0001331875false00013318752024-08-052024-08-05


United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
August 5, 2024
Fidelity National Financial, Inc.
(Exact name of Registrant as Specified in its Charter)
001-32630
(Commission File Number)
Delaware16-1725106

(State or Other Jurisdiction of 
Incorporation or Organization)		 
(IRS Employer Identification Number)
601 Riverside Avenue
Jacksonville, Florida 32204
(Addresses of Principal Executive Offices)
(904) 854-8100
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par valueFNFNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02. Results of Operations and Financial Condition
On August 5, 2024, Fidelity National Financial, Inc. (the "Company", "FNF") issued an earnings release announcing its financial results for the Second Quarter of 2024. A copy of the FNF earnings release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The following information, including the Exhibits referenced in this Item 2.02, is being furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits

(d) Exhibits
     
Exhibit Description
99.1 
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.






SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
     
 
Fidelity National Financial, Inc.
 
 
Date:August 5, 2024By:/s/ Anthony J. Park 
  Name:  Anthony J. Park  
  Title:  Chief Financial Officer  



graphicfnfera.jpg

FNF Reports Second Quarter 2024 Financial Results

Jacksonville, Fla. – (August 5, 2024) - Fidelity National Financial, Inc. (NYSE:FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (“F&G”), today reported financial results for the second quarter ended June 30, 2024.

Net earnings attributable to common shareholders for the second quarter were $306 million, or $1.12 per diluted share (per share), compared to $219 million, or $0.81 per share, for the second quarter of 2023. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the second quarter were $338 million, or $1.24 per share, compared to $274 million, or $1.01 per share, for the second quarter of 2023. The Title Segment contributed $241 million, compared to $226 million for the second quarter of 2023. The F&G Segment contributed $122 million, compared to $67 million for the second quarter of 2023. The Corporate Segment had adjusted net earnings of $2 million before eliminating $27 million of dividend income from F&G in the consolidated financial statements, compared to $2 million for the second quarter of 2023. The Title Segment’s increase reflects higher average fee per file, higher agency revenue and an uplift in investment income. F&G Segment adjusted net earnings include alternative investment returns below our long-term expectations of $17 million and net significant expense items of $10 million. Please see “Segment Financial Results” for F&G under “Non-GAAP Measures and Other Information” for further explanation.

Company Highlights

•Title Segment revenue and margin uplift; continue to successfully navigate current market: For the Title Segment, total revenue of $1.9 billion for the quarter, in line with the second quarter of 2023. Total revenue, excluding recognized gains and losses, of $2.0 billion for the second quarter, a 5% increase over $1.9 billion in the second quarter of 2023. Adjusted pre-tax title margin was 16.2% for the quarter, compared to 15.8% in the second quarter of 2023
•F&G Segment sustainable sales growth across multi-channel platform and record assets under management: For the F&G Segment, record gross sales of $4.4 billion for the second quarter, a 47% increase over the second quarter of 2023. F&G achieved record assets under management (AUM) of $52.2 billion as of June 30, 2024, driven by new business flows, stable inforce retention and net debt and equity proceeds over the past twelve months
•Sustainable common dividend backed by strong balance sheet: FNF paid common dividends of $0.48 per share for $131 million and ended the second quarter with $696 million in cash and short-term liquid investments at the holding company
    
William P. Foley, II, Chairman, commented, “Our Title business continues to perform well, delivering an industry leading adjusted pre-tax Title margin of 16.2% for the second quarter, as compared to 15.8% in the year ago quarter, and demonstrating our disciplined operating strategy as we’ve adapted to the current market. While higher mortgage rates are impacting residential purchase volumes, F&G is benefiting from strong demand for its products given demographic tailwinds, prior investments in building out its multi-channel sales platform and continued strong investment performance. As a result, F&G has achieved record gross sales of $4.4 billion for the second quarter, an increase of 47% over the second quarter of 2023, as the business is seeing strength across all of its sales channels. F&G’s earnings contribution to FNF has grown to 40% for the first half of 2024, providing an important


complement to our Title business. Taken together, our business is performing at a high level which speaks to both our momentum and successful execution to deliver strong results.”

Summary Financial Results
(In millions, except per share data)Three Months EndedYear to Date
June 30, 2024June 30, 202320242023
Total revenue$3,158 $3,068 $6,457 $5,542 
F&G total gross sales1$4,420 $3,008 $7,915 $6,289 
F&G assets under management1
$52,208 $46,004 $52,208 $46,004 
Total assets$88,824 $73,021 $88,824 $73,021 
Adjusted pre-tax title margin16.2 %15.8 %13.7 %13.2 %
Net earnings attributable to common shareholders$306 $219 $554 $160 
Net earnings per share attributable to common shareholders$1.12 $0.81 $2.04 $0.59 
Adjusted net earnings1
$338 $274 $544 $425 
Adjusted net earnings per share1
$1.24 $1.01 $2.00 $1.57 
Weighted average common diluted shares273 271 272 271 
Total common shares outstanding273 272 273 272 


1 See definition of non-GAAP measures below


Segment Financial Results

Title Segment
This segment consists of the operations of the Company’s title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.

Mike Nolan, Chief Executive Officer, commented, “Through the second quarter, we have continued to effectively manage our business to the trend in opened orders and delivered another industry leading performance, while generating strong cash flows that we have used to reinvest in the business and return to our shareholders. Our results reflect a disciplined operating strategy and ongoing investments in data and innovative technologies like InHere, our industry leading digital transaction platform. We had over 1 million real estate professionals and consumers use inHere in full year 2023 and nearly 700,000 in the first half of this year. Additionally, during the quarter we named our Chief Artificial Intelligence Officer. This appointment highlights AI's importance for the future and our commitment to responsibly harness its potential to generate efficiencies, increase productivity and enhance our customers' experience throughout their transactions."

Second Quarter 2024 Highlights

•Total revenue of $1.9 billion, compared with $1.9 billion in the second quarter of 2023
•Total revenue, excluding recognized gains and losses, of $2.0 billion, a 5% increase over second quarter of 2023
◦Direct title premiums of $564 million, a 4% increase over second quarter of 2023
◦Agency title premiums of $784 million, a 10% increase over second quarter of 2023
◦Commercial revenue of $273 million, a 4% increase over second quarter of 2023
•Purchase orders opened increased 2% on a daily basis and purchase orders closed were in line with the second quarter of 2023
•Refinance orders opened decreased 1% on a daily basis and refinance orders closed decreased 4% on a daily basis from second quarter of 2023
•Commercial orders opened increased 1% over the second quarter of 2023 and commercial orders closed decreased 7% from second quarter of 2023
•Total fee per file of $3,759 for the second quarter, a 4% increase over the second quarter of 2023

Second Quarter 2024 Financial Results

•Pre-tax title margin of 12.2% and industry leading adjusted pre-tax title margin of 16.2% for the second quarter of 2024, compared to 12.5% and 15.8%, respectively, in the second quarter of 2023
•Pre-tax earnings from continuing operations in Title for the second quarter of $235 million, compared with $233 million for the second quarter of 2023
•Adjusted pre-tax earnings in Title for the second quarter of $324 million compared with $302 million for the second quarter of 2023. The increase reflects higher average fee per file, higher agency revenue and an uplift in investment income













F&G Segment
This segment consists of operations of FNF’s majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.

Chris Blunt, Chief Executive Officer, commented, “Our business continues to perform well as we experienced strength across all of our channels having delivered record retail sales of $3.2 billion, increasing 39% over the prior year quarter, while our institutional market sales were $1.2 billion, up strongly as compared to $700 million of sales in the prior year quarter. Our retail products are seeing strong demand as consumers want to secure relatively higher rates, guaranteed tax deferred growth and principal protection, which is particularly attractive to baby boomers who are approaching retirement, a significant demographic trend with a long tail. We ended the second quarter with a record $61.4 billion of assets under management before flow reinsurance. We have plenty of momentum and continue to drive asset growth, deliver margin expansion and generate accretive returns that are well on pace to achieve our Investor Day targets.”

Second Quarter 2024

•Record profitable gross sales: Gross sales of $4.4 billion for the second quarter, an increase of 47% over the second quarter of 2023, driven by record retail channel sales and robust institutional market sales
•Record Retail channel sales of $3.2 billion for the second quarter, an increase of 39% over the second quarter of 2023, driven by strong annuity sales
•Robust Institutional market sales of $1.2 billion, compared to $0.7 billion in the second quarter of 2023, driven by higher funding agreements due to more favorable market conditions
•Net sales of $3.4 billion for the second quarter, an increase of 55% over the second quarter of 2023
•Record assets under management (AUM) of $52.2 billion as of June 30, 2024, an increase of 13% from $46.0 billion as of June 30, 2023, driven by net new business flows, stable inforce retention and net debt and equity proceeds over the past twelve months. AUM before flow reinsurance was $61.4 billion as of June 30, 2024
•Net earnings attributable to common shareholders for F&G Segment of $171 million for the second quarter due to favorable mark-to-market movement, compared to $110 million for the second quarter of 2023 which included favorable mark-to-market movement
•Adjusted net earnings attributable to common shareholders for F&G Segment of $122 million for the second quarter, compared to $67 million for the second quarter of 2023
◦F&G’s adjusted net earnings reflect alternatives investment portfolio short-term mark-to-market movement that differs from long-term return expectation. The second quarter of 2024 includes short term investment income from alternative investments and $10 million of net significant expense items, whereas the second quarter of 2023 included short term investment income from alternative investments and $4 million of significant income items
◦As compared to the prior year quarter, adjusted net earnings reflect asset growth, margin diversification from accretive flow reinsurance fees and owned distribution margin, disciplined expense management and higher interest expense due to planned capital market activity
◦Please see “Segment Financial Results” for F&G under “Non-GAAP Measures and Other Information” for further explanation



Conference Call
We will host a call with investors and analysts to discuss FNF’s second quarter 2024 results on Tuesday, August 6, 2024, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 3:00 p.m. Eastern Time on August 6, 2024, through August 13, 2024, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13747344.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.

About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales.

Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.

The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.

Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future 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 financial and operating results 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, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; 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; our


dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.
FNF-E

SOURCE: Fidelity National Financial, Inc.; F&G Annuities & Life, Inc.

CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investors@fnf.com
515.330.3307




FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherEliminations
Three Months Ended
June 30, 2024
Direct title premiums$564 $564 $— $— $— 
Agency title premiums784 784 — — — 
Escrow, title related and other fees 1,115 571 505 39 — 
Total title and escrow2,463 1,919 505 39 — 
Interest and investment income783 87 684 39 (27)
Recognized gains and losses, net(88)(75)(17)4 — 
Total revenue3,158 1,931 1,172 82 (27)
Personnel costs779 680 69 30 — 
Agent commissions609 609 — — — 
Other operating expenses 387 311 46 30 — 
Benefits & other policy reserve changes608 — 608 — — 
Market risk benefit (gains) losses20 — 20 — — 
Depreciation and amortization189 35 147 7 — 
Provision for title claim losses61 61 — — — 
Interest expense47 — 28 19 — 
Total expenses2,700 1,696 918 86 — 
Pre-tax earnings (loss) $458 $235 $254 $(4)$(27)
  Income tax expense (benefit)116 72 50 (6)— 
  Earnings (loss) from equity investments1 1 — — — 
  Non-controlling interests37 5 33 (1)— 
Net earnings (loss) attributable to common shareholders$306 $159 $171 $3 $(27)
EPS attributable to common shareholders - basic$1.13 
EPS attributable to common shareholders - diluted$1.12 
Weighted average shares - basic271 
Weighted average shares - diluted273 





FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherEliminations
Three Months Ended
June 30, 2024
Net earnings (loss) attributable to common shareholders$306 $159 $171 $3 $(27)
Pre-tax earnings (loss)$458 $235 $254 $(4)$(27)
 Non-GAAP Adjustments
  Recognized (gains) and losses, net53 75 (18)(4)— 
  Market related liability adjustments(71)— (71)— — 
  Purchase price amortization35 14 19 2 — 
  Transaction costs (3)— (3)— — 
Adjusted pre-tax earnings (loss)$472 $324 $181 $(6)$(27)
Total non-GAAP, pre-tax adjustments$14 $89 $(73)$(2)$— 
  Income taxes on non-GAAP adjustments(4)(21)16 1 — 
  Non-controlling interest on non-GAAP adjustments8 — 8 — — 
  Deferred tax asset valuation allowance14 14 — — — 
Total non-GAAP adjustments$32 $82 $(49)$(1)$— 
Adjusted net earnings (loss) attributable to common shareholders$338 $241 $122 $2 $(27)
Adjusted EPS attributable to common shareholders - diluted$1.24 

















FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherElimination
Three Months Ended
June 30, 2023
Direct title premiums$541 $541 $— $— $— 
Agency title premiums713 713 — — — 
Escrow, title related and other fees 1,212 581 576 55 — 
Total title and escrow2,466 1,835 576 55 — 
Interest and investment income618 79 525 35 (21)
Recognized gains and losses, net (16)(50)67 (33)— 
Total revenue3,068 1,864 1,168 57 (21)
Personnel costs755 656 56 43 — 
Agent commissions550 550 — — — 
Other operating expenses394 330 33 31 — 
Benefits & other policy reserve changes 817 — 817 — — 
Market risk benefit (gains) losses (30)— (30)— — 
Depreciation and amortization151 39 104 8 — 
Provision for title claim losses56 56 — — — 
Interest expense43 — 25 18 — 
Total expenses2,736 1,631 1,005 100 — 
Pre-tax earnings (loss) $332 $233 $163 $(43)$(21)
  Income tax expense (benefit)90 65 33 (8)— 
  Earnings from equity investments1 1 — — — 
  Non-controlling interests24 4 20 — — 
Net earnings (loss) attributable to common shareholders$219 $165 $110 $(35)$(21)
EPS attributable to common shareholders - basic$0.81 
EPS attributable to common shareholders - diluted$0.81 
Weighted average shares - basic270 
Weighted average shares - diluted271 



FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherElimination
Three Months Ended
June 30, 2023
Net earnings (loss) attributable to common shareholders$219 $165 $110 $(35)$(21)
Pre-tax earnings (loss)$332 $233 $163 $(43)$(21)
Non-GAAP Adjustments
  Recognized (gains) and losses, net113 50 30 33 — 
  Market related liability adjustments (102)— (102)— — 
  Purchase price amortization28 19 63 — 
  Transaction costs2 — — 2 — 
Adjusted pre-tax earnings (loss)$373 $302 $97 $(5)$(21)
Total non-GAAP, pre-tax adjustments$41 $69 $(66)$38 $— 
  Income taxes on non-GAAP adjustments(11)(17)15 (9)— 
  Non-controlling interest on non-GAAP adjustments8 — 8 — — 
  Deferred tax asset valuation allowance 17 9 — 8 — 
Total non-GAAP adjustments$55 $61 $(43)$37 $— 
Adjusted net earnings (loss) attributable to common shareholders$274 $226 $67 $2 $(21)
Adjusted EPS attributable to common shareholders - diluted$1.01 



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherElimination
Six Months Ended
June 30, 2024
Direct title premiums$1,004 $1,004 $— $— $— 
Agency title premiums1,377 1,377 — — — 
Escrow, title related and other fees 2,396 1,055 1,246 95 — 
Total title and escrow4,777 3,436 1,246 95 — 
Interest and investment income 1,493 170 1,300 77 (54)
Recognized gains and losses, net187 (12)195 4 — 
Total revenue6,457 3,594 2,741 176 (54)
Personnel costs1,506 1,298 135 73 — 
Agent commissions1,069 1,069 — — — 
Other operating expenses756 596 104 56 — 
Benefits & other policy reserve changes1,769 — 1,769 — — 
Market risk benefit (gains) losses9 — 9 — — 
Depreciation and amortization356 71 270 15 — 
Provision for title claim losses107 107 — — — 
Interest expense96 — 58 38 — 
Total expenses5,668 3,141 2,345 182 — 
Pre-tax earnings (loss) from continuing operations$789 $453 $396 $(6)$(54)
  Income tax expense (benefit)179 117 76 (14)— 
  Earnings (loss) from equity investments2 2 — — — 
  Non-controlling interests58 7 51 — — 
Net earnings (loss) attributable to common shareholders$554 $331 $269 $8 $(54)
EPS attributable to common shareholders - basic$2.04 
EPS attributable to common shareholders - diluted$2.04 
Weighted average shares - basic271 
Weighted average shares - diluted272 





FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherElimination
Six Months Ended
June 30, 2024
Net earnings (loss) attributable to common shareholders$554 $331 $269 $8 $(54)
Pre-tax earnings (loss)$789 $453 $396 $(6)$(54)
Non-GAAP Adjustments
  Recognized (gains) and losses, net22 12 14 (4)— 
  Market related liability adjustments(126)— (126)— — 
  Purchase price amortization76 30 41 5 — 
  Transaction costs(2)— (3)1 — 
Adjusted pre-tax earnings (loss)$759 $495 $322 $(4)$(54)
Total non-GAAP, pre-tax adjustments$(30)$42 $(74)$2 $— 
  Income taxes on non-GAAP adjustments7 (10)17 — — 
  Deferred tax asset valuation allowance8 8 — — — 
  Non-controlling interest on non-GAAP adjustments5 — 5 — — 
Total non-GAAP adjustments$(10)$40 $(52)$2 $— 
Adjusted net earnings (loss) attributable to common shareholders$544 $371 $217 $10 $(54)
Adjusted EPS attributable to common shareholders - diluted$2.00 





















FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
F&G
Six Months EndedConsolidatedTitleCorporate and OtherElimination
June 30, 2023
Direct title premiums$969 $969 $— $— $— 
Agency title premiums1,263 1,263 — — — 
Escrow, title related and other fees 2,092 1,052 941 99 — 
Total title and escrow4,324 3,284 941 99 — 
Interest and investment income1,229 160 1,044 46 (21)
Recognized gains and losses, net (11)(28)52 (35)— 
Total revenue5,542 3,416 2,037 110 (21)
Personnel costs1,432 1,254 109 69 — 
Agent commissions970 970 — — — 
Other operating expenses754 626 69 59 — 
Benefits & other policy reserve changes 1,629 — 1,629 — — 
Market risk benefit (gains) losses 29 — 29 — — 
Depreciation and amortization285 76 194 15 — 
Provision for title claim losses100 100 — — — 
Interest expense85 — 47 38 — 
Total expenses5,284 3,026 2,077 181 — 
Pre-tax earnings (loss) $258 $390 $(40)$(71)$(21)
  Income tax expense (benefit)104 92 25 (13)— 
  Earnings from equity investments1 1 — — — 
  Non-controlling interests(5)6 (11)— — 
Net earnings (loss) attributable to common shareholders$160 $293 $(54)$(58)$(21)
EPS attributable to common shareholders - basic$0.59 
EPS attributable to common shareholders - diluted$0.59 
Weighted average shares - basic270 
Weighted average shares - diluted271 



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
ConsolidatedTitleF&GCorporate and OtherElimination
Six Months Ended
June 30, 2023
Net earnings (loss) attributable to common shareholders$160 $293 $(54)$(58)$(21)
Pre-tax earnings (loss)$258 $390 $(40)$(71)$(21)
Non-GAAP Adjustments
  Recognized (gains) and losses, net167 28 104 35 — 
  Market related liability adjustments 142 — 142 — — 
  Purchase price amortization55 37 117 — 
  Transaction costs7 — 25 — 
Adjusted pre-tax earnings (loss)$629 $455 $219 $(24)$(21)
Total non-GAAP, pre-tax adjustments$371 $65 $259 $47 $— 
  Income taxes on non-GAAP adjustments(81)(16)(54)(11)— 
  Deferred tax asset valuation allowance7 (1)— 8 — 
  Non-controlling interest on non-GAAP adjustments(32)— (32)— — 
Total non-GAAP adjustments$265 $48 $173 $44 $— 
Adjusted net earnings (loss) attributable to common shareholders$425 $341 $119 $(14)$(21)
Adjusted EPS attributable to common shareholders - diluted$1.57 



FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
  June 30,
2024		December 31,
2023
  (Unaudited)(Unaudited)
Cash and investment portfolio $63,916 $58,816 
Goodwill  5,107  4,830 
Title plant  420  418 
Total assets  88,824  80,614 
Notes payable  4,175  3,887 
Reserve for title claim losses  1,721  1,770 
Secured trust deposits  800  731 
Accumulated other comprehensive (loss) earnings(2,087)(2,119)
Non-controlling interests721 552 
Total equity and non-controlling interests  7,981  7,460 
Total equity attributable to common shareholders7,260 6,908 



Non-GAAP Measures and Other Information

Title Segment

The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.

Three Months Ended
Six Months Ended
(Dollars in millions)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Pre-tax earnings
$235 $233 $453 $390 
Non-GAAP adjustments before taxes
  Recognized (gains) and losses, net
75 50 12 28 
  Purchase price amortization
14 19 30 37 
Total non-GAAP adjustments
89 69 42 65 
Adjusted pre-tax earnings
$324 $302 $495 $455 
Adjusted pre-tax margin
16.2 %15.8 %13.7 %13.2 %



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Quarterly Opened Orders ('000's except % data)
Total opened orders*344 315 257 318 347 308 266 363 
Total opened orders per day*5.5 5.1 4.1 5.0 5.4 5.0 4.3 5.7 
Purchase % of opened orders80 %79 %78 %80 %79 %78 %76 %76 %
Refinance % of opened orders20 %21 %22 %20 %21 %22 %24 %24 %
Total closed orders*229 186 192 224 233 188 216 278 
Total closed orders per day*3.6 3.0 3.1 3.6 3.6 3.0 3.5 4.3 
Purchase % of closed orders81 %79 %80 %80 %81 %78 %76 %76 %
Refinance % of closed orders19 %21 %20 %20 %19 %22 %24 %24 %
Commercial (millions, except orders in '000's)
Total commercial revenue$273 $238 $294 $263 $263 $241 $344 $381 
Total commercial opened orders50.7 48.7 43.7 49.1 50.2 48.5 44.9 54.8 
Total commercial closed orders25.7 24.3 26.3 25.6 27.7 24.7 30.5 35.2 
National commercial revenue$145 $123 $164 $131 $132 $123 $177 $195 
National commercial opened orders21.4 19.4 18.2 19.2 19.5 18.8 17.8 22.1 
National commercial closed orders9.8 9.2 10.1 9.4 10.1 8.7 11.9 14.0 
Total Fee Per File
Fee per file$3,759 $3,555 $3,806 $3,618 $3,598 $3,446 $3,649 $3,621 
Residential fee per file$2,995 $2,746 $2,889 $2,861 $2,897 $2,601 $2,542 $2,697 
Total commercial fee per file$10,600 $9,800 $11,200 $10,300 $9,500 $9,800 $11,300 $10,800 
National commercial fee per file$14,800 $13,400 $16,300 $14,000 $13,000 $14,100 $14,900 $13,900 
Total Staffing
Total field operations employees10,300 10,000 9,900 10,400 10,600 10,400 10,700 12,000 
Actual title claims paid ($ millions)$70 $70 $64 $69 $67 $62 $79 $65 




Title Segment (continued)

FIDELITY NATIONAL FINANCIAL, INC.
MONTHLY TITLE ORDER STATISTICS
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
April 2024  119,00081%  75,00081%
May 2024   118,00080%  81,00082%
June 2024   107,00079%  73,00081%
      
Second Quarter 2024   344,00080%  229,00081%

Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
April 2023   106,00080%  70,00080%
May 2023   125,00079%  81,00081%
June 2023   116,00079%  82,00081%
      
Second Quarter 2023   347,00079%  233,00081%
* Includes an immaterial number of non-purchase and non-refinance orders




F&G Segment

The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders. The F&G Segment is reported net of noncontrolling minority interest.

Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net earnings attributable to common shareholders $171 $110 $269 $(54)
Non-GAAP adjustments(1):
Recognized (gains) losses, net(18)30 14 104 
Market related liability adjustments(71)(102)(126)142 
Purchase price amortization19 6 41 11 
Transaction costs(3)— (3)2 
Income taxes on non-GAAP adjustments16 15 17 (54)
Non-controlling interest on non-GAAP adjustments8 8 5 (32)
Adjusted net earnings (loss) attributable to common shareholders(1)
$122 $67 $217 $119 

•Adjusted net earnings of $122 million for the second quarter of 2024 include $122 million, or $0.45 per share, of investment income from alternative investments and $3 million, or $0.01 per share, of CLO redemption gains and bond prepay income; partially offset by $13 million, or $0.05 per share, of net expense from actuarial model updates and refinements. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $139 million, or $0.51 per share.

•Adjusted net earnings of $67 million for the second quarter of 2023 included $69 million, or $0.26 per share, of investment income from alternative investments and $4 million, or $0.01 per share, of bond prepay income. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $116 million, or $0.43 per share.

•Adjusted net earnings of $217 million for the six months ended June 30, 2024 include $206 million, or $0.76 per share, of investment income from alternative investments and $8 million or $0.03 per share of CLO redemption gains and bond prepay income; partially offset by $13 million, or $0.05 per share, of net expense from actuarial model updates and refinements. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $267 million, or $0.98 per share.

•Adjusted net earnings of $119 million for the six months ended June 30, 2023 included $152 million, or $0.57 per share, of investment income from alternative investments and $4 million, or $0.01 per share, of bond prepay income, partially offset by $31 million, or $0.11 per share, tax valuation allowance expense. Alternative investments investment income based on management’s long-term expected return of approximately 10% was $227 million, or $0.84 per share.














Footnotes:
1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.


The table below provides a summary of sales highlights.

Three Months EndedSix Months Ended
(In millions)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Total annuity sales$3,123 $2,288 $5,887 $5,012 
Indexed universal life sales44 42 86 79 
Funding agreements (FABN/FHLB)915 200 1,020 456 
Pension risk transfer338 478 922 742 
Gross sales(1)
$4,420 $3,008 $7,915 $6,289 
Sales attributable to flow reinsurance to third parties(975)(796)(2,168)(1,868)
Net Sales(1)
$3,445 $2,212 $5,747 $4,421 

Footnotes:
1.Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.









DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.

Adjusted Net Earnings attributable to common shareholders

Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:
i.Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
ii.Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
iii.Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);
iv.Transaction costs: the impacts related to acquisition, integration and merger related items;
v.Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments;
vi.Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;
vii.Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and
viii.Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction

While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Assets Under Management (AUM)
AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:

i. total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;
ii.investments in unconsolidated affiliates at carrying value;
iii.related party loans and investments;
iv.accrued investment income;
v.the net payable/receivable for the purchase/sale of investments; and
vi.cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.



AUM before Flow Reinsurance

AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.

Average Assets Under Management (AAUM)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.




v3.24.2.u1
Cover Cover
Aug. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 05, 2024
Entity Registrant Name Fidelity National Financial, Inc.
Entity File Number 001-32630
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 16-1725106
Entity Address, Address Line One 601 Riverside Avenue
Entity Address, City or Town Jacksonville
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32204
City Area Code 904
Local Phone Number 854-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security FNF Common Stock, $0.0001 par value
Trading Symbol FNF
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001331875
Amendment Flag false
Fidelity National Financ... (NYSE:FNF)
過去 株価チャート
から 8 2024 まで 9 2024 Fidelity National Financ...のチャートをもっと見るにはこちらをクリック
Fidelity National Financ... (NYSE:FNF)
過去 株価チャート
から 9 2023 まで 9 2024 Fidelity National Financ...のチャートをもっと見るにはこちらをクリック