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Dec 31, 2020
Fidelity National Financial Q4 2020 Earnings Report
Reported diluted EPS from continuing operations of $2.74 and adjusted diluted EPS from continuing operations of $2.01.
Key Takeaways
Fidelity National Financial reported Q4 2020 results with total revenue of approximately $3.8 billion, net earnings from continuing operations of $803 million, and diluted EPS from continuing operations of $2.74. The Title business saw strong refinance and purchase order activity, while F&G experienced significant retail sales growth.
Total revenue reached approximately $3.8 billion, up from $2.4 billion in Q4 2019.
Net earnings from continuing operations were $803 million, compared to $340 million in Q4 2019.
Diluted EPS from continuing operations was $2.74, versus $1.22 in Q4 2019.
Adjusted pre-tax title earnings were $624 million with an adjusted pre-tax title margin of 22.7%.
Fidelity National Financial
Fidelity National Financial
Fidelity National Financial Revenue by Segment
Revenue by Segment
Title Segment Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
FNF is focused on maintaining a balanced capital allocation strategy, returning capital to shareholders, and investing in the business to drive growth. F&G's next phase of growth is expected to benefit from leveraging FNF's expertise in capital allocation, value creation and strategic oversight.
Positive Outlook
- Continued innovation in the Title industry with the inHere Experience Platform and Close inHere.
- Significant national footprint expected to be a plus as adoption of client-facing and title automation technology expands.
- F&G experiencing retail sales growth of over 40% in the fourth quarter.
- Credit rating upgrade for F&G has opened additional large market opportunities.
- Expansion into institutional products, including the pension risk transfer market, will be an area of strategic focus for F&G in 2021.
Challenges Ahead
- Challenging environment requiring navigation by the team.
- Dependence on distributions from title insurance underwriters as a main source of cash flow.
- Significant competition faced by F&G and operating subsidiaries.
- Compliance with extensive government regulation of operating subsidiaries.
- Potential impact of economic and political conditions, and COVID-19 on real estate activity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income