EXHIBIT 99.1

PRESS RELEASE

FNF Reports Fourth Quarter 2003 EPS of $1.28 and Full-Year 2003 EPS of $6.19

Jacksonville, Fla. — (January 27, 2004) — Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today reported operating results for the three and twelve-month periods ended December 31, 2003.

4th Quarter 2003	4th Quarter 2002
Net Earnings	Net Earnings
$196.2 million	$174.9 million
$1.28 per diluted share	$1.41 per diluted share

Twelve Months Ended December 31, 2003	Twelve Months Ended December 31, 2002
Net Earnings	Net Earnings
$861.8 million	$531.7 million
$6.19 per diluted share	$4.30 per diluted share

• Revenue for the fourth quarter of 2003 was $2.0 billion, compared with $1.6 billion for the fourth quarter of 2002; full-year 2003 revenue was $7.7 billion compared to $5.1 billion for full-year 2002

• The Company has expanded the disclosure in revenue line items on the income statement to better reflect both the existing operational structure and future strategic direction of the company; the Direct and Agency premiums and Escrow and other title-related fees line item descriptions have not changed; the new line item Financial institution processing and outsourcing (FIPO) includes the results of Fidelity Information Services (FIS), default management services, Eastern Software (loan

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	origination system) and SoftPro (title production system); Real estate information services (REIS) consists of mortgage data products and services and other specialized real estate services such as 1031 exchange services, relocation services and mortgage aggregation; Specialty insurance includes flood insurance, home warranty and homeowners insurance; the Interest and investment income, Realized gains, net and Other income line item descriptions have not changed
•	Revenue from Financial institution processing and outsourcing was $290 million for the fourth quarter of 2003 versus $38 million for the fourth quarter of 2002 and $267 million (8.4 percent sequential quarterly growth) for the third quarter of 2003
•	Fidelity Information Services generated $237 million in revenue for the fourth quarter of 2003, a sequential increase of 9 percent over the third quarter 2003 FIS revenue of $217 million
•	Fidelity Information Services sequential organic revenue growth was 6.5 percent for the fourth quarter 2003 over the third quarter 2003
•	Real estate information services revenue was $137 million for the fourth quarter of 2003 compared with $105 million for the fourth quarter of 2002 and $162 million for the third quarter of 2003
•	Specialty insurance contributed $44 million for the fourth quarter of 2003 versus $14 million in the fourth quarter of 2002 and $33 million for the third quarter of 2003
•	Cash flow from operations was $297 million for the fourth quarter of 2003 and nearly $1.3 billion for full-year 2003

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     The following table provides segment financial information for the three months ended December 31, 2003:

$ amounts in thousands	Title and Escrow			FIPO			REIS			Specialty Insurance			Corporate and Other			Total
Operating Revenue	$	1,535,326		$	289,783		$	136,887		$	44,188		$	3,003		$	2,009,187
Interest and Investment Income and Realized Gains/(Losses)	$	29,919			($46	)	$	579		$	306		$	1,682		$	32,440
Pre-Tax Income (Loss)	$	262,297		$	48,119	*	$	23,741		$	2,387			($18,677	)	$	317,867
Pre-Tax Margin		17.1	%		16.6	%		17.3	%		5.4	%		—			15.8	%

* Includes purchase price amortization of $6.6 million; Pre-Tax Income before the amortization was $54.8 million and Pre-Tax Margin was 18.9%

        “This quarter capped the most successful year in the history of Fidelity National Financial,” said Chairman and Chief Executive Officer William P. Foley, II. “Revenue grew to $7.7 billion, net earnings were more than $860 million and cash flow from operations was nearly $1.3 billion. We also made significant progress on our strategy to diversify into financial institution processing and outsourcing, thereby increasing the recurring revenue and earnings streams of the Company and providing a more balanced financial profile in 2004 and beyond. Nearly twenty-five percent of our fourth quarter revenue came from non-title related operations or investment activity, with our goal to reach fifty percent over the next three years. Fidelity Information Services has performed beyond our expectations since the April acquisition, exceeding our annualized 10 percent organic revenue growth target in each of the third and fourth quarters of 2003.”

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     The following table depicts monthly direct title and escrow orders opened and closed for the fourth quarter of both 2003 and 2002:

Month			Direct Orders Opened		Direct Orders Closed		Closing %
October 2003				298,900		289,200		97	%
November 2003				230,400		206,600		90	%
December 2003				238,300		230,800		97	%
Fourth Quarter 2003				767,600		726,600		95	%
		Full Year 2003		4,820,700		3,694,000		77	%
October 2002				385,000		258,000		67	%
November 2002				318,700		229,300		72	%
December 2002				290,100		265,200		91	%
Fourth Quarter 2002				993,800		752,500		76	%
	Full Year 2002			3,228,300		2,290,300		71	%

     “Order volumes during the fourth quarter remained strong,” said President Randy Quirk. “While we have clearly fallen from the refinance driven peak of the summer, we still opened roughly 12,000 orders per day. That order level, combined with our continued aggressive efforts to manage our cost structure, provides an attractive market where we can generate significant profits.”

     Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period. FNF is one of the world’s largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 46 of the top 50 U. S. banks and has clients in more than 50 countries who rely on

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its processing and outsourcing products and services. Additionally, FNF is the nation’s largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.

     This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the “Management’s Discussion and Analysis” section of the Company’s Form 10-K and other reports and 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

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

		Three months ended				Twelve months ended
		December 31,				December 31,
		2003		2002		2003		2002
		(Unaudited)		(Unaudited)
Direct title premiums		$	526,493	$	502,537	$	2,400,870	$	1,610,792
Agency title premiums			727,628		636,776		2,337,381		1,936,937
	Total title premiums		1,254,121		1,139,313		4,738,251		3,547,729
Escrow and other title-related fees			281,205		266,946		1,247,869		884,862
	Total title and escrow		1,535,326		1,406,259		5,986,120		4,432,591
Financial institution processing and outsourcing			289,783		38,344		852,685		118,103
Real estate information services			136,887		104,923		559,984		371,956
Specialty insurance			44,188		13,568		135,231		46,061
Interest and investment income			14,965		18,307		60,345		74,577
Realized gains, net			17,475		3,511		106,385		15,459
Other income			3,003		5,057		14,465		23,893
	Total revenue		2,041,627		1,589,969		7,715,215		5,082,640
Personnel costs			635,052		438,708		2,465,026		1,476,430
Other operating expenses			436,418		304,847		1,707,512		1,021,893
Agent commissions			570,410		500,637		1,823,241		1,521,573
Claim loss expense			68,976		56,970		255,694		177,391
Interest expense			12,904		8,054		43,103		34,053
	Total expenses		1,723,760		1,309,216		6,294,576		4,231,340
Earnings before income taxes			317,867		280,753		1,420,639		851,300
Income tax expense			120,789		101,071		539,843		306,468
Minority interest			862		4,747		18,976		13,115
Net earnings		$	196,216	$	174,935	$	861,820	$	531,717
Net earnings per share — basic		$	1.32	$	1.46	$	6.39	$	4.46
Net earnings per share — diluted		$	1.28	$	1.41	$	6.19	$	4.30
Weighted average shares — basic			148,608		119,566		134,795		119,214
Weighted average shares — diluted			153,627		123,714		139,246		123,519
Direct orders opened			767,600		993,800		4,820,700		3,228,300
Direct orders closed			726,600		752,500		3,694,000		2,290,300
Fee Per File		$	1,094	$	1,007	$	980	$	1,064

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SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)

	December 31,		December 31,
	2003		2002
	(Unaudited)
Cash and investment portfolio	$	3,198,256	$	3,048,415
Goodwill		1,926,478		996,613
Capitalized software		290,108		98,034
Other intangible assets		529,716		47,357
Total assets		7,311,959		5,245,951
Notes payable		659,186		493,458
Reserve for claim losses		940,217		887,973
Secured trust deposits		688,502		750,920
Total equity		3,873,359		2,253,936
Book value per share		25.85		18.84

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