Shares of Fidelity National Financial (FNF) have gained 14.5% year to date, underperforming the industry's increase of 28.1% and the Zacks S&P 500 composite's increase of 18% in the said time frame. The bottom line of FNF has continually dropped from 2021 to 2023, declining 77.4%. Revenues declined 24.9% from 2021 to 2023. Earnings per share (EPS) missed the consensus estimate in the last two reported quarters of 2024. Fidelity National's transaction volumes were affected as U.S. home sales suffered due to ...

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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32630 FIDELITY NATIONAL FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware 16-1725106 (State or other jurisdiction of incorpor ...

war wise provided by The f ads at th oth 0 81 Production STO Bill Oxford Shares of Fidelity National Financial (NYSE:FNF) have been a strong performer over the past year, rising about 35%. While its core title business has struggled with the slow pace of mortgage transactions, its ownership of F&G (FG) and higher interest income on its investment portfolio have buoyed results. I last covered FNF in May, rating shares a "hold," given my concern about the impact of high rates. Since then, the interest rate ba ...

Financial Data and Key Metrics Changes - The company reported total revenue of $3.2 billion in Q2 2024, an increase from $3.1 billion in Q2 2023 [14] - Net earnings for Q2 2024 were $306 million, including net recognized losses of $88 million, compared to $219 million with $16 million of net recognized losses in Q2 2023 [15] - Adjusted net earnings were $338 million or $1.24 per diluted share, up from $274 million or $1.01 per share in the prior year [15] Business Line Data and Key Metrics Changes - The Title segment generated $2 billion in total revenue in Q2 2024, up from $1.9 billion in Q2 2023, with adjusted pretax title earnings of $324 million compared to $302 million in the prior year [16] - Direct premiums in the Title segment increased by 4% year-over-year, while agency premiums rose by 10% [16] - The F&G segment achieved record gross sales of $4.4 billion in Q2 2024, a 47% increase over the prior year [12][20] Market Data and Key Metrics Changes - Daily purchase opened orders showed a 9% sequential improvement over Q1 2024, with refinance orders opened per day down 1% from Q2 2023 [6][8] - Total commercial orders opened averaged 805 per day, up 3% over Q2 2023 [8] - The company expects a potential rebound in refinance volumes dependent on lower mortgage rates [6] Company Strategy and Development Direction - The company remains bullish on the real estate market and plans to continue investing in technology and strategic acquisitions while maintaining industry-leading margins [10] - The inHere Digital Platform has been highlighted as a key innovation, providing an end-to-end digital transaction experience [11] - F&G's growth strategy includes expanding its diversified business platform and benefiting from its profitable in-force book [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry nearing more favorable market conditions, anticipating that mortgage rates may have peaked [5] - The company expects to capture upside from higher transaction volumes if mortgage rates decline in the second half of the year [9] - Management indicated that the performance in the second half of 2023 could serve as a good proxy for the second half of 2024 [8] Other Important Information - The company maintained a strong balance sheet with $696 million in cash and short-term liquid investments at the holding company level [22] - Consolidated debt outstanding increased to $4.2 billion, reflecting a $300 million net increase in F&G segment debt [22] - The company has paused share repurchases due to market uncertainty but plans to resume once cash generation exceeds annual commitments [23] Q&A Session Summary Question: Thoughts on higher cash paid claims moving forward - Management feels comfortable with the 4.5% loss provision rate, which is slightly conservative, and expects claims to align with historical trends [24][25] Question: Staffing levels and capacity - Management believes they are in a good position regarding staffing and can adjust as needed based on order trends [26][27] Question: July orders cadence and August outlook - July orders were consistent, with refinance orders up 7% over the prior July, and management noted no specific commentary on August [28][29] Question: Other operating costs and expectations for Q3 - Management indicated that cost reductions are expected to continue, particularly in facilities and title plant costs [32][33] Question: Buyback plans and cash flow generation - The company will consider buybacks once cash flow generation exceeds annual commitments, with a renewed buyback authorization in place [34][35] Question: Commercial open orders experience in July - July commercial open orders were down 4% year-over-year, but overall open orders were up 4% through July compared to the previous year [36][37] Question: Mid-teens margin guidance for the full year - Management is optimistic about the potential for margin expansion in the second half of the year, depending on volume increases [38][40] Question: Dividend policy for F&G - Management indicated that F&G may raise its common dividend over time, contributing positively to FNF's earnings [46] Question: Impact of rate changes on F&G sales - F&G has hedged a significant portion of its floating rate exposure, and management anticipates increased demand for products as rates change [50][51]

PRESS RELEASE 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 f ...

JACKSONVILLE, Fla., Aug. 1, 2024 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) ("FNF" or the "Company"), today announced that its Board of Directors has approved a new three-year stock repurchase program, effective July 31, 2024, under which the Company may repurchase up to 25 million shares of FNF common stock. Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions through July 31, 2027. Under its previou ...

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. Revenues are expected to be $3.11 billion, up 1.5% from the year-ago quarter. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. The Zacks Earn ...

CHICAGO, July 24, 2024 /PRNewswire/ -- Investment Property Exchange Services, Inc. (IPX1031), the leading national provider of 1031 Exchange services, has released their yearly Top Misconceptions about 1031 Exchanges. The rules and regulations governing 1031 tax-deferred transactions sometimes give rise to myths and misunderstandings. By addressing these misconceptions, IPX1031 aims to educate both new and experienced investors about the nuances of using a 1031 Exchange effectively. The top 10 misconception ...

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. Looking at dividend growth, the company's current annualized dividend of $1.92 is up 4.9% from last year. In the past five-year period, FNF Group has increased its dividend 5 times on a year-over-year basis for an average annual ...

JACKSONVILLE, Fla., July 22, 2024 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) ("FNF"), 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"), will release second quarter 2024 earnings after the close of regular market trading on ...