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FNF Reports Fourth Quarter 2017 Diluted EPS from Continuing Operations of $0.88 and Adjusted Diluted EPS from Continuing Operations of $0.60, Pre-Tax Title Margin of 13.4% and Adjusted Pre-Tax Title Margin of 14.7%
  
Jacksonville, Fla. - (January 30, 2018) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and twelve-month periods ended December 31, 2017.

Total revenue of approximately $2.0 billion in the fourth quarter versus $1.9 billion in the fourth quarter of 2016
Fourth quarter net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million versus net earnings from continuing operations of $222 million and adjusted net earnings from continuing operations of $182 million for the fourth quarter of 2016
Fourth quarter diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 versus diluted EPS from continuing operations of $0.80 and adjusted diluted EPS from continuing operations of $0.65 in the fourth quarter of 2016
A $93 million credit adjustment was recorded to revalue the net deferred tax liability position given the recent passage of federal tax regulation; this was excluded from both adjusted net earnings and adjusted diluted EPS
The fourth quarter of 2016 included a $97 million pre-tax credit recorded to claims loss expense, reducing a redundancy in the reserve for title claim losses balance and making the reserve consistent with the actuarial central estimate; this was excluded from both adjusted net earnings and adjusted diluted EPS

Title
Approximately $1.9 billion in total revenue versus the approximately $1.8 billion in total revenue in the fourth quarter of 2016
Pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million versus pre-tax earnings of $360 million and adjusted pre-tax earnings of $292 million in the fourth quarter of 2016
Pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% versus pre-tax title margin of 19.5% and adjusted pre-tax title margin of 15.8% in the fourth quarter of 2016
Claims loss provision was reduced to 4.5% for the fourth quarter and future quarters, driven by significantly lower title loss payments related to policy years 2009-2016
Fourth quarter purchase orders opened and closed increased by 5% and 1%, respectively, versus the fourth quarter of 2016
Total commercial revenue of $288 million, a 1% increase over total commercial revenue in the fourth quarter of 2016, driven by a 6% increase in total commercial fee per file and a 4% decrease in closed orders; fourth quarter total commercial open orders increased 1% compared to the prior year; fourth quarter national commercial title revenue of $165 million, a 1% decrease from the fourth quarter of 2016, driven by a 5% increase in the national commercial fee per file and a 5% decrease in closed orders; fourth quarter national commercial open orders increased by 6%
Overall fourth quarter average fee per file of $2,425, a 16% increase versus the fourth quarter of 2016

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
October 2017
 
 
167,000
61%
 
 
124,000
61%
November 2017
 
 
151,000
60%
 
 
114,000
61%
December 2017
 
 
127,000
59%
 
 
119,000
61%
 
 
 
 
 
 
 
Fourth Quarter 2017
 
 
445,000
60%
 
 
357,000
61%
 
 
 
 
 
 
 

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Tuesday, January 30, 2018 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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