Welcome to our dedicated page for Fidelity National Financial news (Ticker: FNF), a resource for investors and traders seeking the latest updates and insights on Fidelity National Financial stock.
Fidelity National Financial, Inc. (NYSE: FNF) is a powerhouse in the title insurance and transaction services industry, catering to the real estate and mortgage sectors. As a Fortune 500 company, FNF's influence spreads through its various business divisions, including the Fidelity National Title Group (FNTG), which comprises five highly reputed title insurance underwriters: Fidelity National Title, Chicago Title, Ticor Title, Security Union Title, and Alamo Title. These entities issue residential and commercial title insurance policies across the U.S., alongside ServiceLink, which offers centralized title and closing services to national lenders.
Another significant arm of FNF is the Fidelity National Property and Casualty Insurance Group, providing a range of personal insurance products such as residential property, auto, flood, and umbrella insurance. FNF's acquisition strategy has seen it enhance its market position, notably with the purchase of Commonwealth Land Title and Lawyers Title in December 2008, amidst the bankruptcy of LandAmerica Financial Group.
FNF's operations are broadly categorized into three segments: Title, F&G, and Corporate and Other. The Title segment, which is the largest revenue generator, includes title insurance underwriters and related businesses offering escrow services, trustee sales guarantees, and home warranty products. Within this segment, the company emphasizes its strong financial condition and strategic partnerships.
Recent Achievements: In November 2023, FNF announced a $250 million investment in F&G Annuities & Life, Inc., aiming to bolster the growth of assets under management. This move underlines FNF's ongoing commitment to expanding its financial services footprint. Furthermore, FNF's board formed a Special Committee to oversee and negotiate this investment, ensuring thorough independent evaluation and due diligence.
Financial Condition: As of September 30, 2023, FNF held $949 million in cash and short-term liquid investments, highlighting a robust liquidity position. Despite market challenges, FNF's diversified portfolio and strategic investments have positioned it well to navigate economic uncertainties.
Products and Services: FNF's service offerings are extensive, encompassing title insurance, escrow services, trustee services, and home warranties. Its subsidiary, F&G, delivers insurance solutions to retail annuity and life customers, alongside institutional clients, reflecting FNF's comprehensive approach to financial security.
FNF's market leadership and strategic growth initiatives underscore its significance in the financial services landscape. For those seeking updated information on FNF's market performance, investments, and strategic developments, the company remains a key player to watch.
Fidelity National Financial (NYSE: FNF) reported strong third-quarter results for 2020, with total revenue of approximately $3.0 billion, up from $2.2 billion in 2019. Net earnings from continuing operations reached $406 million, compared to $250 million the previous year. Adjusted diluted EPS was $1.48, a significant increase from $1.10 in Q3 2019. The company saw a remarkable 83% increase in refinance orders opened and closed, while commercial revenue declined by 28%. FNF also announced a 9% dividend increase and plans for $500 million in share repurchases, reflecting commitment to shareholder value.
Fidelity National Financial (NYSE:FNF) announces the election of Sandra Morgan to its Board of Directors, effective November 9, 2020. Chairman William P. Foley, II expressed optimism about her contribution, highlighting her extensive experience in both public service and the private sector, including her recent role as Chairwoman of the Nevada Gaming Control Board. Morgan's diverse skills are expected to enhance value for FNF stakeholders, as the company continues to prioritize delivering strong performance in the title insurance and transaction services markets.
Fidelity National Financial (NYSE: FNF) has declared a 9% increase in its quarterly cash dividend, raising it to $0.36 per share from $0.33. This dividend will be payable on December 31, 2020, to shareholders of record by December 17, 2020. Additionally, the company announced plans for $500 million in share repurchases over the next year, depending on market conditions. These moves reflect a commitment to returning capital to shareholders while strengthening its financial position.
Fidelity National Financial (NYSE: FNF) will announce its 3rd quarter 2020 earnings on November 4, 2020, post-market hours. A conference call is scheduled for 12:00 p.m. ET on November 5, 2020. Participants can join via webcast on the company's Investor Relations site or by dialing in at 1-877-407-0784 for USA or 1-201-689-8560 for international calls. The replay of the conference call will be available until November 12, 2020.
AM Best has placed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” for F&G Reinsurance Ltd. under review with developing implications. This follows Fidelity National Financial's (FNF) definitive agreement to sell F&G Re to Aspida Holdings Ltd., a subsidiary of Ares Management Corporation. F&G Re will exit from F&G's strategic focus, reflected in the review status. The transaction is anticipated to close in Q4 2020, pending regulatory approval.
Fidelity National Financial (FNF) and F&G announced a definitive agreement to sell F&G Reinsurance Ltd to Aspida Holdings, an Ares Management subsidiary. F&G Re has around $2 billion in invested assets and focuses on reinsurance solutions for life and annuities. Proceeds will fund growth opportunities at F&G. The transaction includes a flow reinsurance agreement related to F&G's MYGA products. Closing is anticipated in Q4 2020, pending regulatory approval, with no material impact expected on FNF's GAAP results.
Fidelity National Financial (FNF) has delivered over 800,000 startSafe digital opening packages, enhancing the real estate transaction experience. More than 70% of these packages are opened, with an 85% completion rate for startSafe interviews, indicating strong consumer engagement. The company is introducing Mobile Deposit for earnest money, currently in select markets and expanding nationwide by the end of October. This initiative aims to improve convenience while reducing wire fraud risks, contributing to a safer, more user-friendly online experience for real estate transactions.
Fidelity National Financial (FNF) has successfully issued $600 million in 2.450% senior notes due March 15, 2031, priced at 99.642%. Interest will be paid semi-annually, starting March 15, 2021. Proceeds will primarily be used to repay debt related to the recent FGL Holdings acquisition and for general corporate purposes. This issuance involved underwriters such as BofA Securities and J.P. Morgan. FNF is a major player in title insurance and transaction services across the U.S.
Fidelity National Financial (FNF) has announced the pricing of $600 million in 2.450% senior notes due March 15, 2031. The notes, priced at 99.642% of their principal, will yield 2.489% annually and pay interest semi-annually. Proceeds will be used to repay existing debt from the FGL Holdings acquisition and for general corporate purposes. The offering is managed by BofA Securities and J.P. Morgan, with a cautionary note on forward-looking statements highlighting the potential risks associated with the transaction and market conditions.
Fidelity National Financial (NYSE: FNF) announced its participation in the Barclays Global Financial Services Conference on September 15, 2020, at 1:15 p.m. ET. The event will feature President Mike Nolan, CFO Tony Park, and FGL Holdings CEO Chris Blunt in a fireside chat. Investors can access a live webcast and replay through FNF's Investor Relations website. FNF is recognized as the largest title insurance company in the U.S., offering title insurance and transaction services to the real estate and mortgage industries.
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