Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 (I.R.S. Employer Identification No.) 601 Riverside Avenue Jacksonville, Florida, 32204 (Address of principal executive offices, including zip code) (904) 854-8100 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Numb ...

Fidelity National Financial (FNF) Q2 2025 Earnings Call August 07, 2025 11:00 AM ET Company ParticipantsLisa Foxworthy-Parker - Senior Vice President of Investor & External RelationsMike Nolan - Chief Executive OfficerTony Park - CFOMark Devries - DirectorBose George - Managing DirectorGeoffrey Dunn - PartnerConference Call ParticipantsTerry Ma - Senior Equity Research AnalystMark Hughes - AnalystOperatorGood morning, and welcome to the FNF's Second Quarter twenty twenty five Earnings Call. During today's p ...

Financial Data and Key Metrics Changes - The company generated total revenue of $3.6 billion in Q2 2025, compared to $3.2 billion in Q2 2024, excluding net recognized gains and losses [12] - Adjusted net earnings were $318 million or $1.16 per diluted share, down from $338 million or $1.24 per share in Q2 2024 [13] - The title segment contributed $260 million to adjusted net earnings, while the F and G segment contributed $89 million [13] Business Line Data and Key Metrics Changes - The title segment generated $2.2 billion in total revenue in Q2 2025, up from $2 billion in Q2 2024, with direct premiums increasing by 12% [14] - Adjusted pretax title earnings were $337 million, a $13 million or 4% increase from the previous year, with a title margin of 15.5% [5][14] - The F and G segment's assets under management grew to $69.2 billion, a 13% increase year-over-year [10] Market Data and Key Metrics Changes - Daily purchase orders opened increased by 5% compared to Q2 2024, while refinance orders saw a significant 28% increase [6][7] - Commercial volumes showed strong performance with direct commercial revenue of $626 million in the first half of 2025, up 23% from $511 million in the same period of 2024 [8] Company Strategy and Development Direction - The company is focused on long-term growth through strategic investments in security, technology, and recruiting [5] - F and G is pursuing a more fee-based, higher-margin, and less capital-intensive business model, supported by the launch of a new reinsurance vehicle [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a rebound in transaction volumes and the potential for efficiencies across operations [9] - The company anticipates that elevated health claims will normalize in 2026, and they remain confident in maintaining a 15% to 20% pretax title margin [15][45] Other Important Information - The company repurchased 2.9 million shares for $159 million at an average price of $55.2 per share during Q2 2025 [20] - The company returned nearly $300 million of capital to shareholders through dividends and share repurchases in the second quarter [21] Q&A Session Summary Question: Thoughts on holding separate businesses under the same company - Management is pleased with F and G's performance and sees continued value in the current structure, contributing 32% of adjusted earnings [27][28] Question: Details on personnel expenses - Personnel expenses increased due to active recruiting and elevated health claims, with a significant impact from medical claims [29][32] Question: Margin and expense outlook - Management expects health claims to peak this quarter and then moderate, maintaining confidence in the 15% to 20% margin range [44][45] Question: Commercial order momentum - National open orders were up 22% year-over-year, with strong expectations for continued growth in the back half of the year [49][50] Question: Buyback strategy - The company plans to remain active in share buybacks, particularly if share prices show weakness [55][60] Question: Dividend capacity for the second half - Approximately $250 million is available from regulated entities, with an additional $60 million from F and G [67]

Fidelity National Financial (FNF) came out with quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.4 per share. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -17.14%. A quarter ago, it was expected that this provider of title insurance and mortgage services would post earnings of $1.13 per share when it actually produced earnings of $0.78, delivering a surpris ...

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the second quarter were $318 million, or $1.16 per share, compared to $338 million, or $1.24 per share, for the second quarter of 2024. Company Highlights William P. Foley, II, Chairman, commented, "Our business continued to perform well through the second quarter highlighted by an industry leading pre-tax Title margin and strong adjusted net earnings from our Title segment, as the housing market continues to face elevated ...

Core Insights - Fidelity National Financial, Inc. reported a net earnings of $278 million for Q2 2025, a decrease from $306 million in Q2 2024, resulting in earnings per diluted share of $1.02 compared to $1.12 in the previous year [2][3][6] - Adjusted net earnings for the same period were $318 million, or $1.16 per share, down from $338 million, or $1.24 per share, in Q2 2024 [3][6] - The company continues to generate healthy free cash flow, allowing for share repurchases and dividends totaling over $450 million year-to-date [5][9] Financial Performance - Total revenue for Q2 2025 was $3.635 billion, an increase from $3.158 billion in Q2 2024 [6][9] - The Title Segment generated $2.2 billion in revenue, a 15% increase from $1.9 billion in Q2 2024, with an adjusted pre-tax title margin of 15.5% [9][17] - F&G Segment achieved record assets under management (AUM) of $69.2 billion, up 13% from the previous year, with gross sales of $4.1 billion [5][12][18] Segment Contributions - The Title Segment contributed $260 million to net earnings in Q2 2025, compared to $241 million in Q2 2024 [9] - The F&G Segment contributed $89 million in net earnings for Q2 2025, down from $122 million in the same quarter last year [9] - The Corporate Segment reported an adjusted net loss of $3 million for Q2 2025, compared to adjusted net earnings of $2 million in Q2 2024 [9] Market Conditions and Strategic Actions - The company noted challenges in the residential housing market due to elevated mortgage interest rates and high home prices, yet remains well-positioned for future growth [5][8] - FNF repurchased 2.9 million shares for $159 million in Q2 2025, reflecting a dynamic capital allocation strategy [5][9] - The company is focused on driving efficiencies and expanding profitability across its operations [8][9]

Core Viewpoint - Fidelity National Financial, Inc. has appointed Gregg N. Sofer as Executive Vice President, Deputy Chief Legal Officer, and Chief Compliance Officer, succeeding Paul Perez who is retiring after nearly two decades of service [1][3]. Company Overview - Fidelity National Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers through its subsidiary F&G Annuities & Life, Inc. [1][4]. - The company is the largest title insurance provider in the United States, issuing more title insurance policies than any other title company through its various underwriters [4]. Leadership Transition - Gregg N. Sofer brings over 30 years of legal experience, including significant roles in public service and private practice, and has a strong background in managing complex legal matters, particularly in fraud and compliance [2][3]. - Paul Perez, who has served since 2007, has been instrumental in shaping the compliance culture and legal strategy of the company [3][4].

Core Viewpoint - Fidelity National Financial, Inc. (FNF) is set to release its second quarter 2025 earnings on August 6, 2025, after market close, highlighting its position as a leading provider in the title insurance and transaction services sectors [1][2]. Company Overview - FNF is a prominent provider of title insurance and transaction services for the real estate and mortgage industries, as well as insurance solutions for retail annuity and life customers through its subsidiary F&G Annuities & Life, Inc. [3] - FNF is recognized as the largest title insurance company in the United States, with its underwriters collectively issuing more title insurance policies than any other company in the nation [3]. Earnings Call Information - A conference call to discuss the quarterly results will take place on August 7, 2025, at 11:00 a.m. Eastern Time, following the earnings release [2]. - Access to the webcast and conference call can be obtained through FNF's Investor Relations website or via telephone [5].

FNF Overview - FNF's total revenue for FY2022 was $116 billion[6] - FNF holds a 31% title market share[6] - FNF holds 1 or 2 market share in 44 states[7, 17] Title Segment Performance - FNF's adjusted pre-tax title margin in 1Q23 was 100%[28, 33, 63, 79, 90] - FNF's title revenue in 1Q23 was $91 billion[28] - FNF consistently holds top market share in residential purchase, refinance, and commercial markets[12] F&G Segment Performance - F&G's assets under management reached $45 billion in 1Q23, an 18% year-over-year increase[40, 41, 63, 65] - F&G's gross sales in 1Q23 grew by 27% year-over-year to $33 billion[40, 41, 63, 65] - F&G's adjusted net earnings for 2022 were $317 million[43] Financial Position - FNF's debt-to-capitalization ratio, excluding AOCI, was 285% as of March 31, 2023[60, 61] - FNF held over $800 million in holding company cash and short-term investments as of March 31, 2023[61, 65]

FNF Overview - FNF is an industry-leading insurance solutions company with a strong track record of technology innovation, market share growth, and shareholder value creation[9] - FNF's total revenue for FY2022 was $116 billion[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 19, 20] - FNF's title market share is 31%[9, 16] - FNF has approximately 23000 employees[9] Title Segment Performance - FNF consistently holds the top market share in residential purchase, refinance, and commercial markets[15] - FNF's adjusted pre-tax title margin in 1H23 was 132%[31, 36, 65] - FNF's scale provides data to evaluate trends and respond to fluctuations in opened and closed orders[27] - FNF's commercial revenue in 1H23 was $504 million[34] F&G Segment Performance - F&G's gross sales in 1H23 were $63 billion, an increase of 11% year-over-year[44, 45] - F&G's assets under management reached a record $463 billion[44, 45, 65] Financial Performance and Capital Allocation - FNF's adjusted net earnings per share for 1H23 was $157[52, 65] - FNF targets a debt-to-capitalization range of 20-30%[54, 61] - FNF's holding company cash and short-term investments were $885 million as of June 30, 2023[63, 67]