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Fidelity National Financial, Inc. (FNF) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF

graphicfnfer1.jpg
FNF Reports Fourth Quarter 2020 Diluted EPS from Continuing Operations of $2.74 and Adjusted Diluted EPS from Continuing Operations of $2.01, Pre-Tax Title Margin of 29.4% and Adjusted Pre-Tax Title Margin of 22.7%
Jacksonville, Fla. - (February 24, 2021) - 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 December 31, 2020.

Total revenue of approximately $3.8 billion in the fourth quarter versus $2.4 billion in the fourth quarter of 2019
Fourth quarter net earnings from continuing operations of $803 million and adjusted net earnings from continuing operations of $588 million versus net earnings of $340 million and adjusted net earnings of $263 million for the fourth quarter of 2019
Fourth quarter diluted EPS from continuing operations of $2.74 and adjusted diluted EPS from continuing operations of $2.01 versus diluted EPS of $1.22 and adjusted diluted EPS of $0.95 in the fourth quarter of 2019
Recognized gains were $573 million in the fourth quarter versus recognized gains of $131 million in the fourth 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 $3.0 billion versus approximately $2.3 billion in total revenue in the fourth quarter of 2019
Total revenue, excluding recognized gains and losses, of approximately $2.8 billion versus approximately $2.2 billion in the fourth quarter of 2019, an increase of 26.6%
Pre-tax earnings of $896 million and adjusted pre-tax earnings of $624 million versus pre-tax earnings of $468 million and adjusted pre-tax earnings of $355 million in the fourth quarter of 2019
Pre-tax title margin of 29.4% and adjusted pre-tax title margin of 22.7% versus pre-tax title margin of 20.3% and adjusted pre-tax title margin of 16.3% in the fourth quarter of 2019
Fourth quarter refinance orders opened increased 90% on a daily basis and refinance orders closed increased 86% on a daily basis versus the fourth quarter of 2019; purchase orders opened increased 14% on a daily basis and purchase orders closed increased 18% on a daily basis versus the fourth quarter of 2019
Total commercial revenue of $322 million, a 0.3% increase versus total commercial revenue in the fourth quarter of 2019, driven by a 1% increase in closed orders; fourth quarter total commercial orders opened increased 3% compared to the prior year
Overall fourth quarter average fee per file of $2,116, an 11% decrease versus the fourth quarter of 2019

Title Orders
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
October 2020  259,00040%  210,00039%
November 2020  227,00038%  190,00037%
December 2020  242,00035%  217,00038%
      
Fourth Quarter 2020  728,00038%  617,00038%

Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
October 2019  195,00050%  153,00048%
November 2019  157,00049%  127,00049%
December 2019  140,00051%  137,00050%
      
Fourth Quarter 2019  492,00050%  417,00049%
* 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, February 24, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Equity
Accounting Policies (Tables)
Accounts Payable And Other Accrued Liabilities
Accounts Payable And Other Accrued Liabilities (Details)
Accounts Payable And Other Accrued Liabilities (Tables)
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)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Policies)
Business And Summary Of Significant Accounting Policies - Benefits And Other Changes In Policy Reserves (Details)
Business And Summary Of Significant Accounting Policies - Contract Holder Funds, Future Policy Benefits And Secured Trust Deposits (Details)
Business And Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Business And Summary Of Significant Accounting Policies - Goodwill , Intangible Assets And Property And Equipment (Details)
Business And Summary Of Significant Accounting Policies - Notes Receivable From Cannae (Details)
Business And Summary Of Significant Accounting Policies - Recent Developments (Details)
Business And Summary Of Significant Accounting Policies - Redeemable Non-Controlling Interest (Details)
Business And Summary Of Significant Accounting Policies - Schedule Of Changes In Other Comprehensive Earnings (Details)
Business And Summary Of Significant Accounting Policies -Trade And Notes Receivable (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Unfunded Commitments By Invested Asset Class (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Carrying Amounts 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)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - 401(K) Profit Sharing Plan (Details)
Employee Benefit Plans - F&Amp;G Omnibus Incentive Plan (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Omnibus Incentive Plan (Details)
Employee Benefit Plans - Options Outstanding And Exercisable By Exercise Price (Details)
Employee Benefit Plans - Pension Plans (Details)
Employee Benefit Plans - Restricted Stock Activity (Details)
Employee Benefit Plans - Stock Option Activity (Details)
Employee Benefit Plans - Stock Purchase Plan (Details)
F&Amp;G Insurance Subsidiary Financial Information And Regulatory Matters - Statutory Income And Net Capital (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 - Quantitative Information Of Unobservable Inputs Used For Level Three Fair Value Measurements Of Financial Instruments On Recurring Basis (Detail)
Fair Value Of Financial Instruments- Equity Method Investments (Details)
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk (Details)
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Deferred Tax Asset And Liabilities (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Tax Expense (Benefit) Allocation (Details)
Income Taxes - Tax Expense On Continuing Operations (Details)
Income Taxes- Reconciliation Of Beginning And Ending Unrecognized Tax Benefits (Details)
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 On Pcd Loans And Accrued Interest Income On Mortgage Loans (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 - Debt Securities, Available-For-Sale, Purchased With Credit Deterioration (Details)
Investments - Fair Value And Gross Unrealized Losses Of Available-For-Sale Securities (Details)
Investments - Impact Of Adoption Of Asu (Details)
Investments - Investment Gains (Losses) Net (Details)
Investments - Loans Segregated By Risk Rating And Non-Accrual Loans By Amortized Cost (Details)
Investments - Major Sources Of Interest And Investment Income (Details)
Investments - Narrative (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, Gross Of Valuation Allowance, By Property Type And Region (Details)
Investments - Schedule Of Residential Mortgage Loan By State (Details)
Leases
Leases (Tables)
Leases - Future Payments Under Operating Lease Arrangements (Details)
Leases - Narrative (Details)
Net Income Attributable To Fnf Common Shareholders And Change In Total Equity
Net Income Attributable To Fnf Common Shareholders And Change In Total Equity (Tables)
Net Income Attributable To Fnf Common Shareholders And Change In Total Equity - Changes In Redeemable Non-Controlling Interest (Details)
Net Income Attributable To Fnf Common Shareholders And Change In Total Equity - Effect Of Change In Ownership Percentage In Servicelink (Details)
Notes Payable
Notes Payable - Narrative (Details)
Notes Payable - Principal Maturities Of Notes Payable (Details)
Notes Payable - Schedule Of Long Term Debt (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Recent Accounting Pronouncements
Regulation And Equity - Equity (Details)
Regulatory And Equity
Regulatory And Equity (Tables)
Regulatory And Equity - Narrative (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances, Information About Receivables And Deferred Revenue (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Schedule Ii - Condensed Financial Information
Schedule Ii - Condensed Financial Information - Balance Sheets -Parent Company (Details)
Schedule Ii - Condensed Financial Information - Statement Of Cash Flow (Parent Company) (Details)
Schedule Ii - Condensed Financial Information - Statement Of Operations(Parent Company) (Details)
Schedule Ii - Condensed Financial Information- Notes To Financial Statements (Parent Company) (Details)
Schedule Ii- Condensed Financial Information (Tables)
Schedule Ii- Condensed Financial Information -Balance Sheet- (Parent Company) (Parenthetical) (Details)
Schedule Iii - Supplementary Insurance Information
Schedule Iii - Supplementary Insurance Information (Details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (Details)
Segment Information
Segment Information (Tables)
Segment Information - Premiums And Annuity Deposits (Net Of Reinsurance) By Type (Details)
Segment Information - Schedule Of Segment Reporting Information (Details)
Summary Of Reserve For 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)
Ticker: FNF
CIK: 1331875
Form Type: 10-K Annual Report
Accession Number: 0001331875-21-000015
Submitted to the SEC: Mon Mar 01 2021 4:07:51 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Title Insurance

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