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Fidelity National Financial, Inc. (FNF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF

graphicfnfer1.jpg
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%
      

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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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Inside Fidelity National Financial, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Condensed Consolidated Statements Of Earnings
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Acquisitions
Acquisitions (Tables)
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Carrying Value And Estimated Useful Lives (Details)
Acquisitions - Consideration Paid (Details)
Acquisitions - Narrative (Details)
Acquisitions - Pro Forma Information (Details)
Basis Of Financial Statements
Basis Of Financial Statements (Policies)
Basis Of Financial Statements - Benefits And Other Changes In Policy Reserves (Details)
Basis Of Financial Statements - Earnings Per Share (Details)
Basis Of Financial Statements - Future Policy Benefits (Details)
Basis Of Financial Statements - Income Tax (Details)
Basis Of Financial Statements - Recent Developments (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Investment Commitments (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Fair Value Of Derivative Instruments (Details)
Derivative Financial Instruments - Fgl's Exposure To Credit Loss On Call Options Held (Detail)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Schedule Of Change In Fair Value Of Derivative Instruments (Details)
Discontinued Operations
Dividends
Dividends (Details)
F&Amp;G Insurance Subsidiary Financial Information And Regulatory Matters
F&Amp;G Insurance Subsidiary Financial Information And Regulatory Matters - Narrative (Details)
F&Amp;G Reinsurance
F&Amp;G Reinsurance (Tables)
F&Amp;G Reinsurance - Effect Of Reinsurance On Premiums Earned, Benefits Incurred And Reserve Changes (Detail)
F&Amp;G Reinsurance - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Amounts Of Assets And Liabilities At Estimated Fair Value Measured On A Recurring Basis (Details)
Fair Value Of Financial Instruments - Carrying Value And Estimated Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments - Changes To Fair Value Of Financial Instruments Level 3 (Detail)
Fair Value Of Financial Instruments - Narrative (Detail)
Fair Value Of Financial Instruments - Nav (Details)
Fair Value Of Financial Instruments - Quantitative Information Of Unobservable Inputs Used For Level Three Fair Value Measurements Of Financial Instruments On Recurring Basis (Detail)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Intangibles
Intangibles (Tables)
Intangibles - Definite And Indefinite Lived Intangible Assets (Details)
Intangibles - Estimated Amortization Expense For Voba In Future Fiscal Periods (Detail)
Intangibles - Narrative (Detail)
Intangibles - Summary Of Changes In Carrying Amounts Of Intangible Assets Including Dac, Voba , And Dsi (Detail)
Investments
Investments (Tables)
Investments - Allowance For Credit Loss Aggregated By Investment Category (Details)
Investments - Allowance For Credit Losses (Details)
Investments - Amortized Cost And Fair Value Of Fixed Maturity Available-For-Sale Securities (Details)
Investments - Consolidated Investments (Details)
Investments - Credit Quality Of Rmls (Details)
Investments - Fair Value And Gross Unrealized Losses Of Available-For-Sale Securities (Details)
Investments - Investment Gains (Losses) Net (Details)
Investments - Loans Segregated By Risk Rating (Details)
Investments - Narrative (Details)
Investments - Net Investment Income (Details)
Investments - Proceeds From The Sale Of Fixed-Maturity Available For-Sale-Securities (Details)
Investments - Recorded Investment In Cmls By Ltv And Dsc Ratio Categories (Details)
Investments - Schedule Of Commercial Mortgage Loan Investment (Details)
Investments - Schedule Of Residential Mortgage Loan Investment (Details)
Notes Payable
Notes Payable - 4.50% Notes (Details)
Notes Payable - 5.50% Notes (Details)
Notes Payable - Existing Credit Agreement (Details)
Notes Payable - Long Term Debt Narrative (Details)
Notes Payable - Principal Maturities Of Notes Payable (Details)
Notes Payable - Schedule Of Long Term Debt (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Information About Receivables And Deferred Revenue (Details)
Risks And Uncertainties
Risks And Uncertainties - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Segment Reporting Information (Details)
Summary Of Reserve For Title Claim Losses
Summary Of Reserve For Title Claim Losses (Details)
Summary Of Reserve For Title Claim Losses (Tables)
Summary Of Reserve For Title Claim Losses - Narrative (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

Fidelity National Financial, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FNF
CIK: 1331875
Form Type: 10-Q Quarterly Report
Accession Number: 0001331875-20-000061
Submitted to the SEC: Mon Aug 10 2020 3:55:34 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: Title Insurance

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