Fidelity National Financial reported a net loss for Q1 2023, primarily due to losses in the F&G segment. However, the Title segment demonstrated resilience with strong margins. F&G achieved record gross sales and assets under management.
Net loss attributable to common shareholders was $59 million, or $0.22 per diluted share.
Adjusted net earnings attributable to common shareholders was $141 million, or $0.52 per share.
Title Segment reported total revenue of $1.6 billion and an adjusted pre-tax title margin of 10%.
F&G Segment achieved record gross sales of $3.3 billion and record assets under management of $45.4 billion.
The company is cautiously optimistic about seasonal patterns in the residential purchase market, but acknowledges lower volume levels due to soft existing home sale and refinance activity.
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