Fidelity National Financial(US:FNF)2025-02-20 21:21Financial Performance - Net earnings attributable to common shareholders for Q4 2024 were $450 million, or $1.65 per diluted share, compared to a net loss of $69 million, or $0.25 per share, in Q4 2023[3]. - Adjusted net earnings for Q4 2024 were $366 million, or $1.34 per share, up from $204 million, or $0.75 per share, in Q4 2023[4]. - Total revenue for Q4 2024 was $3.621 billion, a 5.5% increase from $3.432 billion in Q4 2023[8]. - Total revenue for the twelve months ended December 31, 2024, was $13,681 million, an increase from $11,752 million in the previous year[38][42]. - Adjusted net earnings attributable to common shareholders for the twelve months ended December 31, 2024, were $1,265 million, with an adjusted EPS of $4.63[40]. - Adjusted net earnings for the full year 2024 reached $475 million, with $433 million from alternative investments and $39 million from CLO redemptions[56]. - Adjusted net earnings for Q4 2024 were $123 million, including $116 million from alternative investments, $13 million from CLO redemptions, and $6 million from actuarial model refinements[56]. Revenue Breakdown - The Title Segment generated $2.0 billion in revenue for Q4 2024, a 17.6% increase from $1.7 billion in Q4 2023[13]. - Total revenue for the fourth quarter was $3,621 million, with a breakdown of $2,012 million from title and $1,559 million from F&G[31]. - Total commercial revenue for Q4 2024 was $376 million, up from $290 million in Q4 2023, indicating a 29.6% increase[50]. Expenses and Margins - Total expenses for the quarter amounted to $2,981 million, with personnel costs of $832 million and agent commissions of $606 million[31]. - The adjusted pre-tax title margin for Q4 2024 was 16.6%, compared to 11.8% in Q4 2023, reflecting improved operational efficiencies[10]. - Adjusted pre-tax earnings for the twelve months ended December 31, 2024, were $1,737 million, reflecting a strong performance across segments[40]. - Total expenses for the twelve months ended December 31, 2024, were $11,939 million, compared to $11,059 million in the previous year[38][42]. Assets and Investments - F&G's assets under management (AUM) before flow reinsurance reached $65.3 billion at the end of Q4 2024, a 17% increase from Q4 2023[18]. - Total assets increased to $95,372 million as of December 31, 2024, up from $80,614 million in 2023, representing a growth of 18.3%[46]. - Cash and investment portfolio increased to $67,094 million as of December 31, 2024, compared to $58,816 million in 2023, marking a growth of 14.8%[46]. - The company reported $342 million in investment income from alternative investments for the twelve months ended December 31, 2023[56]. Sales and Orders - F&G Segment gross sales for Q4 2024 were $3.5 billion, a 15% decrease from Q4 2023, while full year gross sales reached a record $15.3 billion, a 16% increase over 2023[15]. - Total opened orders in Q4 2024 were 299,000, with a purchase percentage of 72%, compared to 257,000 orders and 78% purchase percentage in Q4 2023[50]. - Total annuity sales for Q4 2024 were $2,445 million, a decrease from $2,895 million in Q4 2023, while full year sales increased to $11,834 million from $9,765 million[58]. - Pension risk transfer sales for Q4 2024 were $983 million, up from $764 million in Q4 2023, with full year sales at $2,242 million compared to $1,976 million[58]. Dividends and Shareholder Returns - FNF paid common dividends of $0.50 per share totaling $141 million in Q4 2024, ending the year with $786 million in cash and short-term liquid investments[7]. - The total equity attributable to common shareholders rose to $7,754 million as of December 31, 2024, compared to $6,908 million in 2023, reflecting a growth of 12.3%[46]. Risks and Market Conditions - The company highlighted risks including changes in economic conditions and competition in the title insurance market[27].