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FNF Reports Fourth Quarter and Full Year 2024 Financial Results

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Fidelity National Financial (FNF) reported strong financial results for Q4 and full year 2024. Net earnings attributable to common shareholders reached $450 million ($1.65 per share) in Q4 2024, compared to a net loss of $69 million in Q4 2023. Full-year net earnings were $1.3 billion ($4.65 per share).

The Title Segment delivered strong performance with total revenue of $2.0 billion in Q4 and $7.7 billion for the full year, showing increases of 23% and 9% respectively over 2023. The segment achieved an industry-leading adjusted pre-tax title margin of 16.6% in Q4.

The F&G Segment achieved record assets under management of $65.3 billion, a 17% increase over Q4 2023. Full-year gross sales reached a record $15.3 billion, up 16% from 2023. F&G contributed 38% of FNF's consolidated adjusted net earnings for 2024, compared to 30% in 2023.

Fidelity National Financial (FNF) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. Gli utili netti attribuibili agli azionisti comuni hanno raggiunto i 450 milioni di dollari (1,65 dollari per azione) nel Q4 2024, rispetto a una perdita netta di 69 milioni di dollari nel Q4 2023. Gli utili netti dell'intero anno sono stati di 1,3 miliardi di dollari (4,65 dollari per azione).

Il Segmento Titoli ha registrato una performance forte con un fatturato totale di 2,0 miliardi di dollari nel Q4 e 7,7 miliardi di dollari per l'intero anno, mostrando aumenti del 23% e del 9% rispettivamente rispetto al 2023. Il segmento ha raggiunto un margine di titolo rettificato ante imposte leader del settore del 16,6% nel Q4.

Il Segmento F&G ha raggiunto asset record sotto gestione di 65,3 miliardi di dollari, un incremento del 17% rispetto al Q4 2023. Le vendite lorde dell'intero anno hanno raggiunto un record di 15,3 miliardi di dollari, in aumento del 16% rispetto al 2023. F&G ha contribuito per il 38% degli utili netti rettificati consolidati di FNF per il 2024, rispetto al 30% nel 2023.

Fidelity National Financial (FNF) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Las ganancias netas atribuibles a los accionistas comunes alcanzaron los 450 millones de dólares (1,65 dólares por acción) en el Q4 2024, en comparación con una pérdida neta de 69 millones de dólares en el Q4 2023. Las ganancias netas del año completo fueron de 1,3 mil millones de dólares (4,65 dólares por acción).

El Segmento de Títulos mostró un rendimiento sólido con ingresos totales de 2,0 mil millones de dólares en el Q4 y 7,7 mil millones de dólares para el año completo, mostrando aumentos del 23% y del 9% respectivamente en comparación con 2023. El segmento logró un margen de título ajustado antes de impuestos líder en la industria del 16,6% en el Q4.

El Segmento F&G alcanzó activos récord bajo gestión de 65,3 mil millones de dólares, un aumento del 17% en comparación con el Q4 2023. Las ventas brutas del año completo alcanzaron un récord de 15,3 mil millones de dólares, un incremento del 16% respecto a 2023. F&G contribuyó con el 38% de las ganancias netas ajustadas consolidadas de FNF para 2024, en comparación con el 30% en 2023.

피델리티 내셔널 파이낸셜 (FNF)는 2024년 4분기 및 연간 강력한 재무 실적을 보고했습니다. 공통 주주에게 귀속된 순이익은 2024년 4분기에 4억 5천만 달러(주당 1.65달러)에 달했으며, 2023년 4분기에는 6천9백만 달러의 순손실을 기록했습니다. 연간 순이익은 13억 달러(주당 4.65달러)였습니다.

타이틀 부문은 4분기 20억 달러, 연간 77억 달러의 총 수익을 기록하며 2023년에 비해 각각 23% 및 9% 증가했습니다. 이 부문은 4분기에 16.6%의 업계 최고 조정 세전 타이틀 마진을 달성했습니다.

F&G 부문은 653억 달러의 관리 자산을 기록하여 2023년 4분기 대비 17% 증가했습니다. 연간 총 매출은 153억 달러로 2023년에 비해 16% 증가했습니다. F&G는 2024년 FNF의 통합 조정 순이익의 38%를 기여했으며, 이는 2023년의 30%에 비해 증가한 수치입니다.

Fidelity National Financial (FNF) a annoncé des résultats financiers solides pour le quatrième trimestre et pour l'année complète 2024. Les bénéfices nets attribuables aux actionnaires ordinaires ont atteint 450 millions de dollars (1,65 dollar par action) au Q4 2024, contre une perte nette de 69 millions de dollars au Q4 2023. Les bénéfices nets pour l'année complète se sont élevés à 1,3 milliard de dollars (4,65 dollars par action).

Le Segment Titre a affiché une performance solide avec un chiffre d'affaires total de 2,0 milliards de dollars au Q4 et de 7,7 milliards de dollars pour l'année entière, montrant des augmentations de 23 % et 9 % respectivement par rapport à 2023. Le segment a atteint une marge de titre ajustée avant impôts de 16,6 % au Q4, un leader dans l'industrie.

Le Segment F&G a atteint des actifs records sous gestion de 65,3 milliards de dollars, soit une augmentation de 17 % par rapport au Q4 2023. Les ventes brutes pour l'année entière ont atteint un record de 15,3 milliards de dollars, en hausse de 16 % par rapport à 2023. F&G a contribué à hauteur de 38 % des bénéfices nets ajustés consolidés de FNF pour 2024, contre 30 % en 2023.

Fidelity National Financial (FNF) hat für das vierte Quartal und das gesamte Jahr 2024 starke finanzielle Ergebnisse gemeldet. Der den Stammaktionären zurechenbare Nettogewinn belief sich im Q4 2024 auf 450 Millionen Dollar (1,65 Dollar pro Aktie), verglichen mit einem Nettoverlust von 69 Millionen Dollar im Q4 2023. Der Nettogewinn für das gesamte Jahr betrug 1,3 Milliarden Dollar (4,65 Dollar pro Aktie).

Das Titelsegment zeigte eine starke Leistung mit einem Gesamtumsatz von 2,0 Milliarden Dollar im Q4 und 7,7 Milliarden Dollar für das gesamte Jahr, was einer Steigerung von 23% bzw. 9% gegenüber 2023 entspricht. Das Segment erzielte im Q4 eine branchenführende angepasste Vorsteuer-Titelmarge von 16,6%.

Das F&G-Segment erreichte mit 65,3 Milliarden Dollar ein Rekordvermögen unter Verwaltung, was einem Anstieg von 17% im Vergleich zum Q4 2023 entspricht. Die Bruttoverkäufe des gesamten Jahres erreichten mit 15,3 Milliarden Dollar einen Rekord, was einem Anstieg von 16% gegenüber 2023 entspricht. F&G trug 38% zu den konsolidierten angepassten Nettogewinnen von FNF für 2024 bei, verglichen mit 30% im Jahr 2023.

Positive
  • Q4 net earnings increased to $450 million from a loss of $69 million in Q4 2023
  • Title Segment revenue grew 23% in Q4 2024 vs Q4 2023
  • Record F&G assets under management reached $65.3 billion, up 17% YoY
  • F&G gross sales hit record $15.3 billion, increasing 16% for full year
  • Industry-leading adjusted pre-tax title margin of 16.6% in Q4 2024
Negative
  • F&G Q4 gross sales decreased 15% compared to Q4 2023
  • Alternative investment returns below long-term expectations by $0.45 for full year 2024

Insights

The Q4 and FY2024 results reveal FNF's successful execution of its dual-growth strategy, with particularly impressive performance in challenging market conditions. The Title segment's 16.6% adjusted pre-tax margin in Q4 2024 - the highest in nine quarters - demonstrates the company's operational excellence and successful digital transformation initiatives. The 23% year-over-year revenue growth in Q4, despite a high interest rate environment, showcases FNF's market leadership and ability to capture market share.

The integration of SoftPro platform and InHere digital transaction tools has created significant operational efficiencies, enabling FNF to maintain industry-leading margins while investing in future growth. The 28% increase in commercial revenue is particularly noteworthy, indicating strong momentum in higher-margin business segments.

F&G's transformation into a major earnings contributor is evident, now representing 38% of consolidated adjusted net earnings, up from 30% in 2023. The record $65.3B in assets under management and 16% growth in gross sales demonstrate successful market penetration and product diversification. The segment's capital-light strategy, utilizing flow reinsurance and owned distribution, positions it for sustained profitable growth while optimizing capital efficiency.

The company's strong balance sheet, with $786M in cash and short-term investments, supports its sustainable dividend policy while maintaining flexibility for strategic investments. The operational improvements and digital initiatives, including the exploration of generative AI tools, suggest continued margin expansion potential and enhanced competitive positioning in both core segments.

JACKSONVILLE, Fla., Feb. 20, 2025 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) ("FNF" or the "Company"), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE: FG) ("F&G"), today reported financial results for the fourth quarter and twelve months ended December 31, 2024.

Net earnings attributable to common shareholders for the fourth quarter were $450 million, or $1.65 per diluted share (per share), compared to a net loss of $69 million, or $0.25 per share, for the fourth quarter of 2023. Full year net earnings attributable to common shareholders of $1.3 billion, or $4.65 per share, compared to $517 million, or $1.91 per share, for the year ended December 31, 2023. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the fourth quarter were $366 million, or $1.34 per share, compared to $204 million, or $0.75 per share, for the fourth quarter of 2023. Full year adjusted net earnings of $1.3 billion, or $4.63 per share, compared to $962 million, or $3.55 per share, for the year ended December 31, 2023.

  • The Title Segment contributed $263 million and $877 million for the fourth quarter and full year 2024, respectively, compared to $174 million and $760 million for the fourth quarter and full year 2023, respectively
  • The F&G Segment contributed $123 million and $475 million for the fourth quarter and full year 2024, respectively, compared to $64 million and $285 million for the fourth quarter and full year 2023, respectively
  • The Corporate Segment, before eliminating dividend income from F&G in the consolidated financial statements, had adjusted net earnings of $8 million and $21 million for the fourth quarter and full year 2024, respectively, compared to adjusted net losses of $12 million and $18 million for fourth quarter and full year 2023, respectively
  • FNF's consolidated adjusted net earnings per share include significant items in the F&G Segment. The F&G Segment's adjusted net earnings include alternative investment returns below our long-term expectations of $0.10 and $0.45 for the fourth quarter and full year 2024, respectively, as compared to $0.11 and $0.48 for the fourth quarter and full year 2023, respectively. In addition, F&G's adjusted net earnings include significant income items of $0.07 and $0.11 for the fourth quarter and full year 2024, respectively, as compared to significant expense items of $0.06 and $0.16 for the fourth quarter and full year 2023, respectively. Please see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanation

Company Highlights

  • Title Segment delivered strong outperformance in the current market: For the Title Segment, total revenue of $2.0 billion and $7.7 billion for the quarter and full year, respectively, compared to $1.7 billion and $7.0 billion for the fourth quarter and full year 2023, respectively. Total revenue, excluding recognized gains and losses, of $2.1 billion for the fourth quarter, a 23% increase over the fourth quarter of 2023, and $7.7 billion for the full year, a 9% increase over full year 2023. Our industry leading adjusted pre-tax title margin was 16.6% and 15.1% for the fourth quarter and full year, respectively. Notably, adjusted pre-tax title margin for the fourth quarter was the best of 2024 and the highest over the past nine quarters
  • F&G Segment gross sales drove record assets under management: For the F&G Segment, gross sales of $3.5 billion for the fourth quarter, a 15% decrease from the near record fourth quarter of 2023. Record gross sales of $15.3 billion for the full year, a 16% increase over full year 2023. F&G achieved record assets under management before flow reinsurance of $65.3 billion at the end of the fourth quarter, an increase of 17% over the fourth quarter of 2023
  • Sustainable common dividend backed by strong balance sheet: FNF paid common dividends of $0.50 per share for $141 million in the fourth quarter and ended the year with $786 million in cash and short-term liquid investments at the holding company

William P. Foley, II, Chairman, commented, "We delivered an industry leading adjusted pre-tax Title margin of 15.1% for the full year 2024 which is an outstanding result and validation of the operational efficiencies that our management team has achieved over the last decade. Our Title segment has significantly outperformed prior cycle troughs and is well positioned for the eventual upturn in the residential housing market once mortgage interest rates begin to normalize. F&G's business has continued to perform above our expectations having achieved record assets under management before flow reinsurance of $65.3 billion at year end driven by record gross sales of $15.3 billion. Given this strong growth, F&G contributed 38% of FNF's consolidated adjusted net earnings for the full year 2024 as compared to 30% in 2023.  F&G is a strong growth engine which we expect to continue as they execute against their medium-term financial goals."

Summary Financial Results

(In millions, except per share data)

Three Months Ended

Twelve Months Ended


December 31, 2024


December 31, 2023

2024


2023

Total revenue

$     3,621


$     3,432

$  13,681


$  11,752

F&G total gross sales1

$     3,469


$     4,083

$  15,262


$  13,153

F&G assets under management (AUM)1

$   53,817


$   49,103

$  53,817


$  49,103

F&G AUM before flow reinsurance1

$   65,274


$   55,928

$  65,274


$  55,928

Total assets

$   95,372


$   80,614

$  95,372


$  80,614

Adjusted pre-tax title margin

16.6 %


11.8 %

15.1 %


13.7 %

Net earnings attributable to common shareholders

$         450


$         (69)

$    1,270


$       517

Net earnings per share attributable to common shareholders

$        1.65


$      (0.25)

$      4.65


$      1.91

Adjusted net earnings1

$         366


$         204

$    1,265


$       962

Adjusted net earnings per share1

$        1.34


$        0.75

$      4.63


$      3.55

Weighted average common diluted shares

273


272

273


271

Total common shares outstanding

275


273

275


273

1 See definition of non-GAAP measures below

Segment Financial Results

Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.

Mike Nolan, Chief Executive Officer, said, "I am very proud of our financial results, including our industry leading 16.6% adjusted pre-tax Title margin for the fourth quarter of 2024, which reflect our pioneering work and investment that we have made over many years. We have become more efficient across our operational footprint through our SoftPro integrated operating platform and enhanced our customer experience through proven tools such as our InHere digital transaction platform. We continue to improve the efficiency of our operations while exploring further innovation with generative AI tools and continuing our focus on enhancing the title and settlement processes. We are continually striving to improve our margins like what we have achieved this past year and are well positioned to thrive in the year ahead."

Fourth Quarter 2024 Highlights

  • Total revenue of $2.0 billion, compared with $1.7 billion in the fourth quarter of 2023
  • Total revenue, excluding recognized gains and losses, of $2.1 billion, a 23% increase over the fourth quarter of 2023
    • Direct title premiums of $625 million, a 28% increase over fourth quarter of 2023
    • Agency title premiums of $787 million, a 27% increase over fourth quarter of 2023
    • Commercial revenue of $376 million, a 28% increase over fourth quarter of 2023
  • Purchase orders opened increased 6% on a daily basis over the fourth quarter of 2023, and purchase orders closed increased 9% on a daily basis over the fourth quarter of 2023
  • Refinance orders opened increased 46% on a daily basis and refinance orders closed increased 61% on a daily basis over the fourth quarter of 2023
  • Commercial orders opened increased 9% and commercial orders closed increased 10% over the fourth quarter of 2023
  • Total fee per file of $3,909 for the fourth quarter, a 3% increase over the fourth quarter of 2023

Fourth Quarter 2024 Financial Results

  • Pre-tax title margin of 13.5% and industry leading adjusted pre-tax title margin of 16.6% for the fourth quarter of 2024, compared to 14.0% and 11.8% for the fourth quarter of 2023, respectively
  • Pre-tax earnings from continuing operations in Title for the fourth quarter of $271 million, compared with $245 million for the fourth quarter of 2023
  • Adjusted pre-tax earnings in Title for the fourth quarter of $343 million, compared with $198 million for the fourth quarter of 2023

Full Year 2024 Financial Results

  • Pre-tax title margin of 14.2% and industry leading adjusted pre-tax title margin of 15.1% for the full year, compared to 12.5% and 13.7% for the full year 2023, respectively
  • Pre-tax earnings from continuing operations in Title for the full year of $1.1 billion, compared to $883 million for the full year 2023
  • Adjusted pre-tax earnings in Title for the full year of $1.2 billion, compared to $964 million for the full year 2023

F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.

Chris Blunt, Chief Executive Officer, commented, "We reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over 2023. Notably, gross sales have more than tripled since 2020. During 2024, we achieved record full year retail channel and pension risk transfer sales due to favorable market conditions and secular demand for our products that is poised to persist. Lastly, we continue to execute our capital light, strategic initiatives through utilizing flow reinsurance and growing our owned distribution business which, taken together, offer F&G a higher return earnings stream. We enter 2025 with strong momentum and I am excited with the opportunities to further grow AUM before flow reinsurance and adjusted net earnings."

Fourth Quarter 2024

  • Profitable gross sales: Gross sales of $3.5 billion for the fourth quarter, a decrease of 15% from the near record fourth quarter of 2023
  • Net sales of $2.5 billion for the fourth quarter, in line with the fourth quarter of 2023
  • Record AUM before flow reinsurance of $65.3 billion at the end of the fourth quarter increased 17% over the fourth quarter of 2023. This included record AUM of $53.8 billion, an increase of 10% over the fourth quarter of 2023 driven by retained new business flows
  • Net earnings attributable to common shareholders for F&G Segment of $274 million for the fourth quarter due to favorable mark-to-market movement, compared to a net loss of $251 million for the fourth quarter of 2023 which included unfavorable mark-to-market movement
  • Adjusted net earnings attributable to common shareholders for F&G Segment of $123 million for the fourth quarter, compared to $64 million for the fourth quarter of 2023
    • F&G's adjusted net earnings reflect alternatives investment portfolio short-term mark-to-market movement that differs from long-term return expectation. The fourth quarter of 2024 includes short term investment income from alternative investments and $19 million of net significant income items, whereas the fourth quarter of 2023 included short term investment income from alternative investments and $16 million of net significant expense items
    • As compared to the prior year quarter, adjusted net earnings reflect asset growth, margin diversification from accretive flow reinsurance fees and owned distribution margin, disciplined expense management and higher interest expense due to planned capital market activity
    • Please see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanation

Full Year 2024

  • Record gross sales: Gross sales of $15.3 billion for the full year, an increase of 16% over the full year 2023, driven by record retail channel and robust institutional market sales
  • Record net sales of $10.6 billion for the full year, compared to $9.2 billion for the full year 2023
  • Record AUM before flow reinsurance of $65.3 billion at year-end 2024 increased 17% over year-end 2023. This included record AUM of $53.8 billion, an increase of 10% over year-end 2023 driven by retained new business flows
  • Net earnings attributable to common shareholders for F&G Segment of $538 million for the full year due to favorable mark-to-market movement, compared to a net loss of $46 million for the full year 2023 which included unfavorable mark-to-market movement
  • Adjusted net earnings attributable to common shareholders for F&G Segment of $475 million for the full year, compared to $285 million for the full year 2023
    • F&G's adjusted net earnings reflect alternatives investment portfolio short-term mark-to-market movement that differs from long-term return expectation. The full year 2024 includes short term investment income from alternative investments and $30 million of net significant income items, whereas the full year 2023 included short term investment income from alternative investments and $43 million of net significant expense items
    • As compared to the prior year, adjusted net earnings reflect asset growth, margin diversification from accretive flow reinsurance fees and owned distribution margin, disciplined expense management and higher interest expense due to planned capital market activity
    • Please see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanation

Conference Call
We will host a call with investors and analysts to discuss FNF's fourth quarter and full year 2024 results on Friday, February 21, 2025, beginning at 11:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  More information about FNF can be found at fnf.com. 

About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales. 

Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods.  Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.

The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.  By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.

Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.

FNF-E

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other


Elimination

Three Months Ended






December 31, 2024






Direct title premiums


$            625


$            625


$             —


$                  —


$                  —

Agency title premiums


787


787


—


—


—

Escrow, title related and other fees


1,766


560


1,169


37


—

Total title and escrow


3,178


1,972


1,169


37


—












Interest and investment income


816


97


707


40


(28)

Recognized gains and losses, net


(373)


(57)


(317)


1


—

Total revenue


3,621


2,012


1,559


78


(28)












Personnel costs


832


709


81


42


—

Agent commissions


606


606


—


—


—

Other operating expenses


406


327


54


25


—

Benefits & other policy reserve changes


927


—


927


—


—

Market risk benefit (gains) losses


(105)


—


(105)


—


—

Depreciation and amortization


194


35


152


7


—

Provision for title claim losses


64


64


—


—


—

Interest expense


57


—


38


19


—

Total expenses


2,981


1,741


1,147


93


—












Pre-tax earnings (loss)


$            640


$            271


$           412


$                (15)


$                (28)












  Income tax expense (benefit)


144


75


85


(16)


—

  Earnings (loss) from equity investments


12


12


—


—


—

  Non-controlling interests


58


5


53


—


—












Net earnings (loss) attributable to common shareholders


$            450


$            203


$           274


$                    1


$                (28)












EPS attributable to common shareholders - basic


$          1.65




















EPS attributable to common shareholders - diluted


$          1.65




















Weighted average shares - basic


272









Weighted average shares - diluted


273









 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)


Consolidated


Title


F&G


Corporate and
Other


Elimination

Three Months Ended






December 31, 2024






Net earnings (loss) attributable to common shareholders


$                450


$                203


$           274


$                    1


$                (28)












Pre-tax earnings (loss)


$                640


$                271


$           412


$                (15)


$                (28)












 Non-GAAP Adjustments











  Recognized (gains) and losses, net


23


57


(33)


(1)


—

  Market related liability adjustments


(233)


—


(233)


—


—

  Purchase price amortization


38


15


21


2


—

  Pension retirement charge


(1)


—


—


(1)


—

  Immediately vested stock compensation expense


12


—


—


12


—

  Transaction and other costs


19


—


19


—


—












Adjusted pre-tax earnings (loss)


$                498


$                343


$           186


$                   (3)


$                (28)












Total non-GAAP, pre-tax adjustments


$              (142)


$                  72


$         (226)


$                  12


$                  —

  Income taxes on non-GAAP adjustments


28


(17)


48


(3)


—

  Non-controlling interest on non-GAAP adjustments


27


—


27


—


—

  Deferred tax asset valuation allowance


3


5


—


(2)


—

Total non-GAAP adjustments


$                (84)


$                  60


$         (151)


$                    7


$                  —












Adjusted net earnings (loss) attributable to common shareholders


$                366


$                263


$           123


$                    8


$                (28)












Adjusted EPS attributable to common shareholders - diluted


$               1.34









 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)



Consolidated


Title


F&G


Corporate and
Other


Elimination

Three Months Ended






December 31, 2023






Direct title premiums


$            489


$            489


$             —


$                  —


$                  —

Agency title premiums


619


619


—


—


—

Escrow, title related and other fees


1,429


488


890


51


—

Total title and escrow


2,537


1,596


890


51


—












Interest and investment income


692


86


589


39


(22)

Recognized gains and losses, net


203


65


133


5


—

Total revenue


3,432


1,747


1,612


95


(22)












Personnel costs


742


636


65


41


—

Agent commissions


474


474


—


—


—

Other operating expenses


387


303


39


45


—

Benefits & other policy reserve changes


1,632


—


1,632


—


—

Market risk benefit (gains) losses


115


—


115


—


—

Depreciation and amortization


155


39


110


6


—

Provision for title claim losses


50


50


—


—


—

Interest expense


45


—


26


19


—

Total expenses


3,600


1,502


1,987


111


—












Pre-tax earnings (loss)


$          (168)


$            245


$         (375)


$                (16)


$                (22)












  Income tax expense (benefit)


(53)


16


(76)


7


—

  Earnings from equity investments


1


1


—


—


—

  Non-controlling interests


(45)


2


(48)


1


—












Net earnings (loss) attributable to common shareholders


$            (69)


$            228


$         (251)


$                (24)


$                (22)












EPS attributable to common shareholders - basic


$         (0.25)




















EPS attributable to common shareholders - diluted


$         (0.25)




















Weighted average shares - basic


271









Weighted average shares - diluted


272









 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)



Consolidated


Title


F&G


Corporate and
Other


Elimination

Three Months Ended






December 31, 2023






Net earnings (loss) attributable to common shareholders


$                (69)


$                228


$              (251)


$                (24)


$                (22)












Pre-tax earnings (loss)


$              (168)


$                245


$              (375)


$                (16)


$                (22)












Non-GAAP Adjustments











  Recognized (gains) and losses, net


44


(65)


114


(5)


—

  Market related liability adjustments


353


—


353


—


—

  Purchase price amortization


27


18


6


3


—

  Pension retirement charge


8


—


—


8


—

  Cybersecurity incident


10


—


—


10


—

  Transaction costs


1


—


—


1


—












Adjusted pre-tax earnings (loss)


$                275


$                198


$                  98


$                    1


$                (22)












Total non-GAAP, pre-tax adjustments


$                443


$                (47)


$                473


$                  17


$                  —

  Income taxes on non-GAAP adjustments


(91)


12


(99)


(4)


—

  Non-controlling interest on non-GAAP adjustments


(60)


—


(59)


(1)


—

  Deferred tax asset valuation allowance


(19)


(19)


—


—


—

Total non-GAAP adjustments


$                273


$                (54)


$                315


$                  12


$                  —












Adjusted net earnings (loss) attributable to common shareholders


$                204


$                174


$                  64


$                (12)


$                (22)












Adjusted EPS attributable to common shareholders - diluted


$               0.75




















 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)



Consolidated


Title


F&G


Corporate and
Other


Elimination

Twelve Months Ended






December 31, 2024






Direct title premiums


$        2,200


$         2,200


$          —


$               —


$                  —

Agency title premiums


2,953


2,953


—


—


—

Escrow, title related and other fees


5,321


2,196


2,941


184


—

Total title and escrow


10,474


7,349


2,941


184


—












Interest and investment income


3,124


359


2,719


154


(108)

Recognized gains and losses, net


83


(6)


84


5


—

Total revenue


13,681


7,702


5,744


343


(108)












Personnel costs


3,148


2,695


296


157


—

Agent commissions


2,287


2,287


—


—


—

Other operating expenses


1,558


1,251


203


104


—

Benefits & other policy reserve changes


3,791


—


3,791


—


—

Market risk benefit (gains) losses


(25)


—


(25)


—


—

Depreciation and amortization


739


141


569


29


—

Provision for title claim losses


232


232


—


—


—

Interest expense


209


—


132


77


—

Total expenses


11,939


6,606


4,966


367


—












Pre-tax earnings (loss) from continuing operations


$        1,742


$         1,096


$       778


$             (24)


$              (108)












  Income tax expense (benefit)


367


265


136


(34)


—

  Earnings (loss) from equity investments


16


16


—


—


—

  Non-controlling interests


121


17


104


—


—












Net earnings (loss) attributable to common shareholders


$        1,270


$            830


$       538


$               10


$              (108)












EPS attributable to common shareholders - basic


$          4.69




















EPS attributable to common shareholders - diluted


$          4.65




















Weighted average shares - basic


271









Weighted average shares - diluted


273









 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)



Consolidated


Title


F&G


Corporate and
Other


Elimination

Twelve Months Ended






December 31, 2024






Net earnings (loss) attributable to common shareholders


$             1,270


$                830


$           538


$                  10


$              (108)












Pre-tax earnings (loss)


$             1,742


$             1,096


$           778


$                (24)


$              (108)












Non-GAAP Adjustments











  Recognized (gains) and losses, net


28


6


27


(5)


—

  Market related liability adjustments


(214)


—


(214)


—


—

  Purchase price amortization


153


59


84


10


—

  Pension retirement charge


(1)


—


—


(1)


—

  Immediately vested stock compensation expense


12


—


—


12


—

  Transaction and other costs


17


—


16


1


—












Adjusted pre-tax earnings (loss)


$             1,737


$             1,161


$           691


$                   (7)


$              (108)












Total non-GAAP, pre-tax adjustments


$                   (5)


$                  65


$           (87)


$                  17


$                  —

  Income taxes on non-GAAP adjustments


1


(16)


21


(4)


—

  Deferred tax asset valuation allowance


(4)


(2)


—


(2)


—

  Non-controlling interest on non-GAAP adjustments


3


—


3


—


—

Total non-GAAP adjustments


$                   (5)


$                  47


$           (63)


$                  11


$                  —












Adjusted net earnings (loss) attributable to common shareholders


$             1,265


$                877


$           475


$                  21


$              (108)












Adjusted EPS attributable to common shareholders - diluted


$               4.63









 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)







F&G





Twelve Months Ended


Consolidated


Title



Corporate and
Other


Elimination

December 31, 2023






Direct title premiums


$        1,982


$        1,982


$                  —


$                  —


$                  —

Agency title premiums


2,610


2,610


—


—


—

Escrow, title related and other fees 


4,717


2,117


2,413


187


—

Total title and escrow


9,309


6,709


2,413


187


—












Interest and investment income


2,607


338


2,211


123


(65)

Recognized gains and losses, net


(164)


(9)


(124)


(31)


—

Total revenue


11,752


7,038


4,500


279


(65)












Personnel costs


2,908


2,544


232


132


—

Agent commissions


2,008


2,008


—


—


—

Other operating expenses


1,521


1,242


146


133


—

Benefits & other policy reserve changes


3,553


—


3,553


—


—

Market risk benefit (gains) losses


95


—


95


—


—

Depreciation and amortization


593


154


412


27


—

Provision for title claim losses


207


207


—


—


—

Interest expense


174


—


97


77


—

Total expenses


11,059


6,155


4,535


369


—












Pre-tax earnings (loss)


$            693


$            883


$                (35)


$                (90)


$                (65)












  Income tax expense (benefit)


192


181


23


(12)


—

  Earnings from equity investments


17


17


—


—


—

  Non-controlling interests


1


13


(12)


—


—












Net earnings (loss) attributable to common shareholders


$            517


$            706


$                (46)


$                (78)


$                (65)












EPS attributable to common shareholders - basic


$          1.91









EPS attributable to common shareholders - diluted


$          1.91




















Weighted average shares - basic


270









Weighted average shares - diluted


271









 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)



Consolidated


Title


F&G


Corporate and
Other


Elimination

Twelve Months Ended






December 31, 2023






Net earnings (loss) attributable to common shareholders


$                517


$                706


$           (46)


$                (78)


$                (65)












Pre-tax earnings (loss)


$                693


$                883


$           (35)


$                (90)


$                (65)












Non-GAAP Adjustments











  Recognized (gains) and losses, net


254


9


214


31


—

  Market related liability adjustments


258


—


258


—


—

  Purchase price amortization


108


72


22


14


—

  Pension retirement charge


8


—


—


8


—

  Cybersecurity incident


10


—


—


10


—

  Transaction costs


9


—


3


6


—












Adjusted pre-tax earnings (loss)


$             1,340


$                964


$           462


$                (21)


$                (65)












Total non-GAAP, pre-tax adjustments


$                647


$                  81


$           497


$                  69


$                  —

  Income taxes on non-GAAP adjustments


(139)


(19)


(104)


(16)


—

  Deferred tax asset valuation allowance


—


(8)


—


8


—

  Non-controlling interest on non-GAAP adjustments


(63)


—


(62)


(1)


—

Total non-GAAP adjustments


$                445


$                  54


$           331


$                  60


$                  —












Adjusted net earnings (loss) attributable to common shareholders


$                962


$                760


$           285


$                (18)


$                (65)












Adjusted EPS attributable to common shareholders - diluted


$               3.55









 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)




December 31,
2024


December 31,
2023



(Unaudited)


(Unaudited)

Cash and investment portfolio



$         67,094



$         58,816

Goodwill



5,271



4,830

Title plant



420



418

Total assets



95,372



80,614

Notes payable



4,321



3,887

Reserve for title claim losses



1,713



1,770

Secured trust deposits



551



731

Accumulated other comprehensive (loss) earnings



(2,052)



(2,119)

Non-controlling interests



778



552

Total equity and non-controlling interests



8,532



7,460

Total equity attributable to common shareholders



7,754



6,908

 

Non-GAAP Measures and Other Information

Title Segment

The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.


Three Months Ended



Twelve Months Ended

(Dollars in millions)

December 31, 2024

December 31, 2023



December 31, 2024

December 31, 2023

Pre-tax earnings

$                   271

$                    245



$               1,096

$                   883

Non-GAAP adjustments before taxes







  Recognized (gains) and losses, net

57

(65)



6

9

  Purchase price amortization

15

18



59

72

Total non-GAAP adjustments

72

(47)



65

81

Adjusted pre-tax earnings

$                   343

$                    198



$               1,161

$                   964

Adjusted pre-tax margin

16.6 %

11.8 %



15.1 %

13.7 %

 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q4 2024


Q3 2024


Q2 2024


Q1 2024


Q4 2023


Q3 2023


Q2 2023


Q1 2023

Quarterly Opened Orders ('000's except % data)

Total opened orders*


299


352


344


315


257


318


347


308

Total opened orders per day*


4.7


5.5


5.5


5.1


4.1


5.0


5.4


5.0

Purchase % of opened orders


72 %


73 %


80 %


79 %


78 %


80 %


79 %


78 %

Refinance % of opened orders


28 %


27 %


20 %


21 %


22 %


20 %


21 %


22 %

Total closed orders*


232


232


229


186


192


224


233


188

Total closed orders per day*


3.7


3.6


3.6


3.0


3.1


3.6


3.6


3.0

Purchase % of closed orders


72 %


77 %


81 %


79 %


80 %


80 %


81 %


78 %

Refinance % of closed orders


28 %


23 %


19 %


21 %


20 %


20 %


19 %


22 %


















Commercial (millions, except orders in '000's)

Total commercial revenue


$      376


$      290


$      273


$      238


$      294


$      263


$      263


$      241

Total commercial opened orders


47.5


50.8


50.7


48.7


43.7


49.1


50.2


48.5

Total commercial closed orders


28.9


25.9


25.7


24.3


26.3


25.6


27.7


24.7


















National commercial revenue


$      208


$      151


$      145


$      123


$      164


$      131


$      132


$      123

National commercial opened orders


20.7


21.9


21.4


19.4


18.2


19.2


19.5


18.8

National commercial closed orders


11.8


10.4


9.8


9.2


10.1


9.4


10.1


8.7


















Total Fee Per File

Fee per file


$   3,909


$   3,708


$   3,759


$   3,555


$   3,806


$   3,618


$   3,598


$   3,446

Residential fee per file


$   2,772


$   2,881


$   2,995


$   2,746


$   2,889


$   2,861


$   2,897


$   2,601

Total commercial fee per file


$ 13,000


$  11,200


$  10,600


$   9,800


$ 11,200


$  10,300


$   9,500


$   9,800

National commercial fee per file


$ 17,600


$  14,500


$  14,800


$  13,400


$ 16,300


$  14,000


$  13,000


$  14,100


















Total Staffing

Total field operations employees


10,300


10,400


10,300


10,000


9,900


10,400


10,600


10,400


















Actual title claims paid ($ millions)


$       75


$        64


$        70


$        70


$       64


$        69


$        67


$        62

 

Title Segment (continued) 

FIDELITY NATIONAL FINANCIAL, INC.

MONTHLY TITLE ORDER STATISTICS





Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

October 2024



121,000

71 %



85,000

70 %

November 2024



90,000

74 %



72,000

73 %

December 2024



88,000

72 %



75,000

74 %








Fourth Quarter 2024



299,000

72 %



232,000

72 %











Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

October 2023



101,000

78 %



70,000

80 %

November 2023



75,000

79 %



54,000

80 %

December 2023



81,000

78 %



68,000

79 %








Fourth Quarter 2023



257,000

78 %



192,000

80 %

* Includes an immaterial number of non-purchase and non-refinance orders

 

F&G Segment

The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders.  The F&G Segment is reported net of noncontrolling minority interest.


Three Months Ended



Twelve Months Ended

(Dollars in millions)

December 31,
2024


December 31,
2023



December 31,
2024


December 31,
2023

Net earnings attributable to common shareholders

$                 274


$               (251)



$                 538


$                 (46)

Non-GAAP adjustments(1):









Recognized (gains) losses, net

(33)


114



27


214

Market related liability adjustments

(233)


353



(214)


258

Purchase price amortization

21


6



84


22

Transaction and other costs

19


—



16


3

Income taxes on non-GAAP adjustments

48


(99)



21


(104)

Non-controlling interest on non-GAAP adjustments

27


(59)



3


(62)

Adjusted net earnings (loss) attributable to common shareholders(1)

$                 123


$                   64



$                 475


$                 285

 

  • Adjusted net earnings of $123 million for the fourth quarter of 2024 includes $116 million, or $0.42 per share, of investment income from alternative investments, $13 million, or $0.05 per share, of CLO redemptions and bond prepay income and $6 million, or $0.02 per share, of actuarial model refinements and other items. Alternative investments investment income based on management's long-term expected return of approximately 10% was $143 million, or $0.52 per share.
  • Adjusted net earnings of $64 million for the fourth quarter of 2023 include $93 million, or $0.34 per share, of investment income from alternative investments and $16 million, or $0.06 per share, of significant expense items. Alternative investments investment income based on management's long-term expected return of approximately 10% was $124 million, or $0.45 per share.
  • Adjusted net earnings of $475 million for the full year 2024 includes $433 million, or $1.59 per share, of investment income from alternative investments, $39 million, or $0.14 per share, of CLO redemptions and bond prepay income, and $12 million, or $0.04 per share, tax valuation allowance, partially offset by $21 million, or $0.08 per share, of net expense from actuarial assumption and model updates and other items. Alternative investments investment income based on management's long-term expected return of approximately 10% was $556 million, or $2.04 per share.
  • Adjusted net earnings of $285 million for the twelve months ended December 31, 2023 included $342 million, or $1.26 per share, of investment income from alternative investments and $43 million, or $0.16 per share, of net significant expense items. Alternative investments investment income based on management's long-term expected return of approximately 10% was $472 million, or $1.74 per share.

Footnotes:

1.

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

F&G Segment (continued)

The table below provides a summary of sales highlights.



Three Months Ended



Twelve Months Ended

(In millions)


December 31,
2024


December 31,
2023



December 31,
2024


December 31,
2023

Total annuity sales


$               2,445


$               2,895



$             11,834


$               9,765

Indexed universal life sales


41


39



166


156

Funding agreements (FABN/FHLB)


—


385



1,020


1,256

Pension risk transfer


983


764



2,242


1,976

Gross sales(1)


$               3,469


$               4,083



$             15,262


$             13,153

Sales attributable to flow reinsurance to third parties


(1,031)


(1,534)



(4,691)


(3,915)

Net Sales(1)


$               2,438


$               2,549



$             10,571


$               9,238



Footnotes:

1.

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

DEFINITIONS  

The following represents the definitions of non-GAAP measures used by the Company.

Adjusted Net Earnings attributable to common shareholders

Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:

i. Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment ("OTTI") losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;

ii. Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

iii. Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);

iv. Transaction costs: the impacts related to acquisition, integration and merger related items;

v. Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments;

vi. Other and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be "non-recurring," "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;

vii.Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and

viii.Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction

While these adjustments are an integral part of the overall performance of FNF, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Assets Under Management (AUM)

AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:

i. total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;

ii. investments in unconsolidated affiliates at carrying value;

iii. related party loans and investments;

iv. accrued investment income;

v. the net payable/receivable for the purchase/sale of investments; and

vi. cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

AUM before Flow Reinsurance

AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.

Average Assets Under Management (AAUM)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Sales 

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

Cision View original content:https://www.prnewswire.com/news-releases/fnf-reports-fourth-quarter-and-full-year-2024-financial-results-302381809.html

SOURCE Fidelity National Financial, Inc.

FAQ

What was FNF's earnings per share for Q4 2024?

FNF reported earnings of $1.65 per diluted share for Q4 2024, compared to a loss of $0.25 per share in Q4 2023.

How much did FNF's Title Segment revenue grow in Q4 2024?

FNF's Title Segment revenue grew 23% in Q4 2024 compared to Q4 2023, reaching $2.1 billion excluding recognized gains and losses.

What was F&G's contribution to FNF's earnings in 2024?

F&G contributed 38% of FNF's consolidated adjusted net earnings for full year 2024, up from 30% in 2023.

How much did FNF's F&G Segment assets under management grow in 2024?

F&G's assets under management grew to a record $65.3 billion, representing a 17% increase over Q4 2023.

What was FNF's Title Segment margin in Q4 2024?

FNF achieved an industry-leading adjusted pre-tax title margin of 16.6% in Q4 2024, compared to 11.8% in Q4 2023.

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FNF Stock Data

15.75B
257.87M
5.55%
80.92%
1.45%
Insurance - Specialty
Title Insurance
Link
United States
JACKSONVILLE