Q2 2024 Fidelity National Financial Inc Earnings Call Transcript
Key Points
- Fidelity National Financial Inc (FNF) reported strong adjusted pretax earnings of $324 million in the title segment, with an industry-leading adjusted pre-tax title margin of 16.2%.
- The company has made significant investments in innovative technologies and data, enhancing operational efficiency and customer experience.
- FNF's F&G segment achieved record gross sales of $4.4 billion for the second quarter, a 47% increase over the prior year.
- Commercial volumes remained steady and resilient, with direct commercial revenue of $511 million in the first six months.
- FNF has a strong balance sheet with $696 million in cash and short-term liquid investments at the holding company level as of June 30.
- Elevated mortgage rates and housing affordability continue to hamper US home sales, impacting the title business.
- Refinance volumes remained stable at low levels, averaging about 1,000 opened orders per day.
- Total orders opened in July were down 7% versus June, indicating a potential slowdown in activity.
- The company reported net recognized losses of $88 million in the second quarter, impacting overall net earnings.
- There were no share repurchases in the second quarter due to continued market uncertainty.
Good morning, and welcome to FNF second quarter earnings call. (Operator Instructions)
I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.
Great. Thanks, operator, and welcome, everyone. Joining me today are Mike Nolan, Chief Executive Officer; and Tony Park, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks. Chris Blunt, F&G's CEO; and Wendy Young, F&G's CFO, will join us for the Q&A portion of today's call.
Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC
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