Fidelity National Financial, Inc.

Fidelity National Financial, Inc.

Press Release

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Jul 17, 2018

FNF Reports Second Quarter 2018 Diluted EPS of $0.90 and Adjusted Diluted EPS of $0.86, Pre-Tax Title Margin of 15.2% and Adjusted Pre-Tax Title Margin of 17.1%

JACKSONVILLE, Fla., July 17, 2018 /PRNewswire/ -- 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 three and six-month periods ended June 30, 2018.

  • Total revenue of approximately $2.1 billion in the second quarter versus $2.1 billion in the second quarter of 2017
  • Second quarter net earnings of $251 million and adjusted net earnings of $239 million versus net earnings from continuing operations of $176 million and adjusted net earnings from continuing operations of $188 million for the second quarter of 2017
  • Second quarter diluted EPS of $0.90 and adjusted diluted EPS of $0.86 versus diluted EPS from continuing operations of $0.64 and adjusted diluted EPS from continuing operations of $0.68 in the second quarter of 2017

Title

  • Total revenue of approximately $2.0 billion versus approximately $1.9 billion in total revenue in the second quarter of 2017
  • Pre-tax earnings of $301 million and adjusted pre-tax earnings of $338 million versus pre-tax earnings of $294 million and adjusted pre-tax earnings of $310 million in the second quarter of 2017
  • Pre-tax title margin of 15.2% and adjusted pre-tax title margin of 17.1% versus pre-tax title margin of 15.3% and adjusted pre-tax title margin of 16.2% in the second quarter of 2017
  • Second quarter purchase orders opened and closed increased by 3% and 2%, respectively, versus the second quarter of 2017
  • Total commercial revenue of $276 million, a 6% increase over total commercial revenue in the second quarter of  2017, driven by a 4% increase in closed orders and a 1% increase in total commercial fee per file; second quarter total commercial open orders increased 7% compared to the prior year
  • Overall second quarter average fee per file of $2,579, a 6% increase versus the second quarter of 2017

 

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

April 2018



167,000

70%



114,000

69%

May 2018



175,000

72%



124,000

71%

June 2018



163,000

71%



124,000

73%








Second Quarter 2018



505,000

71%



362,000

71%











Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

April 2017



163,000

67%



109,000

66%

May 2017



181,000

67%



128,000

67%

June 2017



180,000

64%



133,000

69%








Second Quarter 2017



524,000

66%



370,000

67%










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




Open



Closed



Commercial






Commercial



Commercial



Revenue



Commercial



Orders



Orders



(In millions)



Fee Per File

Second Quarter 2018 - Total Commercial



54,200




35,100




$276




$7,900

Second Quarter 2017 - Total Commercial



50,800




33,600




$261




$7,800

 

"The second quarter was a very strong performance for our title business, as we generated adjusted pre-tax title earnings of $338 million and a 17.1% adjusted pre-tax title margin, our best quarterly performance on both metrics in 15 years," said Chairman William P. Foley, II.  "We are encouraged to see the single-digit growth in orders in both the residential purchase and commercial markets offsetting the double-digit decline in orders in the residential refinance market and feel our title business is well positioned to continue to deliver strong financial results through the remainder of 2018.

"We continue to work through the regulatory process related to the Stewart Information Services acquisition that we announced on March 19.  On May 31, we received the expected Second Request from the FTC, asking for additional information and documentary material related to their HSR regulatory review of the transaction.  We remain engaged in document collection and review and have been working cooperatively with the FTC to fully respond to the Second Request. The other significant filings are the Form A filings with the states of Texas and New York, both of which are now subject to review by those states.  We continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2018 FNF results on Wednesday, July 18, 2018, beginning at 11:30 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.  The telephone replay will be available from 1:30 p.m. Eastern time on July 18, 2018, through July 25, 2018, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 451401.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  More information about FNF can be found at fnf.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, FNF has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted pre-tax earnings, adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings as a percentage of adjusted revenue (adjusted pre-tax title margin), adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations). adjusted net earnings, adjusted net earnings from continuing operations, adjusted EPS and adjusted EPS from continuing operations.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; the risk that Stewart Information Services Corporation ("Stewart") stockholders may not adopt the merger agreement; the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated;  risks that any of the closing conditions to the proposed merger may not be satisfied in a timely manner; the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the acquisition will not be realized; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").

Important Information Will be Filed with the SEC
This communication may be deemed to be solicitation material in respect of the proposed merger between FNF and Stewart. In connection with the proposed merger, FNF filed with the SEC on May 30, 2018, a preliminary registration statement on Form S-4, as amended by Amendment No. 1 on July 12, 2018, which has not yet become effective.  The preliminary registration statement includes a prospectus and proxy statement which will be sent to Stewart's stockholders in connection with their votes required in connection with the proposed merger following the registration statement having been declared effective by the SEC.  STOCKHOLDERS OF STEWART ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders will be able to obtain copies of the proxy statement/prospectus as well as other filings containing information about FNF and Stewart, without charge, at the SEC's website, sec.gov. Copies of documents filed with the SEC by FNF (when they are available) will be made available free of charge on FNF's investor relations website. Copies of documents filed with the SEC by Stewart (when they are available) will be made available free of charge on Stewart's investor relations website.

FNF and Stewart, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the merger agreement.  Information regarding the directors and executive officers of FNF is contained in FNF's Form 10-K for the year ended December 31, 2017 and its definitive proxy statement filed on May 2, 2018, which are filed with the SEC.  Information regarding Stewart's directors and executive officers is contained in Stewart's Form 10-K for the year ended December 31, 2017 and its proxy statement filed on April 23, 2018, which are filed with the SEC.  A more complete description will be available in the Registration Statement and the proxy statement/prospectus.

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

FNF-E

 

FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Three Months Ended




June 30, 2018




Direct title premiums


$

599



$

599



$


Agency title premiums


732



732




Escrow, title related and other fees


763



602



161


Total title and escrow


2,094



1,933



161









Interest and investment income


45



45




Realized gains and losses, net


(16)



(16)




Total revenue


2,123



1,962



161









Personnel costs


665



635



30


Agent commissions


561



561




Other operating expenses


506



367



139


Depreciation and amortization


45



38



7


Claim loss expense


60



60




Interest expense


11





11


Total expenses


1,848



1,661



187









Pre-tax earnings (loss)


$

275



$

301



$

(26)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


16



16




  Purchase price amortization


26



21



5


  M&A costs


4





4


 Total non-GAAP adjustments before taxes


$

46



$

37



$

9









Adjusted pre-tax earnings (loss)


$

321



$

338



$

(17)


Adjusted pre-tax margin


15.0

%


17.1

%










Pre-tax earnings (loss)


$

275



$

301



$

(26)


  Income tax expense (benefit)


22



29



(7)


  Earnings from equity investments


1



1




  Non-controlling interests


3



3











Net earnings (loss) attributable to FNF, Inc. common shareholders


$

251



$

270



$

(19)









EPS attributable to FNF, Inc. common shareholders - basic


$

0.92






EPS attributable to FNF, Inc. common shareholders - diluted


$

0.90













FNF, Inc. weighted average shares - basic


273






FNF, Inc. weighted average shares - diluted


278






 

 

FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Three Months Ended




June 30, 2018




Net earnings (loss) attributable to FNF, Inc. common shareholders


$

251



$

270



$

(19)









 Total non-GAAP, pre-tax adjustments


$

46



$

37



$

9


  Income taxes on non-GAAP adjustments


(10)



(8)



(2)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




  Change in tax estimate


(45)



(45)




Total non-GAAP adjustments


$

(12)



$

(19)



$

7









Adjusted net earnings (loss) attributable to FNF, Inc. common
shareholders


$

239



$

251



$

(12)









Adjusted EPS attributable to FNF, Inc. common shareholders - diluted


$

0.86













Direct orders opened (000's)


505



505




Direct orders closed (000's)


362



362




Fee per file


$

2,579



$

2,579




Actual title claims paid


$

58



$

58











Cash flows provided by operations


$

331






 

 

FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Three Months Ended




June 30, 2017




Direct title premiums


$

575



$

575



$


Agency title premiums


726



726




Escrow, title related and other fees


720



575



145


Total title and escrow


2,021



1,876



145









Interest and investment income


33



33




Realized gains and losses, net


5



8



(3)


Total revenue


2,059



1,917



142









Personnel costs


626



602



24


Agent commissions


558



558




Other operating expenses


479



359



120


Depreciation and amortization


44



39



5


Claim loss expense


65



65




Interest expense


13





13


Total expenses


1,785



1,623



162









Pre-tax earnings (loss) from continuing operations


$

274



$

294



$

(20)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(5)



(8)



3


  Purchase price amortization


27



23



4


  Management fee


1



1




  Spin-off costs


2





2


 Total non-GAAP adjustments before taxes


$

25



$

16



$

9









Adjusted pre-tax earnings (loss) from continuing operations


$

299



$

310



$

(11)


Adjusted pre-tax margin from continuing operations


14.6

%


16.2

%










Pre-tax earnings (loss) from continuing operations


$

274



$

294



$

(20)









  Income tax expense (benefit)


101



114



(13)


  Earnings from equity investments


3



2



1


  Earnings from discontinued operations, net of tax


126





126


  Non-controlling interests


6





6









Net earnings attributable to FNF, Inc. common shareholders


$

296



$

182



$

114









Net earnings attributable to FNFV Group common shareholders


$

121



$



$

121


Net earnings (loss) attributable to FNF Group common shareholders


$

175



$

182



$

(7)


Net earnings (loss) from continuing operations attributable to FNF, Inc.
common shareholders


$

176



$

182



$

(6)


EPS attributable to FNF, Inc. common shareholders - basic


$

0.65






EPS attributable to FNF, Inc. common shareholders - diluted


$

0.63






EPS from continuing operations attributable to FNF, Inc. common
shareholders - diluted


$

0.64






FNF, Inc. weighted average shares - basic


271






FNF, Inc. weighted average shares - diluted


277






 

 

FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Three Months Ended




June 30, 2017




Net earnings attributable to FNF, Inc. common shareholders


$

296



$

182



$

114









  Earnings from discontinued operations, net of tax


126





126


  Non-controlling interests of discontinued operations


6





6









Net earnings (loss) from continuing operations attributable to FNF, Inc.
common shareholders


$

176



$

182



$

(6)









 Total non-GAAP, pre-tax adjustments


$

25



$

16



$

9


  Income taxes on non-GAAP adjustments


(9)



(5)



(4)


  Noncontrolling interest on non-GAAP adjustments


(4)



(4)




Total non-GAAP adjustments


$

12



$

7



$

5









Adjusted net earnings (loss) from continuing operations attributable to
FNF, Inc. common shareholders


$

188



$

189



$

(1)









Adjusted EPS from continuing operations attributable to FNF, Inc.
common shareholders - diluted


$

0.68













Direct orders opened (000's)


524



524




Direct orders closed (000's)


370



370




Fee per file


$

2,428



$

2,428




Actual title claims paid


$

57



$

57











Cash flows provided by operations


$

287






Cash flows provided by operations attributable to FNF Group


$

401






Cash flows used in operations attributable to FNFV Group


$

(114)







 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Six Months Ended




June 30, 2018




Direct title premiums


$

1,071



$

1,071



$


Agency title premiums


1,296



1,296




Escrow, title related and other fees


1,381



1,118



263


Total title and escrow


3,748



3,485



263









Interest and investment income


83



82



1


Realized gains and losses, net


(15)



(15)




Total revenue


3,816



3,552



264









Personnel costs


1,272



1,214



58


Agent commissions


992



992




Other operating expenses


929



697



232


Depreciation and amortization


92



78



14


Claim loss expense


107



107




Interest expense


22





22


Total expenses


3,414



3,088



326









Pre-tax earnings (loss)


$

402



$

464



$

(62)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


15



15




  Purchase price amortization


55



44



11


  M&A costs


4





4


  Other adjustments


3



1



2


 Total non-GAAP adjustments before taxes


$

77



$

60



$

17









Adjusted pre-tax earnings (loss)


$

479



$

524



$

(45)


Adjusted pre-tax margin


12.5

%


14.7

%










Pre-tax earnings (loss)


$

402



$

464



$

(62)









  Income tax expense (benefit)


53



69



(16)


  Earnings from equity investments


3



2



1


  Non-controlling interests


4



4











Net earnings (loss) attributable to FNF, Inc. common shareholders


$

348



$

393



$

(45)









EPS attributable to FNF, Inc. common shareholders - basic


$

1.27






EPS attributable to FNF, Inc. common shareholders - diluted


$

1.25













FNF, Inc. weighted average shares - basic


273






FNF, Inc. weighted average shares - diluted


279






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Six Months Ended




June 30, 2018




Net earnings (loss) attributable to FNF, Inc. common shareholders


$

348



$

393



$

(45)









 Total non-GAAP, pre-tax adjustments


$

77



$

60



$

17


  Income taxes on non-GAAP adjustments


(17)



(13)



(4)


  Noncontrolling interest on non-GAAP adjustments


(6)



(6)




  Change in tax estimate


(45)



(45)




Total non-GAAP adjustments


$

9



$

(4)



$

13









Adjusted net earnings (loss) attributable to FNF, Inc. common
shareholders


$

357



$

389



$

(32)









Adjusted EPS attributable to FNF, Inc. common shareholders - diluted


$

1.28













Direct orders opened (000's)


983



983




Direct orders closed (000's)


675



675




Fee per file


$

2,470



$

2,470




Actual title claims paid


$

110



$

110











Cash flows provided by operations


$

350






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Six months ended




June 30, 2017




Direct title premiums


$

1,040



$

1,040



$


Agency title premiums


1,309



1,309




Escrow, title related and other fees


1,291



1,071



220


Total title and escrow


3,640



3,420



220









Interest and investment income


61



61




Realized gains and losses, net


1



6



(5)


Total revenue


3,702



3,487



215









Personnel costs


1,195



1,150



45


Agent commissions


1,004



1,004




Other operating expenses


868



694



174


Depreciation and amortization


87



77



10


Claim loss expense


117



117




Interest expense


29





29


Total expenses


3,300



3,042



258









Pre-tax earnings (loss) from continuing operations


$

402



$

445



$

(43)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(1)



(6)



5


  Purchase price amortization


53



45



8


  Management fee


1



1




  Spin-off costs


2





2


 Total non-GAAP adjustments before taxes


$

55



$

40



$

15









Adjusted pre-tax earnings (loss) from continuing operations


$

457



$

485



$

(28)


Adjusted pre-tax margin from continuing operations


12.3

%


13.9

%










Pre-tax earnings (loss) from continuing operations


$

402



$

445



$

(43)









  Income tax expense (benefit)


170



192



(22)


  Earnings from equity investments


4



4




  Earnings from discontinued operations, net of tax


147





147


  Non-controlling interests


15



(1)



16









Net earnings attributable to FNF, Inc. common shareholders


$

368



$

258



$

110









Net earnings attributable to FNFV Group common shareholders


$

122



$



$

122


Net earnings (loss) attributable to FNF Group common shareholders


$

246



$

258



$

(12)


Net earnings (loss) from continuing operations attributable to FNF, Inc.
common shareholders


$

237



$

258



$

(21)


EPS attributable to FNF, Inc. common shareholders - basic


$

0.91






EPS attributable to FNF, Inc. common shareholders - diluted


$

0.88






EPS from continuing operations attributable to FNF, Inc. common
shareholders - diluted


$

0.85






FNF, Inc. weighted average shares - basic


271






FNF, Inc. weighted average shares - diluted


278






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and
Other

Six months ended




June 30, 2017




Net earnings attributable to FNF, Inc. common shareholders


$

368



$

258



$

110









  Earnings from discontinued operations, net of tax


147





147


  Non-controlling interests of discontinued operations


16





16









Net earnings (loss) from continuing operations attributable to FNF, Inc.
common shareholders


$

237



$

258



$

(21)









 Total non-GAAP, pre-tax adjustments


$

55



$

40



$

15


  Income taxes on non-GAAP adjustments


(19)



(13)



(6)


  Noncontrolling interest on non-GAAP adjustments


(7)



(7)




  Nondeductible income taxes on litigation and regulatory settlements


21



21



$


Total non-GAAP adjustments


$

50



$

41



$

9









Adjusted net earnings (loss) from continuing operations attributable to
FNF, Inc. common shareholders


$

287



$

299



$

(12)









Adjusted EPS from continuing operations attributable to FNF, Inc.
common shareholders - diluted


$

1.03













Direct orders opened (000's)


996



996




Direct orders closed (000's)


704



704




Fee per file


$

2,295



$

2,295




Actual title claims paid


$

108



$

108











Cash flows provided by operations


$

291






Cash flows provided by operations attributable to FNF Group


$

389






Cash flows used in operations attributable to FNFV Group


$

(98)






 

 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q2 2018


Q1 2018


Q4 2017


Q3 2017


Q2 2017


Q1 2017


Q4 2016


Q3 2016

Quarterly Open Orders ('000's except % data)

Total open orders*


505



478



445



501



524



472



474



616


Total open orders per day*


7.9



7.7



7.2



8.0



8.2



7.6



7.6



9.6


Purchase % of open orders


71

%


66

%


60

%


62

%


66

%


64

%


53

%


50

%

Refinance % of open orders


29

%


34

%


40

%


38

%


34

%


36

%


47

%


50

%

Total closed orders*


362



313



357



367



370



334



419



433


Total closed orders per day*


5.7



5.0



5.8



5.8



5.8



5.4



6.8



6.8


Purchase % of closed orders


71

%


62

%


61

%


65

%


67

%


58

%


51

%


54

%

Refinance % of closed orders


29

%


38

%


39

%


35

%


33

%


42

%


49

%


46

%


















Commercial (millions, except orders in '000's)

Total commercial revenue


$

276



$

230



$

288



$

250



$

261



$

224



$

285



$

233


Total commercial open orders


54.2



52.8



46.3



48.3



50.8



49.4



45.9



50.4


Total commercial closed orders


35.1



31.5



33.2



33.4



33.6



30.0



34.7



31.9



















National commercial revenue


$

147



$

122



$

165



$

138



$

148



$

127



$

167



$

130


National commercial open orders


23.0



21.1



19.0



19.9



22.0



21.1



17.9



20.4


National commercial closed orders


12.9



11.2



12.1



13.1



13.3



11.2



12.8



11.7



















Total Fee Per File

Fee per file


$

2,579



$

2,344



$

2,425



$

2,368



$

2,428



$

2,148



$

2,091



$

2,015


Residential and local commercial fee per file


$

2,253



$

2,027



$

2,032



$

2,066



$

2,104



$

1,829



$

1,746



$

1,762


Residential fee per file


$

2,012



$

1,789



$

1,784



$

1,856



$

1,895



$

1,623



$

1,538



$

1,594


Total commercial fee per file


$

7,900



$

7,300



$

8,700



$

7,500



$

7,800



$

7,500



$

8,200



$

7,300


National commercial fee per file


$

11,400



$

10,900



$

13,600



$

10,500



$

11,100



$

11,300



$

13,000



$

11,100



















Total Staffing

Total field operations employees


11,000



10,900



11,200



11,700



11,300



11,000



11,100



11,400



















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

 

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)




FNF, Inc.

June 30, 2018


FNF, Inc.

December 31, 2017



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

4,597




$

4,481


Goodwill



2,764




2,746


Title plant



398




398


Total assets



9,254




9,151


Notes payable



734




759


Reserve for title claim losses



1,487




1,490


Secured trust deposits



897




830


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



26




20


Total equity and non-controlling interests



4,973




4,811


Total equity attributable to common shareholders



4,603




4,447


 

 

Cision View original content:http://www.prnewswire.com/news-releases/fnf-reports-second-quarter-2018-diluted-eps-of-0-90-and-adjusted-diluted-eps-of-0-86--pre-tax-title-margin-of-15-2-and-adjusted-pre-tax-title-margin-of-17-1-300682336.html

SOURCE Fidelity National Financial, Inc.

Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com