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• | Total revenue of approximately $1.7 billion in the fourth quarter versus $2.0 billion in the fourth quarter of 2017 |
• | Fourth quarter net earnings of $44 million and adjusted net earnings of $175 million versus net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million for the fourth quarter of 2017 |
• | Fourth quarter diluted EPS of $0.16 and adjusted diluted EPS of $0.63 versus diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 in the fourth quarter of 2017 |
• | Realized losses were $144 million in the fourth quarter versus realized gains of $2 million in the fourth quarter of 2017, primarily due to the adoption of a new accounting standard in 2018 that requires mark to market accounting treatment of equity and preferred stock securities and recognition of the related changes in fair value in realized gains and losses, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio |
• | Total revenue of approximately $1.7 billion versus approximately $1.9 billion in total revenue in the fourth quarter of 2017 |
• | Pre-tax earnings of $102 million and adjusted pre-tax earnings of $258 million versus pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million in the fourth quarter of 2017 |
• | Pre-tax title margin of 6.1% and adjusted pre-tax title margin of 14.4% versus pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% in the fourth quarter of 2017 |
• | Fourth quarter purchase orders opened decreased 6% and purchase orders closed decreased 6% versus the fourth quarter of 2017 |
• | Total commercial revenue of $324 million, a 13% increase over total commercial revenue in the fourth quarter of 2017, driven by a 6% increase in closed orders and a 6% increase in total commercial fee per file; fourth quarter total commercial open orders decreased 1% compared to the prior year |
• | Overall fourth quarter average fee per file of $2,803, a 16% increase versus the fourth quarter of 2017 |
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
October 2018 | 150,000 | 69% | 111,000 | 68% | ||||
November 2018 | 123,000 | 68% | 95,000 | 70% | ||||
December 2018 | 106,000 | 65% | 95,000 | 68% | ||||
Fourth Quarter 2018 | 379,000 | 67% | 301,000 | 69% | ||||
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% | ||||
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Fidelity National Financial, Inc..
Fidelity National Financial, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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The decrease in cash used in investing activities of $270 million in the 2017 period from the 2016 period is primarily attributable to the $325 million in proceeds from the sale of a subsidiary by FNFV prior to the FNFV Split-Off, lower cash paid for acquisitions of $75 million and decreased capital expenditures of $141 million, offset by a $380 million decrease in net inflows from the sales and distributions of and from equity and fixed income investments, net of purchases and additional investments in unconsolidated investees.
The release of excess reserves and change in provision rate was due to analysis of historical ultimate loss ratios, the reduced volatility of development of those historical ultimate loss ratios and lower policy year loss ratios in recent years.
On July 17, 2018, our Board of Directors approved a new three-year stock repurchase program effective August 1, 2018 (the "2018 Repurchase Program") under which we can purchase up to 25 million shares of our FNF common stock through July 31, 2021.
The release of excess reserves was due to analysis of historical ultimate loss ratios, the reduced volatility of development of those historical ultimate loss ratios and lower policy year loss ratios in recent years.
Other Developments On September 24, 2018, we closed on the sale of all of our 62% equity interest in, and notes outstanding from, Pacific Union International, Inc. ("Pacific Union"), a luxury real estate broker based in California, and its subsidiaries to Urban Compass, Inc. ("Compass") for $37 million in cash and up to $21 million in potential earnout payments (the "Pacific Union Sale").
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Financial Statements, Disclosures and Schedules
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Fidelity National Financial, Inc. provided additional information to their SEC Filing as exhibits
Ticker: FNF
CIK: 1331875
Form Type: 10-K Annual Report
Accession Number: 0001331875-19-000010
Submitted to the SEC: Tue Feb 19 2019 11:24:17 AM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Monday, December 31, 2018
Industry: Title Insurance