Fidelity National Financial(US:FNF)2024-05-08 20:19Financial Performance - Net earnings attributable to common shareholders for Q1 2024 were $248 million, or $0.91 per diluted share, compared to a net loss of $59 million, or $0.22 per share in Q1 2023[3]. - Adjusted net earnings for Q1 2024 were $206 million, or $0.76 per share, up from $151 million, or $0.56 per share in Q1 2023, reflecting a 36% increase in adjusted net earnings year-over-year[4]. - Total revenue for Q1 2024 was $3.3 billion, a 33% increase from $2.5 billion in Q1 2023, with the Title Segment contributing $1.7 billion, a 7% increase from $1.6 billion in Q1 2023[8]. - Total revenue for Q1 2024 was $3,299 million, an increase from $2,474 million in Q1 2023, representing a growth of 33.3%[28]. - Adjusted EPS attributable to common shareholders for Q1 2024 was $0.76, up from $0.56 in Q1 2023, reflecting a 35.7% increase[30]. - Total title and escrow revenue for Q1 2024 was $2,314 million, compared to $1,858 million in Q1 2023, marking a 24.5% increase[28]. - Interest and investment income rose to $710 million in Q1 2024, up from $611 million in Q1 2023, a growth of 16.2%[28]. - Total expenses for Q1 2024 were $2,968 million, compared to $2,548 million in Q1 2023, an increase of 16.5%[28]. - The company reported a pre-tax earnings of $331 million for Q1 2024, a significant improvement from a pre-tax loss of $74 million in Q1 2023[30]. - Adjusted net earnings attributable to common shareholders for Q1 2024 were $95 million, compared to $52 million in Q1 2023[44]. Segment Performance - The Title Segment's adjusted pre-tax margin was 10.7% for Q1 2024, compared to 10.0% in Q1 2023, indicating improved profitability despite market challenges[7]. - F&G Segment gross sales reached $3.5 billion in Q1 2024, a 6% increase from $3.3 billion in Q1 2023, driven by strong retail and institutional market sales[15]. - F&G's assets under management (AUM) hit a record $49.8 billion as of March 31, 2024, a 10% increase from $45.3 billion a year earlier[16]. - Total annuity sales for Q1 2024 were $2,764 million, a slight increase from $2,724 million in Q1 2023[46]. Market Conditions - Purchase orders opened increased by 5% daily, while refinance orders closed decreased by 4% compared to Q1 2023, reflecting mixed market conditions[13]. - The percentage of purchase orders from total opened orders was 79% in Q1 2024, consistent with Q1 2023[42]. Capital Management - The Company paid common dividends of $0.48 per share totaling $130 million, ending Q1 2024 with $618 million in cash and short-term liquid investments[7]. - The Company plans to maintain a balanced capital allocation strategy focused on growth through acquisitions while returning capital to shareholders[6]. Operational Metrics - Total opened orders for Q1 2024 reached 315,000, a 2.3% increase from Q4 2023's 308,000[40]. - Total closed orders in Q1 2024 were 186,000, a decrease of 3.1% compared to Q4 2023's 192,000[40]. - Total commercial revenue for Q1 2024 was $238 million, down 19.1% from $294 million in Q4 2023[40]. - Total staffing for field operations increased to 10,000 employees in Q1 2024, up from 9,900 in Q4 2023[40]. - The company reported actual title claims paid of $70 million in Q1 2024, an increase from $64 million in Q4 2023[40]. Product Development - F&G launched a new RILA product in Q1 2024, which is expected to contribute significantly to future sales growth[15]. Financial Position - Cash and investment portfolio increased to $60,895 million as of March 31, 2024, up from $58,816 million at the end of 2023[36]. - Total assets grew to $84,496 million as of March 31, 2024, compared to $80,614 million at the end of 2023, indicating a growth of 4.6%[36]. - The fee per file in Q1 2024 was $3,555, a decrease from $3,806 in Q4 2023[40]. - The total commercial fee per file in Q1 2024 was $9,800, down from $11,200 in Q4 2023[40].