Fidelity National Financial Q2 2021 Earnings Report
Key Takeaways
Fidelity National Financial reported a strong second quarter in 2021, driven by record results in the Title business and F&G's sales. The company's financial model is designed to deliver earnings and cash flow through changing market environments. FNF's capital allocation strategy focuses on returning capital to shareholders while investing in businesses to drive growth.
Total revenue reached $3.9 billion, compared to $2.4 billion in Q2 2020.
Net earnings from continuing operations were $546 million, with adjusted net earnings at $592 million.
Diluted EPS from continuing operations was $1.90, and adjusted diluted EPS was $2.06.
Total commercial revenue reached a record $347 million, an 89% increase year-over-year.
Fidelity National Financial
Fidelity National Financial
Fidelity National Financial Revenue by Segment
Forward Guidance
FNF is building a company that has a financial model designed to deliver earnings and cash flow through changing market environments. The company is focused on returning capital to shareholders, while making necessary investments in our businesses to drive growth.
Positive Outlook
- Record adjusted pre-tax title earnings of $688 million.
- Adjusted pre-tax title margin of 22.7%.
- Total commercial revenues reached record levels of $347 million.
- Retail sales at F&G reached record levels.
- Disciplined capital allocation strategy focused on returning capital to shareholders
Challenges Ahead
- Second quarter refinance orders opened decreased 25% on a daily basis versus the second quarter of 2020.
- Second quarter refinance orders closed decreased 5% on a daily basis versus the second quarter of 2020.
- Changes in general economic, business, political and COVID-19 conditions.
- Weakness or adverse changes in the level of real estate activity.
- Potential inability to find suitable acquisition candidates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income