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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FNF

FNF fundamentals

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