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FNF Reports First Quarter 2019 Diluted EPS of $0.74 and Adjusted Diluted EPS of $0.43, Pre-Tax Title Margin of 19.2% and Adjusted Pre-Tax Title Margin of 11.3%
  
Jacksonville, Fla. - (April 24, 2019) - 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-month period ended March 31, 2019.

Total revenue of approximately $1.7 billion in the first quarter versus $1.7 billion in the first quarter of 2018
First quarter net earnings of $206 million and adjusted net earnings of $118 million versus net earnings of $97 million and adjusted net earnings of $118 million for the first quarter of 2018
First quarter diluted EPS of $0.74 and adjusted diluted EPS of $0.43 versus diluted EPS of $0.35 and adjusted diluted EPS of $0.42 in the first quarter of 2018
Realized gains were $142 million in the first quarter versus realized gains of $1 million in the first quarter of 2018, 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

Title
Total revenue of approximately $1.7 billion versus approximately $1.6 billion in total revenue in the first quarter of 2018
Pre-tax earnings of $292 million and adjusted pre-tax earnings of $172 million versus pre-tax earnings of $163 million and adjusted pre-tax earnings of $186 million in the first quarter of 2018
Pre-tax title margin of 19.2% and adjusted pre-tax title margin of 11.3% versus pre-tax title margin of 10.3% and adjusted pre-tax title margin of 11.7% in the first quarter of 2018
First quarter purchase orders opened decreased 6% on a daily basis and purchase orders closed decreased 9% on a daily basis versus the first quarter of 2018
Total commercial revenue of $228 million, a 1% decrease versus total commercial revenue in the first quarter of 2018, driven by a 5% decrease in closed orders offset by a 4% increase in total commercial fee per file; first quarter total commercial orders opened decreased 6% compared to the prior year
Overall first quarter average fee per file of $2,567, a 10% increase versus the first quarter of 2018

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
January 2019
 
 
142,000
65%
 
 
81,000
66%
February 2019
 
 
135,000
66%
 
 
81,000
65%
March 2019
 
 
161,000
65%
 
 
101,000
66%
 
 
 
 
 
 
 
First Quarter 2019
 
 
438,000
65%
 
 
263,000
66%
 
 
 
 
 
 
 

 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 
 / (% Purchase)
January 2018
 
 
158,000
62%
 
 
101,000
58%
February 2018
 
 
148,000
66%
 
 
96,000
62%
March 2018
 
 
172,000
69%
 
 
116,000
66%
 
 
 
 
 
 
 
First Quarter 2018
 
 
478,000
66%
 
 
313,000
62%
 
 
 
 
 
 
 
 
 
* Includes an immaterial number of non-purchase and non-refinance orders

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, April 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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