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Sep 30, 2024
Fidelity National Financial Q3 2024 Earnings Report
Fidelity National Financial reported third quarter results with adjusted net earnings of $356 million and Title business continuing to outperform.
Key Takeaways
Fidelity National Financial, Inc. (FNF) reported net earnings attributable to common shareholders for the third quarter of $266 million, or $0.97 per diluted share, compared to $426 million, or $1.57 per share, for the third quarter of 2023. Adjusted net earnings attributable to common shareholders for the third quarter were $356 million, or $1.30 per share, compared to $333 million, or $1.23 per share, for the third quarter of 2023.
Title Segment revenue increased by 12% to $2.1 billion.
Adjusted pre-tax title margin was 15.9%.
F&G Segment gross sales increased 39% to $3.9 billion.
F&G achieved record assets under management before flow reinsurance of $62.9 billion.
Fidelity National Financial
Fidelity National Financial
Fidelity National Financial Revenue by Segment
Revenue by Segment
Title Segment Revenue
CapyFin.com Forward Guidance
FNF is well positioned for a rebound in transactional levels and continues to build and expand the business for the long-term. F&G continues to benefit as consumers want to secure relatively higher interest rates, guaranteed tax deferred growth and principal protection that annuities provide.
Positive Outlook
- Strong Title Segment revenue and margin.
- Successful navigation of current market conditions.
- F&G Segment robust sales growth across multi-channel platform.
- Record assets under management driven by gross sales.
- Sustainable common dividend backed by strong balance sheet.
Challenges Ahead
- Net earnings attributable to common shareholders decreased compared to the third quarter of 2023.
- Net loss attributable to common shareholders for F&G Segment due to unfavorable mark-to-market movement.
- Alternative investment returns below long-term expectations.
- Institutional market sales volumes vary quarter to quarter.
- Lower mortgage rates may impact future performance.