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FNF Reports First Quarter 2021 Diluted EPS from Continuing Operations of $2.06 and Adjusted Diluted EPS from Continuing Operations of $1.56, Pre-Tax Title Margin of 17.4% and Adjusted Pre-Tax Title Margin of 19.9%
Jacksonville, Fla. - (May 6, 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 March 31, 2021.

Total revenue of $3.1 billion in the first quarter versus $1.6 billion in the first quarter of 2020
First quarter net earnings from continuing operations of $600 million and adjusted net earnings from continuing operations of $455 million versus net loss of $61 million and adjusted net earnings of $202 million for the first quarter of 2020
First quarter diluted EPS from continuing operations of $2.06 and adjusted diluted EPS from continuing operations of $1.56 versus diluted EPS of $(0.22) and adjusted diluted EPS of $0.73 in the first quarter of 2020
Recognized gains were $43 million in the first quarter versus recognized losses of $320 million in the first quarter of 2020 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 $2.5 billion versus $1.6 billion in total revenue in the first quarter of 2020
Total revenue, excluding recognized gains and losses, of $2.6 billion versus $1.9 billion in the first quarter of 2020, an increase of 33%
Pre-tax earnings of $439 million and adjusted pre-tax earnings of $512 million versus pre-tax loss of $53 million and adjusted pre-tax earnings of $279 million in the first quarter of 2020
Pre-tax title margin of 17.4% and adjusted pre-tax title margin of 19.9% versus pre-tax title margin of (3.3)% and adjusted pre-tax title margin of 14.4% in the first quarter of 2020
First quarter refinance orders opened increased 15% on a daily basis and refinance orders closed increased 103% on a daily basis versus the first quarter of 2020; purchase orders opened increased 18% on a daily basis and purchase orders closed increased 21% on a daily basis versus the first quarter of 2020
Total commercial revenue of $257 million, a 5% increase versus total commercial revenue in the first quarter of 2020, driven by a 12% increase in closed orders; first quarter total commercial orders opened increased 10% compared to the prior year
Overall first quarter average fee per file of $1,944, a 13% decrease versus the first quarter of 2020

Title Orders
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
January 2021  256,00037%  179,00032%
February 2021  252,00040%  188,00032%
March 2021  262,00049%  230,00037%
      
First Quarter 2021  770,00042%  597,00034%

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%
* Includes an immaterial number of non-purchase and non-refinance orders

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The following information was filed by Fidelity National Financial, Inc. (FNF) on Thursday, May 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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