Operator

Good morning, and welcome to FNF’s First Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker
Senior Vice President of Investor & External Relations

Thanks, operator, and welcome, everyone. I’m joined today by Mike Nolan, CEO; and Tony Park, CFO. We look forward to addressing your questions following our prepared remarks. F&G’s management team, including Chris Blunt, CEO; and Conor Murphy, President and CFO, will also be available for Q&A.

Today’s earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied.

This morning’s discussion also includes non-GAAP measures, which management believes are relevant in assessing the financial performance of the business. Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company’s investor website. Please note that today’s

The Trump administration’s efforts to curtail U.S. dependence on China are intensifying as artificial intelligence exposes vulnerabilities deep inside America’s military supply chain.

Exiger CEO Brandon Daniels joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how artificial intelligence is being used to trace the origin of critical military components and identify weak points tied to Chinese-controlled materials and suppliers.

U.S. military weapon manufacturing at Scranton Army Ammunition Plant in Pennsylvania. (CHARLY TRIBALLEAU/AFP / Getty Images)

Daniels said China has spent years targeting key areas of industrial manufacturing through what he described as “economic warfare,” pointing to practices such as forced labor, tariff evasion and state subsidies that have hollowed out parts of America’s manufacturing base.

“There is a big, thick middle of manufacturing that China has targeted over the last 20 years,” Daniels said.

The conversation comes as the Trump administration is pushing to strengthen domestic production capacity tied to national security and defense systems. Daniels said the U.S. once had more than 360 manufacturers supporting areas such as iron castings, magnesium castings and forgings tied to defense production, but that number has dropped below 120 in the past decade.

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“But there is a way out,” Daniels said. “Through autonomous workflows, through automation, through robotics, through artificial intelligence… we can return manufacturing to the United States.”

Supply chain concerns have intensified amid instability in the Middle East and threats to shipping through the Strait of Hormuz.

Secretary of Energy Christopher Wright joined Wednesday’s program to discuss ongoing tensions involving Iran and the importance of maintaining open shipping lanes.

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“The United States is going to have free flow of traffic through the Strait of Hormuz,” Wright said.

The discussion reflects a broader push across government and industry to reduce reliance on foreign-controlled materials tied to critical defense systems.

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