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FNF Reports Second Quarter 2020 Diluted EPS from Continuing Operations of $1.09 and Adjusted Diluted EPS from Continuing Operations of $1.09, Pre-Tax Title Margin of 23.7% and Adjusted Pre-Tax Title Margin of 18.4%
Jacksonville, Fla. - (August 4, 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 period ended June 30, 2020.

Total revenue of approximately $2.4 billion in the second quarter versus $2.1 billion in the second quarter of 2019
Second quarter net earnings from continuing operations of $304 million and adjusted net earnings from continuing operations of $305 million versus net earnings of $266 million and adjusted net earnings of $255 million for the second quarter of 2019
Second quarter diluted EPS from continuing operations of $1.09 and adjusted diluted EPS from continuing operations of $1.09 versus diluted EPS of $0.96 and adjusted diluted EPS of $0.92 in the second quarter of 2019
Realized gains were $162 million in the second quarter versus realized gains of $41 million in the second 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
We completed the acquisition of FGL Holdings ("F&G") on June 1, 2020. The consolidated FNF results include the results of F&G for the one month period ended June 30, 2020

Title
Total revenue of approximately $2.2 billion versus approximately $2.1 billion in total revenue in the second quarter of 2019
Total revenue, excluding realized gains and losses, of approximately $2.1 billion versus approximately $2.0 billion in the second quarter of 2019, an increase of 0.4%
Pre-tax earnings of $528 million and adjusted pre-tax earnings of $378 million versus pre-tax earnings of $387 million and adjusted pre-tax earnings of $363 million in the second quarter of 2019
Pre-tax title margin of 23.7% and adjusted pre-tax title margin of 18.4% versus pre-tax title margin of 18.5% and adjusted pre-tax title margin of 17.7% in the second quarter of 2019
Second quarter refinance orders opened increased 111% on a daily basis and refinance orders closed increased 158% on a daily basis versus the second quarter of 2019; purchase orders opened decreased 20% on a daily basis and purchase orders closed decreased 24% on a daily basis versus the second quarter of 2019
Total commercial revenue of $184 million, a 36% decline versus total commercial revenue in the second quarter of 2019, driven by a 24% decrease in closed orders and 14% decline in total commercial fee per file; second quarter total commercial orders opened decreased 25% compared to the prior year
Overall second quarter average fee per file of $1,889, a 29% decrease versus the second quarter of 2019

Title Orders
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
April 2020  210,00031%  157,00034%
May 2020  218,00039%  150,00033%
June 2020  265,00042%  180,00038%
      
Second Quarter 2020  693,00037%  487,00035%
      

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Tuesday, August 4, 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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