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- **Record Title Performance**: $410M pretax earnings (27% YoY), 17.8% margin. Commercial revenue up 27% YoY, Q3 best ever with 34% growth.
- **F&G Liquidity Boost**: 12% share distribution increases public float to 30%, supporting $71.4B AUM growth.
- **Tech-Driven Growth**: inHere engagement at 85%, AI adoption across 100% of employees driving efficiency. Q3 refinance orders +22% QoQ.
- **2026 Outlook**: Commercial could surpass 2021-22 peaks with office sector recovery and 10-month open order streak.


**【CEO Opening Remarks】**
- **Strong Q3 Results**: Title segment delivered adjusted pretax earnings of $410M (27% YoY increase) with a 17.8% margin, up 190bps. F&G's AUM reached $71.4B, up 14% YoY.
- **Commercial Growth**: Direct commercial revenue hit $1B+ for the first 9 months (27% YoY), with Q3 being the best ever (34% YoY). Refinance orders surged to 2,100/day in September due to rate declines.
- **Technology Momentum**: inHere engaged 85% of residential sales transactions, reaching 860K unique users. AI adoption across 100% of employees is driving productivity and margin efficiency.

**【CFO Financial Commentary】**
- **Topline Performance**: Total revenue $4B (18% YoY), net earnings $358M (34% YoY). Title segment contributed $330M (19% YoY growth in direct premiums).
- **F&G Strength**: AUM before flow reinsurance $71.4B, up 14% YoY. Core sales $2.2B, net sales retained $2.8B (17% YoY). F&G's book value per share grew 61% since acquisition.
- **Capital Allocation**: $627M returned to shareholders YTD (dividends + buybacks). Cash balance $733M, up 26% QoQ, supporting wage inflation and tech investments.

**【Q&A Highlights】**
- **F&G Distribution**: 12% of shares distributed to FNF shareholders to increase liquidity, maintaining 70% ownership. CFO noted this unlocks value while retaining control.
- **Commercial Outlook**: CEO sees potential for 2026 to exceed 2021-22 peak years, citing 10 consecutive months of open order growth and office sector recovery signs.
- **Margin Expectations**: CFO expects modest margin improvement in 2026 if purchase volumes recover. Q4 typically weaker due to seasonal decline in purchase closings.
- **Technology Impact**: inHere adoption reduces email dependency, improving security and customer experience. AI training programs driving operational efficiency.


Fidelity National Financial, Inc. (FNF) Q3 2025 Earnings Call Transcript

- **Title Segment Strength**: 15.5% margin with $337M earnings, despite 70bp margin decline from elevated health claims and investments.
- **Commercial Growth**: 23% YOY revenue rise, 5Q streak of national order growth, July refinance orders up 35%.
- **F&amp;G Expansion**: $69.2B AUM, new reinsurance sidecar to reduce capital intensity, 32% of FNF adjusted net earnings.
- **Cash Flow Utilization**: $159M buybacks, $271M dividends, $583M cash on hand for strategic opportunities.
- **Key Risks**: Elevated health claims ($12M Q2, potential $12M H2), mortgage rate volatility, regulatory pilot impact.

**【CEO Summary Section】**
- Title segment achieved adjusted pretax title earnings of $337 million, up 4% year-over-year, with a 15.5% margin despite 70 basis points decline due to elevated health claims and strategic investments.
- Commercial revenue grew 23% year-over-year, driven by national and local orders, with 5 consecutive quarters of double-digit growth in national daily orders.
- F&amp;G segment reported AUM of $69.2 billion, up 13%, with strong core sales and a new reinsurance sidecar to reduce capital intensity.
- Total orders opened averaged 5,800 per day, with July volumes up 5% year-over-year.

**【CFO Financial Commentary】**
- Consolidated revenue reached $3.6 billion, up 10% year-over-year, with adjusted net earnings of $318 million ($1.16 EPS) despite higher expenses in health claims, security, and technology.
- Title segment generated $2.2 billion in revenue, with direct premiums up 12% and agency premiums up 7%.
- Free cash flow enabled $159 million in share buybacks and $271 million in dividends, with $583 million in cash at the holding company.
- Interest and investment income expected to remain stable at $90-95 million per quarter.

**【Q&A Key Highlights】**
- **Health Claims Impact**: $12 million increase in Q2, with potential $12 million additional impact in H2, expected to normalize in 2026.
- **Commercial Momentum**: National commercial orders up 22% year-over-year, with refinance orders up 35% in July.
- **Buyback Strategy**: Active repurchases ($159M in Q2) to return excess capital, with no immediate need for F&amp;G capital injections.
- **Regulatory Update**: FHFA pilot limited to 15,000 loans, no change in title waiver scope, collaboration with FHFA ongoing.
- **Expense Management**: Personnel costs up 10% due to recruiting, shared services, and risk investments, expected to moderate in H2.


Fidelity National Financial, Inc. (FNF) Q2 2025 Earnings Call Transcript

- **Title Margin Record**: 11.7% adjusted pretax margin, highest in decades, driven by commercial growth (+23% YoY) and tech-enabled efficiency.
- **F&G Resilience**: $67.4B AUM (+16% YoY), indexed annuities offset MYGA decline; FNF maintains 82% ownership post $150M equity raise.
- **Commercial Momentum**: 4Q straight of +10%+ national commercial orders, April opens up 15% YoY, positioning for long-term margin expansion.
- **M&A Acceleration**: Expect 2025 title M&A activity to exceed 2024 levels, focusing on scale-enhancing acquisitions.
- **AI & Tech Investment**: SoftPro/InHere platform driving 100bps margin improvement; AI initiatives targeting 2025 operational efficiency gains.

**【CEO Summary Section】**
- Title segment achieved an industry-leading adjusted pretax margin of 11.7% (up 100bps YoY) with $211M pretax title earnings, driven by strong commercial revenue growth (+23% YoY) and operational efficiency.
- F&G AUM reached $67.4B (+16% YoY), with focus on indexed annuities and pension risk transfer, despite MYGA sales decline. FNF maintained 82% ownership post $150M equity raise participation.
- 4Q consecutive double-digit growth in national commercial orders, with April daily opens up 15% YoY. Refinance orders remained resilient (+41% YoY in April despite rate volatility).
- Technology investments (SoftPro, InHere) driving margin expansion, with AI initiatives targeting operational efficiency.

**【CFO Financial Commentary】**
- Consolidated Q1 revenue $2.7B, adjusted net earnings $213M ($0.78 EPS), up 3% YoY. Title segment contributed $158M, F&G $80M (38% of total earnings).
- Interest/investment income expected $85-90M/Q due to 2H rate cuts; F&G dividend contribution $29M/Q. Share buybacks resumed with $25M in Q1.
- Free cash flow generation enabled capital allocation flexibility: dividend ($136M/Q), M&A, tech investment, and F&G growth.

**【Q&A Highlights】**
- **Commercial Strength**: National commercial orders up 19% YoY, pipeline suggests continued growth despite broader market uncertainty.
- **M&A Outlook**: Expect increased title M&A activity in 2025 vs. 2024, focusing on tuck-in agent acquisitions.
- **F&G Recovery**: Spread pressures easing; April sales strong, with indexed annuities driving AUM growth.
- **Regulatory Impact**: Minimal Texas rate reduction impact ($14M profit impact if fully implemented), no major federal regulatory changes anticipated.
- **Cash Flow Management**: $786M holding company liquidity, with $150M F&G investment and $25M buybacks in Q1; expect $900-1B upstream cash flow in 2025.

Fidelity National Financial (FNF)-8 May 25-2025 Q1 Earnings call transcript

- **Title Segment Dominance**: Q4 2024 margin of 16.6% (vs. 11.8% 2023) and $1.2B annual revenue highlight operational excellence. 
- **Refinance Surge**: Q4 refi orders up 46% YoY to 1,300/day, with January volumes up 16% YoY despite 7% mortgage rates. 
- **Commercial Growth**: $1.2B annual commercial revenue (3rd highest on record), targeting industrial, multifamily, and energy sectors. 
- **F&G Acceleration**: 38% of consolidated earnings ($475M annually), AUM at $65.3B, and $108M dividends to FNF in 2024. 
- **AI & Digital Transformation**: Generative AI pilots improving efficiency, with 90%+ title production on integrated platform. 
- **2025 Outlook**: Sequential normalization in volumes but long-term bullish on housing demand (NAR: 70M population increase since 1995). 


**【CEO Summary Section】**
- Title segment achieved adjusted pretax earnings of $343 million in Q4 2024, up 73% YoY, with a margin of 16.6% (vs. 11.8% in Q4 2023). Full-year margin expanded to 15.1% (vs. 13.7% in 2023). 
- Refinance orders opened per day increased 46% YoY to 1,300 in Q4, with January 2025 volumes up 16% YoY. Purchase orders were flat in January despite rate headwinds. 
- Commercial revenue reached $1.2 billion in 2024 (3rd highest on record), driven by industrial, multifamily, and energy sectors. 
- F&G contributed 38% of consolidated adjusted net earnings ($123M in Q4, $475M annually), with AUM growing to $65.3B. 
- 2025 outlook: Expect sequential normalization in transaction volumes, but long-term bullish on housing demand (NAR notes 70M population increase since 1995). 
- Investing in generative AI tools to enhance efficiency and customer experience. 

**【CFO Financial Commentary】**
- Q4 2024 total revenue (ex gains/losses) was $4.0B, up 28% YoY. Adjusted net earnings were $366M ($1.34 EPS), up 80% YoY. 
- Title segment free cash flow supported $530M annual dividend, $250M F&G preferred stock investment, and 90%+ cash retention at holding company. 
- F&G paid $108M dividends to FNF in 2024, with 2025 interest/investment income forecast of $95-100M/Q. 
- Consolidated debt-to-capital ratio maintained at 20-30% target range. 
- Resumed share buybacks in early 2025, with $885M cash at year-end (vs. $983M in 2023). 

**【Q&A Highlights】**
- **Wildfires Impact**: Minimal operational disruption, with affected areas having low transaction volume. 
- **AI Investment**: Named Chief AI Officer in 2024; pilot programs improving employee productivity and customer experience. 
- **FG Synergies**: F&G's ratings upgrade enabled channel expansion (IMO share down from 80% to 40%, bank/broker-dealer share up to 40%). 
- **2025 Margin Outlook**: Expect margin expansion with volume recovery, driven by mix of direct/agency business and cost controls. 
- **Commercial Sustainability**: National commercial orders up 7% YoY in Q4, with pipeline strength in industrial and multifamily sectors. 


Fidelity National Financial (FNF)-21 Feb 25-2024 Q4 Earnings call transcript

Fidelity National Financial (FNF)-7 Nov 24-2024 Q3 Earnings call transcript

Fidelity National Financial (FNF)-6 Aug 24-2024 Q2 Earnings call transcript

Fidelity National Financial (FNF)-9 May 24-2024 Q1 Earnings call transcript

Fidelity National Financial (FNF)-22 Feb 24-2023 Q4 Earnings call transcript

Fidelity National Financial (FNF)-8 Nov 23-2023 Q3 Earnings call transcript

Fidelity National Financial (FNF)-9 Aug 23-2023 Q2 Earnings call transcript

Fidelity National Financial (FNF)-4 May 23-2023 Q1 Earnings call transcript

Fidelity National Financial (FNF)-23 Feb 23-2022 Q4 Earnings call transcript

Fidelity National Financial (FNF)-9 Nov 22-2022 Q3 Earnings call transcript

Fidelity National Financial (FNF)-3 Aug 22-2022 Q2 Earnings call transcript

Fidelity National Financial (FNF)-11 May 22-2022 Q1 Earnings call transcript

Fidelity National Financial (FNF)-24 Feb 22-2021 Q4 Earnings call transcript

Fidelity National Financial (FNF)-3 Nov 21-2021 Q3 Earnings call transcript

Fidelity National Financial (FNF)-4 Aug 21-2021 Q2 Earnings call transcript

Fidelity National Financial (FNF)-7 May 21-2021 Q1 Earnings call transcript

Fidelity National Financial (FNF)-25 Feb 21-2020 Q4 Earnings call transcript

Fidelity National Financial (FNF)-5 Nov 20-2020 Q3 Earnings call transcript

Fidelity National Financial (FNF)-5 Aug 20-2020 Q2 Earnings call transcript

Fidelity National Financial (FNF)-23 Apr 20-2020 Q1 Earnings call transcript

Fidelity National Financial (FNF)-14 Feb 20-2019 Q4 Earnings call transcript

Fidelity National Financial (FNF)-30 Oct 19-2019 Q3 Earnings call transcript

Fidelity National Financial (FNF)-17 Jul 19-2019 Q2 Earnings call transcript

Fidelity National Financial (FNF)-25 Apr 19-2019 Q1 Earnings call transcript

Fidelity National Financial (FNF)-14 Feb 19-2018 Q4 Earnings call transcript

Fidelity National Financial (FNF)-27 Oct 18-2018 Q3 Earnings call transcript

Fidelity National Financial (FNF)-18 Jul 18-2018 Q2 Earnings call transcript

Fidelity National Financial (FNF)-3 May 18-2018 Q1 Earnings call transcript

Fidelity National Financial (FNF)-31 Jan 18-2017 Q4 Earnings call transcript

Fidelity National Financial (FNF)-27 Oct 17-2017 Q3 Earnings call transcript

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