FNF Overview - FNF is the leading provider of title insurance and settlement services with $116 billion in total revenue for FY2022[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 20] - F&G is a Top 5 fixed indexed annuity writer in the industry[10] Title Segment Performance - FNF holds a 31% total title market share[9, 16] - FNF's direct title market share is 40% with $2 billion in revenue[18] - FNF's agent title market share is 26% with $5 billion in revenue[18] - FNF consistently delivers industry-leading adjusted pre-tax title margins[35] - The company targets a "normalized" adjusted pre-tax title margin of 15%-20%[27] F&G Segment Performance - F&G's Assets Under Management (AUM) reached a record $474 billion[44, 64] - F&G gross sales were $91 billion YTD 3Q23, a 7% increase year-over-year[44] Financial Performance - Total revenue for 3Q23 was $2778 billion[64] - Adjusted net earnings per share for 3Q23 were $123[64] - The company maintains a strong balance sheet with a 277% debt-to-capitalization ratio as of September 30, 2023[62]

PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q1 2025 condensed consolidated financial statements show net earnings of **$83 million** and total assets of **$98.2 billion** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$98.2 billion** as of March 31, 2025, with liabilities at **$89.4 billion** and equity at **$8.8 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$98,209** | **$95,263** | | Total investments | $64,167 | $63,615 | | Cash and cash equivalents | $4,484 | $3,479 | | Goodwill | $5,271 | $5,271 | | **Total Liabilities** | **$89,412** | **$86,731** | | Contractholder funds | $57,823 | $56,404 | | Notes payable | $4,394 | $4,321 | | **Total Equity** | **$8,797** | **$8,532** | [Condensed Consolidated Statements of Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Net earnings attributable to shareholders decreased to **$83 million** in Q1 2025, with total revenues falling to **$2.73 billion** Statement of Earnings Summary (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $2,729 | $3,299 | | Recognized gains and losses, net | $(287) | $275 | | Total expenses | $2,618 | $2,968 | | Net earnings attributable to FNF | $83 | $248 | | Net earnings per share, diluted | $0.30 | $0.91 | [Condensed Consolidated Statements of Comprehensive Earnings](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings) Comprehensive earnings attributable to FNF shareholders decreased to **$269 million** in Q1 2025, boosted by **$186 million** in other comprehensive earnings Comprehensive Earnings Summary (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net earnings | $83 | $269 | | Other comprehensive earnings | $186 | $90 | | Comprehensive earnings attributable to FNF | $269 | $338 | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased to **$8.80 billion** by Q1 2025, driven by earnings, offset by **$137 million** in dividends and **$25 million** in repurchases - Dividends declared for Q1 2025 were **$0.50 per common share**, totaling **$137 million**[18](index=18&type=chunk) - The company repurchased treasury stock for **$25 million** during the quarter[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$1.12 billion** in Q1 2025, resulting in a **$1.01 billion** net increase in cash and cash equivalents Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,115 | $1,591 | | Net cash used in investing activities | $(785) | $(1,096) | | Net cash provided by financing activities | $675 | $255 | | **Net increase in cash and cash equivalents** | **$1,005** | **$750** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies and financial figures, covering business description, F&G offerings, claim reserves, investments, and debt obligations - FNF is a leading provider of title insurance and related services, mortgage transaction services, and annuity and life insurance products through its majority-owned subsidiary, F&G[22](index=22&type=chunk) - In Q1 2025, subsidiary F&G completed a public offering of **8 million shares** of its common stock, redeemed **$300 million** of its 5.50% Senior Notes, and issued **$375 million** of 7.30% Junior Subordinated Notes[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - The provision for title insurance claim losses was maintained at a rate of **4.5%** of title insurance premiums for both Q1 2025 and Q1 2024[48](index=48&type=chunk) - The company has significant unfunded commitments of **$3.7 billion** as of March 31, 2025, primarily related to its F&G segment for investments[165](index=165&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, business trends, and liquidity, noting lower Title segment earnings and an F&G segment loss, while maintaining strong liquidity [Business Trends and Conditions](index=66&type=section&id=Business%20Trends%20and%20Conditions) Business trends show MBA forecasting mortgage origination growth for the Title segment, while F&G benefits from an aging U.S. population and strong annuity sales MBA U.S. Mortgage Originations Forecast (in trillions) | Year | Purchase | Refinance | Total | | :--- | :--- | :--- | :--- | | 2024 (Actual) | $1.3 | $0.5 | $1.8 | | 2025 | $1.4 | $0.7 | $2.1 | | 2026 | $1.6 | $0.8 | $2.4 | | 2027 | $1.7 | $0.8 | $2.5 | - Average interest rates for a 30-year fixed-rate mortgage were **6.8%** for Q1 2025, slightly up from **6.7%** in Q1 2024[262](index=262&type=chunk) - The aging U.S. population, with over **10,000 people turning 65 daily**, is expected to drive demand for F&G's retirement products[273](index=273&type=chunk) [Results of Operations](index=69&type=section&id=Results%20of%20Operations) Consolidated net earnings fell to **$83 million** in Q1 2025, with Title segment earnings decreasing and F&G segment reporting a **$26 million** pre-tax loss Title Segment Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $1,774 | $1,663 | | Total expenses | $1,603 | $1,445 | | **Earnings before income taxes** | **$171** | **$218** | F&G Segment Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $908 | $1,569 | | Recognized gains and (losses), net | $(263) | $212 | | Total benefits and expenses | $934 | $1,427 | | **Earnings (loss) before income taxes** | **$(26)** | **$142** | - In the Title segment, direct closed orders increased by **8% YoY** to **201,000**, and the average fee per file rose to **$3,761** from **$3,555**[289](index=289&type=chunk)[291](index=291&type=chunk) [Liquidity and Capital Resources](index=87&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$4.5 billion** in cash, supported by **$1.1 billion** operating cash flow, and continued capital returns - As of March 31, 2025, the company had cash and cash equivalents of **$4.5 billion** and **$800 million** available under its Revolving Credit Facility[364](index=364&type=chunk) - A dividend of **$0.50 per share** was paid in Q1 2025, and another **$0.50 per share** dividend was declared in May 2025[363](index=363&type=chunk) - Under its 2024 Repurchase Program, the company repurchased **390,000 shares** for approximately **$25 million** in Q1 2025[376](index=376&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=89&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risks have occurred since the disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in the market risks described in the Annual Report on Form 10-K for the year ended December 31, 2024[380](index=380&type=chunk) [Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures are effective[381](index=381&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[382](index=382&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the discussion of legal proceedings detailed in Note F to the financial statements - Details on legal proceedings are provided in Note F of the Condensed Consolidated Financial Statements[384](index=384&type=chunk) [Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors disclosed in the company's 2024 Annual Report on Form 10-K[385](index=385&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) FNF repurchased **390,000 shares** for approximately **$25 million** in Q1 2025 under its 2024 Repurchase Program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 0 | $— | | Feb 2025 | 75,000 | $61.71 | | Mar 2025 | 315,000 | $63.83 | | **Total** | **390,000** | **$63.42** | - The repurchases were made under a three-year stock repurchase program approved on July 31, 2024, authorizing the purchase of up to **25 million shares** of FNF common stock[386](index=386&type=chunk) [Defaults Upon Senior Securities](index=91&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[389](index=389&type=chunk) [Mine Safety Disclosures](index=91&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[390](index=390&type=chunk) [Other Information](index=91&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[391](index=391&type=chunk) [Exhibits](index=92&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including F&G note indentures, SOX certifications, and interactive data files - Exhibits filed include indentures for F&G's 7.300% Junior Subordinated Notes, Sarbanes-Oxley Section 302 and 906 certifications, and Inline XBRL documents[393](index=393&type=chunk)

Financial Data and Key Metrics Changes - The company generated total revenue of $2.7 billion in the first quarter, with adjusted net earnings of $213 million or $0.78 per diluted share, compared to $206 million or $0.76 per share in the same quarter of the previous year [15][16] - Adjusted pretax title earnings were $211 million, reflecting an increase in the adjusted pretax title margin to 11.7%, up 100 basis points from 10.7% in the prior year quarter [5][17] - Net earnings for the first quarter were $83 million, including net recognized losses of $287 million, compared to net earnings of $248 million with $275 million of net recognized gains in the same quarter of the previous year [15][16] Business Line Data and Key Metrics Changes - The title segment generated $1.8 billion in total revenue, excluding net recognized losses of $25 million, compared to $1.6 billion in the first quarter of the previous year, with direct premiums increasing by 16% [16][17] - The F and G segment's assets under management (AUM) grew to $67.4 billion, up 16% year-over-year, driven by strong indexed annuity sales [12][19] - F and G's gross sales were $2.9 billion, down 17% compared to the previous year, primarily due to lower MYGA sales, while net sales retained were $2.2 billion [19][20] Market Data and Key Metrics Changes - Total orders opened averaged 5,600 per day in the first quarter, with a decline of 5% in April compared to March [10] - Daily refinance orders opened were 1,300 in the first quarter, up 33% year-over-year, while purchase orders opened were down 3% in April due to mortgage rate volatility [8][10] - Commercial revenue reached $293 million, up 23% year-over-year, marking the second-best commercial first quarter in history [9][19] Company Strategy and Development Direction - The company is focused on a dynamic capital allocation strategy, returning capital to shareholders through dividends and share repurchases while investing in technology and growth [6][11] - The management emphasized the importance of technology investments, including AI capabilities, to enhance operational efficiency and productivity [11] - The company aims to maintain an ownership stake in F and G above 80% to preserve options for potential future spin-offs [13][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate various economic scenarios, highlighting a proven track record of managing business trends [10][56] - The outlook for the remainder of 2025 remains cautiously optimistic, with expectations for modestly better purchase activity and continued strength in commercial orders [56][58] - Management noted that while there are uncertainties in the market, the company is well-positioned to drive strong margins due to its scale and operational efficiencies [56][58] Other Important Information - The company repurchased 390,000 shares at an average price of $63.42 per share during the first quarter, viewing repurchases as opportunistic [24] - The consolidated debt outstanding was $4.4 billion, with a debt to capitalization ratio in line with long-term targets [23] - The company ended the first quarter with $687 million in cash and short-term liquid investments at the holding company [25] Q&A Session Summary Question: Inquiry about April purchase orders and interest rates - Management noted that purchase orders were down 3% year-over-year in April, with little variation week to week [30] Question: Commercial open order activity in April - Total commercial orders were up 4% year-over-year in April, with national orders up 15% and local orders down 3% [32] Question: Expectations for quarterly investment income - The expected investment income was adjusted to $85-$90 million due to anticipated Fed funds rate cuts [33] Question: Buyback cadence for the remainder of the year - Management indicated a regular cadence of buybacks is expected, with potentially stronger numbers than in the first quarter [39] Question: Headwinds affecting F and G's lower spreads - Management discussed that spread pressures are expected to abate, with strong sales in April indicating positive trends [42] Question: Decision to invest in F and G's capital raise - The investment was driven by growth opportunities and the desire to maintain an ownership stake above 80% [48] Question: M&A activity expectations - Management anticipates more M&A activity in the title sector compared to the previous year, with opportunities available [49] Question: Regulatory changes impact on the title business - Management reported no significant regulatory impacts currently affecting the title business, with minor changes in state rates [66][70] Question: Updates on the InHERE platform - The InHERE platform has been fully rolled out, enhancing operational efficiency and expected to improve margins as transaction volumes increase [74][75]

Financial Data and Key Metrics Changes - The company generated total revenue of $2.7 billion in the first quarter, with adjusted net earnings of $213 million or $0.78 per diluted share, compared to $206 million or $0.76 per share in the prior year [14][15][17] - Adjusted pretax title earnings were $211 million, with an adjusted pretax title margin of 11.7%, an increase of 100 basis points from 10.7% in the prior year [5][17] - Net earnings were reported at $83 million, including net recognized losses of $287 million, compared to net earnings of $248 million with $275 million of net recognized gains in the prior year [14][15] Business Line Data and Key Metrics Changes - The title segment generated $1.8 billion in total revenue, up from $1.6 billion in the prior year, with direct premiums increasing by 16% and agency premiums by 15% [16][17] - The F and G segment's assets under management (AUM) grew to $67.4 billion, a 16% increase year-over-year, driven by strong indexed annuity sales [11][19] - F and G's gross sales were $2.9 billion, down 17% compared to the prior year, primarily due to lower MYGA sales, but net sales retained were $2.2 billion [19][20] Market Data and Key Metrics Changes - Total orders opened averaged 5,600 per day in the first quarter, with a slight decrease to 5,800 per day in April, down 5% from March [9] - Daily refinance orders opened were 1,300 in the first quarter, up 33% year-over-year, while purchase orders opened were down 3% in April due to mortgage rate volatility [6][7][9] - Commercial revenue reached $293 million, up 23% year-over-year, marking the second-best commercial first quarter in history [8][19] Company Strategy and Development Direction - The company is focused on a dynamic capital allocation strategy, returning capital to shareholders through dividends and share repurchases while investing in technology and growth [6][10] - The management emphasized the importance of technology investments, including AI capabilities, to enhance operational efficiency and productivity [10] - The company aims to maintain its ownership stake in F and G above 80% to preserve options for potential future spin-offs [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate various economic scenarios, highlighting a proven track record of managing business trends [9] - The outlook for the remainder of 2025 remains cautiously optimistic, with expectations for modestly better purchase activity and continued strength in commercial orders [56] - Management noted that while there are near-term headwinds affecting margins, the long-term growth potential for F and G remains strong [21][39] Other Important Information - The company repurchased 390,000 shares at an average price of $63.42 per share during the first quarter, viewing repurchases as opportunistic [23] - The consolidated debt outstanding was $4.4 billion, with a debt to capitalization ratio in line with long-term targets [22] - The InHERE digital transaction platform has been fully rolled out, enhancing customer experience and operational efficiency [72] Q&A Session Summary Question: Inquiry about April purchase orders and interest rates - Management noted that April purchase orders were down 3% year-over-year, with little variation week to week, but improved towards the end of the month [28] Question: Commercial open order activity in April - Total commercial orders were up 4% year-over-year, with national orders up 15% and local orders down 3% [29] Question: Expectations for quarterly investment income - The expected investment income was adjusted to $85-$90 million, driven by anticipated Fed funds rate cuts [30][31] Question: Buyback cadence for the remainder of the year - Management indicated a regular cadence for buybacks, with expectations for stronger activity than in the first quarter [36] Question: Headwinds affecting F and G's spreads - Management discussed pressures on spreads starting to abate, with strong sales in April and a focus on deploying cash at attractive rates [39] Question: Decision to invest in F and G's capital raise - The investment was driven by growth opportunities in F and G and the desire to maintain an ownership stake above 80% [46] Question: Opportunities in M&A activity - Management expects more M&A activity in the title sector compared to the previous year, with a focus on smaller transactions [48] Question: Regulatory changes impact on the title business - Management noted minimal impact from federal regulations and discussed a recent 10% rate reduction in Texas [64][68]

Core Viewpoint - FNF Group reported quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $1.13 per share, representing an earnings surprise of -30.97% [1][2] Financial Performance - The company posted revenues of $2.73 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 20.73%, compared to revenues of $3.3 billion a year ago [2] - Over the last four quarters, FNF Group has surpassed consensus EPS estimates just once [2] Stock Performance - FNF Group shares have increased approximately 14.5% since the beginning of the year, while the S&P 500 has declined by 4.7% [3] - The current consensus EPS estimate for the upcoming quarter is $1.58 on revenues of $3.81 billion, and for the current fiscal year, it is $5.90 on revenues of $15.03 billion [7] Industry Outlook - The Insurance - Property and Casualty industry is currently in the top 15% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [5][8]

[FNF Q1 2025 Financial Performance Overview](index=1&type=section&id=FNF%20Reports%20First%20Quarter%202025%20Financial%20Results) FNF's Q1 2025 adjusted net earnings increased to $213 million, driven by the Title segment, despite a GAAP net earnings decrease due to mark-to-market effects [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FNF's Q1 2025 adjusted net earnings increased to $213 million, driven by the Title segment, despite a GAAP net earnings decrease due to mark-to-market effects Q1 2025 vs Q1 2024 Key Earnings Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Earnings (GAAP) | $83 million | $248 million | | Diluted EPS (GAAP) | $0.30 | $0.91 | | Adjusted Net Earnings (Non-GAAP) | $213 million | $206 million | | Adjusted Diluted EPS (Non-GAAP) | $0.78 | $0.76 | Q1 2025 Adjusted Net Earnings Contribution by Segment | Segment | Contribution | | :--- | :--- | | Title Segment | $158 million | | F&G Segment | $80 million | | Corporate Segment (pre-elimination) | $3 million | [Management Commentary](index=2&type=section&id=Management%20Commentary) The Chairman highlighted the company's strong performance, emphasizing the industry-leading margins from the Title segment and the growth in assets under management at F&G - The Title business successfully navigated the housing market downturn, delivering impressive profitability and cash flows poised for expansion as interest rates normalize[8](index=8&type=chunk) - FNF participated in F&G's March capital raise with a **$150 million investment** to support F&G's growth opportunities and maintain FNF's ownership stake above **80%**[8](index=8&type=chunk) [Capital Allocation and Shareholder Returns](index=1&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) In Q1 2025, FNF restarted its share repurchase program and continued its dividend payments, returning significant capital to shareholders - Relaunched the share repurchase program, buying back **390,000 shares** for **$25 million** at an average price of **$63.42 per share**[7](index=7&type=chunk) - Paid common dividends of **$0.50 per share**, totaling **$136 million**[7](index=7&type=chunk) - Ended the quarter with **$687 million** in cash and short-term liquid investments at the holding company[7](index=7&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Financial%20Results) This section details the financial and operational performance of FNF's Title and F&G segments [Title Segment](index=3&type=section&id=Title%20Segment) The Title segment delivered a strong quarter with an adjusted pre-tax title margin of **11.7%**, a **100 basis point** improvement over the prior year [Financial Performance](index=3&type=section&id=Title%20Segment%20Financial%20Performance) Title Segment Q1 Financials | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1.8 billion | $1.7 billion | +5.9% | | Total Revenue (excl. gains/losses) | $1.8 billion | $1.6 billion | +12% | | Adjusted Pre-tax Earnings | $211 million | $171 million | +23.4% | | Adjusted Pre-tax Title Margin | 11.7% | 10.7% | +100 bps | - Commercial revenue increased **23% YoY** to **$293 million**[14](index=14&type=chunk) [Operational Metrics](index=3&type=section&id=Title%20Segment%20Operational%20Metrics) - Daily purchase orders opened increased by **3%** and closed orders increased by **2%** compared to Q1 2024[14](index=14&type=chunk) - Daily refinance orders showed significant growth, with opened orders up **33%** and closed orders up **31%** over Q1 2024[14](index=14&type=chunk) - Total fee per file for the quarter was **$3,761**, a **6% increase** over Q1 2024[14](index=14&type=chunk) [F&G Segment](index=4&type=section&id=F%26G%20Segment) The F&G segment reported continued growth in Assets Under Management (AUM) to **$67.4 billion**, despite a decline in adjusted net earnings and gross sales due to strategic product mix shifts [Financial Performance](index=4&type=section&id=F%26G%20Segment%20Financial%20Performance) F&G Segment Q1 Financials | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | AUM before flow reinsurance | $67.4 billion | $58.0 billion | +16% | | Gross Sales | $2.9 billion | $3.5 billion | -17% | | Net Sales | $2.2 billion | $2.3 billion | -5.2% | | Adjusted Net Earnings | $80 million | $95 million | -15.8% | - Q1 2025 adjusted net earnings were negatively impacted by alternative investment income that was **$52 million** below long-term expectations[18](index=18&type=chunk) - The segment reported a net loss attributable to common shareholders of **$18 million** due to unfavorable mark-to-market movement, compared to net earnings of **$98 million** in Q1 2024[18](index=18&type=chunk) [Sales and Product Mix](index=4&type=section&id=F%26G%20Segment%20Sales%20and%20Product%20Mix) - The decrease in gross sales reflects a strategic capital allocation to higher-returning business, specifically reducing MYGA sales in favor of indexed annuity and pension risk transfer sales[18](index=18&type=chunk) - Retail channel sales were **$2.1 billion**, a **25% decrease** from Q1 2024, driven by the reduction in MYGA sales[18](index=18&type=chunk) - Institutional market sales grew **14%** to **$0.8 billion**, driven by higher funding agreements[18](index=18&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section provides a summary of FNF's consolidated financial results and balance sheet information [Summary Financial Results](index=2&type=section&id=Summary%20Financial%20Results%20Table) The company's total revenue for Q1 2025 was **$2.73 billion**, a decrease from **$3.30 billion** in Q1 2024, while adjusted net earnings per share increased slightly Q1 2025 Consolidated Financial Summary | (In millions, except per share data) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $2,729 | $3,299 | | Net earnings attributable to common shareholders | $83 | $248 | | Net earnings per share - diluted | $0.30 | $0.91 | | Adjusted net earnings | $213 | $206 | | Adjusted net earnings per share - diluted | $0.78 | $0.76 | [Summary Balance Sheet](index=11&type=section&id=Summary%20Balance%20Sheet%20Information) As of March 31, 2025, FNF's total assets grew to **$98.2 billion**, with increased total equity and an expanded cash and investment portfolio Balance Sheet Highlights | (In millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and investment portfolio | $68,651 | $67,094 | | Total assets | $98,209 | $95,263 | | Notes payable | $4,394 | $4,321 | | Total equity attributable to common shareholders | $7,893 | $7,754 | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section provides additional details on non-GAAP financial measures and conference call information [Non-GAAP Financial Measures](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The company utilizes non-GAAP financial measures to provide investors with a clearer understanding of its core financial performance by excluding certain non-recurring items - Management believes non-GAAP measures provide additional meaningful comparisons between current and prior periods[23](index=23&type=chunk) - Key non-GAAP measures include adjusted net earnings, adjusted pre-tax title margin, and Assets Under Management (AUM)[22](index=22&type=chunk) - Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided within the report[25](index=25&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call) FNF will host a conference call for investors and analysts to discuss the first quarter 2025 results - The conference call is scheduled for Thursday, May 8, 2025, at **11:00 a.m. Eastern Time**[18](index=18&type=chunk) - A live webcast and replay will be available on the FNF Investor Relations website[18](index=18&type=chunk)[19](index=19&type=chunk)

Core Insights - Fidelity National Financial, Inc. reported a net earnings of $83 million for Q1 2025, a significant decrease from $248 million in Q1 2024, resulting in earnings per diluted share of $0.30 compared to $0.91 in the previous year [2][6][26] - Adjusted net earnings for Q1 2025 were $213 million, or $0.78 per share, reflecting a slight increase from $206 million, or $0.76 per share, in Q1 2024 [3][6][26] - The company highlighted strong performance in its Title segment, achieving an adjusted pre-tax title margin of 11.7%, up from 10.7% in the prior year [8][31] Financial Performance - Total revenue for Q1 2025 was $2.729 billion, down from $3.299 billion in Q1 2024, indicating a decline in overall business activity [6][30] - The Title segment generated total revenue of $1.8 billion, a 12% increase from $1.7 billion in Q1 2024, driven by higher direct and agency title premiums [15][24] - F&G's assets under management (AUM) reached $67.4 billion, a 16% increase from $58.0 billion in Q1 2024, supported by strong indexed annuity sales [12][16] Segment Highlights - The Title segment contributed $158 million to adjusted net earnings in Q1 2025, compared to $130 million in Q1 2024, showcasing improved operational efficiency [8][24] - The F&G segment reported adjusted net earnings of $80 million for Q1 2025, down from $95 million in Q1 2024, impacted by unfavorable mark-to-market movements [12][36] - The Corporate segment had adjusted net earnings of $3 million for Q1 2025, a decrease from $8 million in the same period last year [8][36] Capital Management - The company invested $150 million in F&G's capital raise to maintain its ownership stake above 80%, indicating confidence in F&G's growth potential [5][12] - FNF restarted its share repurchase program, buying back 390,000 shares for $25 million, and paid a quarterly cash dividend of $0.50 per share, totaling $136 million [5][8] - The company ended Q1 2025 with $687 million in cash and short-term liquid investments, reflecting a strong liquidity position [8][30]

Company Overview - Fidelity National Financial, Inc. (FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries [3] - FNF also offers insurance solutions for retail annuity and life customers, as well as institutional clients through its majority-owned subsidiary F&G Annuities & Life, Inc. (FG) [3] - FNF is the largest title insurance company in the United States, issuing more title insurance policies than any other company through its various underwriters [3] Upcoming Earnings Release - FNF will release its first quarter 2025 earnings after the close of regular market trading on May 7, 2025 [1] - A webcast and conference call to discuss the results will take place on May 8, 2025, at 11:00 a.m. Eastern Time [2] - Additional information regarding the quarterly financial results will be available on FNF's Investor Relations website [2][5]

Group 1 - Fidelity National Financial (NYSE: FNF) operates in title insurance and annuity/life products, presenting a sound investment opportunity despite being perceived as less exciting [1] - The company is expected to benefit from favorable conditions in both its title insurance and annuity/life segments, contributing to its attractiveness as an investment [1] - The analysis is based on value investing principles, emphasizing an owner's mindset and a long-term investment horizon [1] Group 2 - The article does not contain any stock, option, or derivative positions related to the companies mentioned, nor does it plan to initiate any within the next 72 hours [2] - The opinions expressed in the article are solely those of the author and are not influenced by any business relationships with the companies discussed [2]

Core Insights - Investment Property Exchange Services, Inc. (IPX1031) has appointed Adrienne Salyer as Vice President, National Accounts, to enhance its presence in the Southwest and nationwide [1][4] - Adrienne Salyer brings over 30 years of experience in the 1031, real estate, and financial sectors, with a strong track record in guiding clients through complex 1031 Exchange transactions [2][3] - The addition of Salyer is expected to strengthen IPX1031's ability to meet the growing demand for 1031 Exchange services, aligning with the company's mission to deliver top-tier service and expertise [3][4] Company Overview - IPX1031 is the largest and one of the oldest Qualified Intermediaries in the United States, operating as a wholly owned subsidiary of Fidelity National Financial, a Fortune 500 company [5] - The company provides industry-leading security for exchange funds and has a nationwide staff that includes industry experts, veteran attorneys, and accountants to assist clients [5]