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Exhibit 99.1
Fidelity National Financial, Inc. Reports Fourth Quarter 2011 EPS of $0.78
Jacksonville, Fla. - (February 8, 2012) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, mortgage services, and diversified services, today reported operating results for the three-month and twelve-month periods ended December 31, 2011.
•Pre-tax title margin, excluding realized gains and losses, of 11.7% versus 11.2% in the fourth quarter of 2010
•Commercial revenue of $103.8 million; 2% growth versus the strong fourth quarter of 2010; largest quarterly commercial revenue in company history
•January 2012 open orders per day increased to 10,200, nearly a 20% sequential increase over the fourth quarter 2011 per day average and the highest monthly level since November 2010
•The agency commission split was 76% / 24% in the fourth quarter versus 78% / 22% in the fourth quarter of 2010, an improvement of approximately 200 basis points
•Total title claims paid of $153 million, a decrease of 14% versus the fourth quarter of 2010
•$95 million after-tax gain from the sale of the flood insurance business; $0.43 contribution to diluted earnings per share in fourth quarter
•Signed definitive agreement to sell 85 percent of personal lines business to WT Holdings, Inc. for $119 million; $9 million net loss recorded on the expected sale, a ($0.04) impact on diluted earnings per share in the fourth quarter; closing is expected in the first half of 2012
Consolidated
Three Months Ended | Three Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $1.27 billion | $1.53 billion | ||
Net earnings attributable to common shareholders | $172.7 million | $130.8 million | ||
Net earnings per diluted share attributable to common shareholders | $0.78 | $0.58 | ||
Cash flow from operations | $49.6 million | $113.3 million | ||
Twelve Months Ended | Twelve Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $4.84 billion | $4.00 billion | ||
Net earnings attributable to common shareholders | $369.5 million | $370.1 million | ||
Net earnings per diluted share attributable to common shareholders | $1.66 | $1.61 | ||
Cash flow from operations | $124.9 million | $182.5 million | ||
The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, February 8, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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