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Fidelity National Financial, Inc. (FNF) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF

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FNF Reports Second Quarter 2021 Diluted EPS from Continuing Operations of $1.90 and Adjusted Diluted EPS from Continuing Operations of $2.06, Pre-Tax Title Margin of 21.5% and Adjusted Pre-Tax Title Margin of 22.7%
Jacksonville, Fla. - (August 3, 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 June 30, 2021.

Total revenue of $3.9 billion in the second quarter versus $2.4 billion in the second quarter of 2020
Second quarter net earnings from continuing operations of $546 million and adjusted net earnings from continuing operations of $592 million versus net earnings from continuing operations of $304 million and adjusted net earnings of $301 million for the second quarter of 2020
Second quarter diluted EPS from continuing operations of $1.90 and adjusted diluted EPS from continuing operations of $2.06 versus diluted EPS from continuing operations of $1.09 and adjusted diluted EPS from continuing operations of $1.08 in the second quarter of 2020
Recognized gains were $232 million in the second quarter versus $162 million in the second 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 $3.0 billion versus $2.2 billion in total revenue in the second quarter of 2020
Total revenue, excluding recognized gains and losses, of $3.0 billion versus $2.1 billion in the second quarter of 2020, an increase of 47%
Pre-tax earnings of $644 million and adjusted pre-tax earnings of $688 million versus pre-tax earnings of $528 million and adjusted pre-tax earnings of $378 million in the second quarter of 2020
Pre-tax title margin of 21.5% and adjusted pre-tax title margin of 22.7% versus pre-tax title margin of 23.7% and adjusted pre-tax title margin of 18.4% in the second quarter of 2020
Second quarter refinance orders opened decreased 25% on a daily basis and refinance orders closed decreased 5% on a daily basis versus the second quarter of 2020; purchase orders opened increased 41% on a daily basis and purchase orders closed increased 57% on a daily basis versus the second quarter of 2020
Total commercial revenue of $347 million, an 89% increase versus total commercial revenue in the second quarter of 2020, driven by a 65% increase in closed orders; second quarter total commercial orders opened increased 58% compared to the prior year
Overall second quarter average fee per file of $2,444, a 29% increase versus the second quarter of 2020

Title Orders
Direct Orders Opened *Direct Orders Closed *
Month  / (% Purchase)  / (% Purchase)
April 2021  236,00052%  200,00043%
May 2021  223,00052%  176,00048%
June 2021  236,00054%  192,00050%
      
Second Quarter 2021  695,00053%  568,00047%
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%
* Includes an immaterial number of non-purchase and non-refinance orders

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Tuesday, August 3, 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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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
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
Acquisitions
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Carrying Value And Estimated Useful Lives (Details)
Acquisitions - Consideration Paid (Details)
Acquisitions - Narrative (Details)
Basis Of Financial Statements
Basis Of Financial Statements (Policies)
Basis Of Financial Statements - Earnings Per Share (Details)
Basis Of Financial Statements - Income Tax (Details)
Basis Of Financial Statements - Recent Developments (Details)
Business Combinations And Asset Acquisitions (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Investment Commitments (Details)
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)
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)
Investments
Investments (Tables)
Investments - Allowance For Credit Loss Aggregated By Investment Category (Details)
Investments - Amortized Cost And Fair Value Of Fixed Maturity Available-For-Sale Securities (Details)
Investments - Changes In Allowance For Expected Credit Losses On Mortgage Loans (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 - Loans Segregated By Risk Rating (Details)
Investments - Narrative (Details)
Investments - Proceeds From The Sale Of Fixed-Maturity Available-For-Sale Securities (Details)
Investments - Purchased With Credit Deterioration Available For Sale Debt 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)
Investments -Interest And Investment Income (Details)
Investments -Recognized Gains (Losses), Net (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Information About Receivables And Deferred Revenue (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)
Value Of Business Acquired, Deferred Acquisition Costs And Deferred Sales Inducements
Value Of Business Acquired, Deferred Acquisition Costs And Deferred Sales Inducements (Tables)
Value Of Business Acquired, Deferred Acquisition Costs And Deferred Sales Inducements - Estimated Amortization Expense For Voba In Future Fiscal Periods (Detail)
Value Of Business Acquired, Deferred Acquisition Costs And Deferred Sales Inducements - Narrative (Detail)
Value Of Business Acquired, Deferred Acquisition Costs And Deferred Sales Inducements - Summary Of Changes In Carrying Amounts Of Intangible Assets Including Dac, Voba And Dsi (Detail)

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: 0001628280-21-016114
Submitted to the SEC: Fri Aug 06 2021 5:12:26 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Title Insurance

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