total revenue	$1.36 billion	$1.56 billion
Pre-tax earnings	$131.1 million	$191.5 million
Pre-tax margin	9.6%	12.3%

	Six Months Ended	Six Months Ended
	June 30, 2007	June 30, 2006
Total revenue	$2.61 billion	$2.95 billion
Pre-tax earnings	$245.9 million	$324.0 million
Pre-tax margin	9.4%	11.0%

Month	Direct Orders Opened		Direct Orders Closed		Closing %
April 2007		211,100		136,000		64	%
May 2007		215,700		141,200		65	%
June 2007		195,300		131,500		67	%
Second Quarter 2007		622,100		408,700		66	%

Month	Direct Orders Opened		Direct Orders Closed		Closing %
April 2006		217,700		146,400		67	%
May 2006		243,000		161,800		67	%
June 2006		236,500		165,600		70	%
Second Quarter 2006		697,200		473,800		68	%

	Open	Closed	Commercial
	Commercial	Commercial	Revenue	Commercial
	Orders	Orders	(In thousands)	Fee Per File
2nd Quarter 2007	14,694	8,726	$86,942	$9,964
2nd Quarter 2006	14,240	9,064	$68,936	$7,605

- The preceding table only includes commercial activity from FNF’s commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices.

     Specialty Insurance

	Three Months Ended	Three Months Ended
	June 30, 2007	June 30, 2006
Total revenue	$103.8 million	$101.4 million
Pre-tax earnings	$13.9 million	$15.5 million
Pre-tax margin	13.4%	15.3%

	Six Months Ended	Six Months Ended
	June 30, 2007	June 30, 2006
Total revenue	$202.8 million	$211.8 million
Pre-tax earnings	$39.3 million	$47.9 million
Pre-tax margin	19.4%	22.6%

     “Higher interest rates and the slowdown in the mortgage and real estate markets had a dampening effect on the normal seasonal improvement in the title business during the second quarter,” said Chairman of the Board William P. Foley, II. “However, we continue to run our title business through a strict adherence to operating metrics, allowing us to generate a 9.6% pre-tax margin, despite the difficult operating environment. We expect the second half of 2007 to remain a challenge and we will continue to monitor order counts and employee headcount in our quest to maximize earnings from our title business.”

     “Our specialty insurance business performed well during the quarter, as flood insurance contributed nearly 10% revenue growth and the homeowner’s business posted a 62% loss ratio. Additionally, Sedgwick generated $164 million in revenue, while continuing to produce its

consistent EBITDA margin. Finally, we continue to move forward on our Ceridian acquisition, in partnership with Thomas H. Lee Partners. Ceridian shareholders will vote on the acquisition at the Ceridian annual shareholders meeting, which has been set for September 12, 2007.”

     Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance and claims management 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 28 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. 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; 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, Finance and Investor Relations, 904-854-8120, dkmurphy@fnf.com

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)

	Three months ended				Six months ended
	June 30,				June 30,
	2007		2006		2007			2006
	(Unaudited)				(Unaudited)
Direct title premiums	$	448,504	$	525,450	$	867,101		$	994,372
Agency title premiums		597,862		690,530		1,140,008			1,296,584
Total title premiums		1,046,366		1,215,980		2,007,109			2,290,956
Escrow and other title-related fees		283,308		287,197		528,114			540,724
Total title and escrow		1,329,674		1,503,177		2,535,223			2,831,680
Transaction processing services		—		976,067		—			1,819,266
Specialty insurance		99,731		97,708		194,729			204,451
Interest and investment income		45,205		48,152		95,164			99,515
Realized gains and losses		3,899		5,625		10,281			17,555
Other		16,168		14,040		28,342			26,801
Total revenue		1,494,677		2,644,769		2,863,739			4,999,268
Personnel costs		452,752		891,841		888,012			1,769,772
Other operating expenses		296,221		602,061		530,662			1,095,405
Agent commissions		462,876		529,082		883,033			998,789
Depreciation and amortization		31,192		137,969		60,546			262,600
Claim loss expense		113,083		124,075		224,069			238,567
Interest expense		12,435		62,960		24,412			117,605
Total expenses		1,368,559		2,347,988		2,610,734			4,482,738
Earnings before income taxes		126,118		296,781		253,005			516,530
Income tax expense		40,471		110,402		85,516			192,149
Minority interest		812		53,758		(745	)		85,389
Net earnings	$	84,835	$	132,621	$	168,234		$	238,992
Net earnings per share — basic	$	0.39	$	0.76	$	0.77		$	1.38
Net earnings per share — diluted	$	0.38	$	0.76	$	0.75		$	1.38
Weighted average shares — basic		218,707		173,475		218,860			173,475
Weighted average shares — diluted		222,969		173,647		222,940			173,651
Direct operations orders opened		622,100		847,900		1,274,500			1,679,300
Direct operations orders closed		408,700		554,100		799,100			1,080,800

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)

Three Months Ended							Specialty			Corporate
June 30, 2007	Consolidated			FNT			Insurance			and Other
Gross operating revenue	$	1,445,573		$	1,320,761		$	99,731			25,081
Interest and investment income		45,205			42,459			4,071			(1,325	)
Realized gains and losses		3,899			137			3			3,759
Total revenue		1,494,677			1,363,357			103,805			27,515
Personnel costs		452,752			425,707			11,814			15,231
Other operating expenses		296,221			233,324			41,565			21,332
Agent commissions		462,876			462,852			—			24
Depreciation and amortization		31,192			28,172			1,512			1,508
Claim loss expense		113,083			78,478			34,605			—
Interest expense		12,435			3,723			449			8,263
Total expenses		1,368,559			1,232,256			89,945			46,358
Pretax earnings		126,118			131,101			13,860			(18,843	)
Pretax margin		8.4	%		9.6	%		13.4	%		—
Open orders		622,100			622,100			—			—
Closed orders		408,700			408,700			—			—

Six Months Ended							Specialty			Corporate
June 30, 2007	Consolidated			FNT			Insurance			and Other
Gross operating revenue	$	2,758,294		$	2,521,677		$	194,729			41,888
Interest and investment income		95,164			84,468			8,074			2,622
Realized gains and losses		10,281			3,298			(28	)		7,011
Total revenue		2,863,739			2,609,443			202,775			51,521
Personnel costs		888,012			836,280			23,413			28,319
Other operating expenses		530,662			431,732			62,617			36,313
Agent commissions		883,033			882,903			—			130
Depreciation and amortization		60,546			55,089			3,070			2,387
Claim loss expense		224,069			150,534			73,535			—
Interest expense		24,412			7,032			854			16,526
Total expenses		2,610,734			2,363,570			163,489			83,675
Pretax earnings		253,005			245,873			39,286			(32,154	)
Pretax margin		8.8	%		9.4	%		19.4	%		—
Open orders		1,274,500			1,274,500			—			—
Closed orders		799,100			799,100			—			—

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)

Three Months Ended													Specialty			Corporate
June 30, 2006	Consolidated			Eliminations			FNT			FIS			Insurance			and Other
Gross operating revenue	$	2,590,992			($45,428	)	$	1,512,775		$	1,021,947		$	97,708		$	3,990
Interest and investment income		48,152			—			39,228			1,430			3,793			3,701
Realized gains and losses		5,625			—			4,558			1,016			(52	)		103
Total revenue		2,644,769			(45,428	)		1,556,561			1,024,393			101,449			7,794
Personnel costs		891,841			(6,697	)		466,221			415,992			11,067			5,258
Other operating expenses		602,061			(20,478	)		233,607			342,541			40,000			6,391
Agent commissions		529,082			(18,253	)		544,169			—			—			3,166
Depreciation and amortization		137,969			—			27,194			110,374			1,502			(1,101	)
Claim loss expense		124,075			—			91,017			120			33,082			(144	)
Interest expense		62,960			—			2,872			49,033			325			10,730
Total expenses		2,347,988			(45,428	)		1,365,080			918,060			85,976			24,300
Pretax earnings		296,781			—			191,481			106,333			15,473			(16,506	)
Pretax margin		11.2	%		—			12.3	%		10.4	%		15.3	%		—
Open orders		847,900			—			697,200			150,700			—			—
Closed orders		554,100			—			473,800			80,300			—			—

Six Months Ended													Specialty			Corporate
June 30, 2006	Consolidated			Eliminations			FNT			FIS			Insurance			and Other
Gross operating revenue	$	4,882,198			($103,164	)	$	2,853,521		$	1,922,882		$	204,451		$	4,508
Interest and investment income		99,515			—			77,845			3,139			7,449			11,082
Realized gains and losses		17,555			—			17,187			2,039			(56	)		(1,615	)
Total revenue		4,999,268			(103,164	)		2,948,553			1,928,060			211,844			13,975
Personnel costs		1,769,772			(11,932	)		918,656			829,212			22,382			11,454
Other operating expenses		1,095,405			(54,364	)		443,228			628,605			71,027			6,909
Agent commissions		998,789			(36,868	)		1,032,537			—			—			3,120
Depreciation and amortization		262,600			—			53,431			207,169			2,972			(972	)
Claim loss expense		238,567			—			171,738			185			66,951			(307	)
Interest expense		117,605			—			4,954			92,301			581			19,769
Total expenses		4,482,738			(103,164	)		2,624,544			1,757,472			163,913			39,973
Pretax earnings		516,530			—			324,009			170,588			47,931			(25,998	)
Pretax margin		10.3	%		—			11.0	%		8.8	%		22.6	%		—
Open orders		1,679,300			—			1,381,000			298,300			—			—
Closed orders		1,080,800			—			910,100			170,700			—			—

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)

	June 30,		December 31,
	2007		2006
	(Unaudited)
Cash and investment portfolio	$	4,830,915	$	4,798,195
Goodwill		1,195,133		1,154,298
Title Plant		330,934		324,155
Total assets		7,365,920		7,259,559
Notes payable		505,230		491,167
Reserve for claim losses		1,229,104		1,220,636
Secured trust deposits		871,161		905,461
Total stockholders’ equity		3,554,426		3,474,368
Book value per share		16.09		15.75

FIDELITY NATIONAL FINANCIAL, INC.
UNAUDITED PRO FORMA SUMMARY OF EARNINGS
FOR THE THREE MONTHS ENDED JUNE 30, 2006
(In thousands except per share amounts)

						FNF Capital
						pro forma			Other Pro
	Historical		FIS pro forma			adjustments			Forma						FNF
	FNF		adjustments(1)			(2)			Adjustments			Notes			Pro Forma
Total title and escrow	$	1,503,177		($18,488	)		—		$	18,253			(3	)	$	1,502,942
Transaction processing		976,067		(1,003,459	)		—			27,392			(3	)		—
Specialty insurance		97,708		—			—			—						97,708
Interest and investments income		48,152		(1,430	)		(39	)		—						46,683
Realized gains and losses		5,625		(1,016	)		—			—						4,609
Other income		14,040		—			(2,108	)		—						11,932
Total revenue	$	2,644,769		($1,024,393	)		(2,147	)	$	45,645					$	1,663,874
Personnel costs		891,841		(415,992	)		(666	)		6,697			(4	)		481,880
Other operating expenses		602,061		(342,541	)		(234	)		20,695			(4	)		273,281
										(6,700	)		(5	)
Agent commissions		529,082		—			—			18,253			(6	)		547,335
Depreciation and amortization		137,969		(110,374	)		(6	)		—						27,589
Provision for claim losses		124,075		(120	)		—			—						123,955
Interest expense		62,960		(49,033	)		(915	)		198			(7	)		13,210
Total expenses		2,347,988		(918,060	)		(1,821	)		39,143						1,467,250
Earnings before income taxes		296,781		(106,333	)		(326	)		6,502						196,624
Income tax expense		110,402		(40,621	)		378			(357	)					69,802
Minority interest		53,758		317			—			(52,304	)		(8	)		1,771
Net income	$	132,621		($66,029	)		(704	)	$	59,163					$	125,051
Net income per share-basic															$	0.57
Pro forma weighted average shares-basic																219,000	(9)
Net income per share-diluted															$	0.56
Pro forma weighted average shares-diluted																222,000	(9)

FIDELITY NATIONAL FINANCIAL, INC.
UNAUDITED PRO FORMA SUMMARY OF EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30, 2006
(In thousands except per share amounts)

						FNF Capital
						pro forma			Other Pro
	Historical		FIS pro forma			adjustments			Forma					FNF
	FNF		adjustments(1)			(2)			Adjustments			Notes		Pro Forma
Total title and escrow	$	2,831,680		($37,103	)		—		$	36,868			(3)	$	2,831,445
Transaction processing		1,819,266		(1,885,779	)		—			66,513			(3)		—
Specialty insurance		204,451		—			—			—					204,451
Interest and investments income		99,515		(3,139	)		(58	)		—					96,318
Realized gains and losses		17,555		(2,039	)		—			—					15,516
Other income		26,801		—			(4,371	)		—					22,430
Total revenue	$	4,999,268		($1,928,060	)		(4,429	)	$	103,381				$	3,170,160
Personnel costs		1,769,772		(829,212	)		(1,536	)		11,932			(4)		950,956
Other operating expenses		1,095,405		(628,605	)		(397	)		54,581			(4)		514,284
										(6,700	)		(5)
Agent commissions		998,789		—			—			36,868			(6)		1,035,657
Depreciation and amortization		262,600		(207,169	)		(13	)		—					55,418
Provision for claim losses		238,567		(185	)		—			—					238,382
Interest expense		117,605		(92,301	)		(1,758	)		357			(7)		23,903
Total expenses		4,482,738		(1,757,472	)		(3,704	)		97,038					2,818,600
Earnings before income taxes		516,530		(170,588	)		(725	)		6,343					351,560
Income tax expense		192,149		(65,207	)		206			(2,344	)				124,804
Minority interest		85,389		6			—			(82,518	)		(8)		2,877
Net income	$	238,992		($105,387	)		(931	)	$	91,205				$	223,879
Net income per share-basic														$	1.02
Pro forma weighted average shares-basic															219,000	(9)
Net income per share-diluted														$	1.01
Pro forma weighted average shares-diluted															222,000	(9)

FIDELITY NATIONAL FINANCIAL, INC.

NOTES TO UNAUDITED PRO FORMA SUMMARY OF EARNINGS

Notes to Unaudited Pro Forma Summary of Earnings for the Three-Month and Six-Month Periods Ended June 30, 2006

     This pro forma summary of earnings includes the historical statements of continuing operations of FNF and removes the results of operations of FIS, FNF Capital and FNF minority interest expense relating to FIS and FNT, as though the reorganization transaction that occurred in the fourth quarter of 2006 had occurred on January 1, 2006.

(1)	This column represents the historical results of operations of FIS as included in FNF’s consolidated results of operations for the periods presented.
(2)	This column represents the historical results of operations of FNF Capital as included in FNF’s consolidated results of operations for the periods presented.
(3)	This represents the intercompany revenues relating to various agreements recorded on FIS’ income statement that had already been eliminated from the consolidated results of operations of FNF. These revenues amounted to $45.6 million and $103.4 million, respectively, for the three-month and six-month periods ended June 30, 2006.
(4)	This represents the intercompany expenses related to various agreements that were eliminated in the consolidated results of operations of FNF, but are third-party expenses subsequent to the reorganization transaction. These expenses amounted to $27.4 million and $66.5 million, respectively, for the three-month and six-month periods ended June 30, 2006.
(5)	This represents transaction costs related to the reorganization, all of which have been excluded from the pro forma summary of earnings. These costs amounted to $6.7 million for the three-month and six-month periods ended June 30, 2006.
(6)	This represents the additional agent commissions paid by FNF to FIS that were previously eliminated in the consolidated results of FNF, but are a third-party expense subsequent to the reorganization transaction. These commissions amounted to $18.3 million and $36.9 million, respectively, for the three-month and six-month periods ended June 30, 2006.
(7)	This represents intercompany interest expense that is a third-party expense subsequent to the reorganization transaction. These expenses amounted to $0.2 million and $0.4 million, respectively, for the three-month and six-month periods ended June 30, 2006.
(8)	This represents the elimination of the minority interest expense recorded by FNF relating to its earnings in FIS and FNT. Minority interest expense relating to FIS was $31.9 million and $48.3 million, respectively, for the three-month and six-month periods ended June 30, 2006. Minority interest relating to FNT was $20.4 million and $34.2 million, respectively, for the three-month and six-month periods ended June 30, 2006.
(9)	Amounts presented approximate the actual number of basic and diluted weighted average shares outstanding subsequent to the reorganization transaction.

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