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FNF Reports First Quarter 2020 Diluted EPS of $(0.22) and Adjusted Diluted EPS of $0.73, Pre-Tax Title Margin of (3.3)% and Adjusted Pre-Tax Title Margin of 14.4%
Jacksonville, Fla. - (April 22, 2020) - 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, 2020.

Total revenue of approximately $1.6 billion in the first quarter versus $1.7 billion in the first quarter of 2019
First quarter net losses of $61 million and adjusted net earnings of $202 million versus net earnings of $206 million and adjusted net earnings of $118 million for the first quarter of 2019
First quarter diluted EPS of $(0.22) and adjusted diluted EPS of $0.73 versus diluted EPS of $0.74 and adjusted diluted EPS of $0.43 in the first quarter of 2019
Realized losses were $320 million in the first quarter versus realized gains of $142 million in the first quarter of 2019 primarily due to mark to market accounting treatment of equity and preferred stock securities whether the securities were disposed of in the quarter or continue to be held in our investment portfolio

Title
Total revenue of approximately $1.6 billion versus approximately $1.7 billion in total revenue in the first quarter of 2019
Total revenue, excluding realized gains and losses, of approximately $1.9 billion versus approximately $1.5 billion in the first quarter of 2019, an increase of 27%
Pre-tax losses of $53 million and adjusted pre-tax earnings of $279 million versus pre-tax earnings of $292 million and adjusted pre-tax earnings of $172 million in the first quarter of 2019
Pre-tax title margin of (3.3)% and adjusted pre-tax title margin of 14.4% versus pre-tax title margin of 17.6% and adjusted pre-tax title margin of 11.3% in the first quarter of 2019
First quarter purchase orders opened increased 1% on a daily basis and purchase orders closed increased 3% on a daily basis versus the first quarter of 2019
Total commercial revenue of $245 million, a 6% increase versus total commercial revenue in the first quarter of 2019, driven by a 3% increase in closed orders and total commercial fee per file; first quarter total commercial orders opened increased 13% compared to the prior year
Overall first quarter average fee per file of $2,224, a 13% decrease versus the first quarter of 2019

Title Orders
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
January 2020  185,00050%  112,00049%
February 2020  211,00045%  118,00047%
March 2020  286,00033%  147,00043%
      
First Quarter 2020  682,00041%  377,00046%
      

Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
January 2019  142,00065%  81,00066%
February 2019  135,00066%  81,00065%
March 2019  161,00065%  101,00066%
      
First Quarter 2019  438,00065%  263,00066%
* 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 22, 2020 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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