The following is a summary of the Fidelity National Financial, Inc. (FNF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Fidelity National Financial reported Q1 revenue of $3.3 billion, a noticeable increase compared to $2.5 billion in Q1 2023.
Adjusted pre-tax earnings for the Title segment were $171 million with a pre-tax title margin of 10.7%.
Net earnings for Q1 were $248 million and adjusted net earnings were $206 million or $0.76 per diluted share, compared to $151 million or $0.56 per share for Q1 2023.
F&G segment contributed $95 million.
Business Progress:
The total commercial orders opened matched the previous year's level with 785 per day.
Title segment revenue reached $1.6 billion in Q1, and direct premiums increased by 3% YoY.
F&G reported gross sales of $3.5 billion and retained assets under management reached a record $49.8 billion.
Decision to invest $250 million in F&G following exceptional performance.
Despite pausing buybacks due to extensive dividend commitments and acquisitions, the company managed positive outcomes even in a lower interest rate environment.
The company is focusing on long-term expansion while maintaining resilience against market cycle changes.
More details: Fidelity National Financial IR
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