United States
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):
July 21, 2010

Fidelity National Financial, Inc.

(Exact name of Registrant as Specified in its Charter)

001-32630
(Commission File Number)

Delaware (State or Other Jurisdiction of Incorporation or Organization)		16-1725106 (IRS Employer Identification Number)

601 Riverside Avenue
Jacksonville, Florida 32204
(Addresses of Principal Executive Offices)
(904) 854-8100
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02.		Results of Operations and Financial Condition

On July 21, 2010, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the Second Quarter of 2010. The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

A copy of the earnings release is attached as Exhibit 99.1.

Item 9.01.		Financial Statements and Exhibits

(c) Exhibits

Exhibit				Description
	99.1			Press release announcing Fidelity National Financial, Inc. Reports Second Quarter 2010 Earnings.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXHIBIT INDEX

Exhibit				Description
	99.1			Press release announcing Fidelity National Financial, Inc. Reports Second Quarter 2010 Earnings.

Fidelity National Financial, Inc. Reports Second Quarter 2010 EPS of $0.61

Jacksonville, Fla. — (July 21, 2010) — Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, mortgage services, specialty insurance and information services, today reported operating results for the three-month and six-month periods ended June 30, 2010.

		Three Months Ended		Three Months Ended
		June 30, 2010		June 30, 2009
Total revenue		$1.50 billion		$1.56 billion
Net earnings attributable to common shareholders		$139.6 million		$91.9 million
Net earnings per diluted share attributable to common shareholders		$0.61		$0.40
Cash flow from operations		$136.0 million		$154.8 million

		Six Months Ended		Six Months Ended
		June 30, 2010		June 30, 2009
Total revenue		$2.7 billion		$2.91 billion
Net earnings attributable to common shareholders		$156.1 million		$79.5 million
Net earnings per diluted share attributable to common shareholders		$0.68		$0.35
Cash flow from operations		$47.9 million		$283.2 million

     The following are summary financial and operational results for the operating segments of FNF for the three-month and six-month periods ended June 30, 2010 and 2009:

Fidelity National Title Group (“FNT”)

		Three Months Ended		Three Months Ended
		June 30, 2010		June 30, 2009
Total revenue		$1.27 billion		$1.45 billion
Pre-tax earnings		$122.1 million		$133.3 million
Pre-tax margin		9.6%		9.2%

		Six Months		Six Months
		Ended June 30, 2010		Ended June 30, 2009
Total revenue		$2.33 billion		$2.71 billion
Pre-tax earnings		$145.0 million		$140.6 million
Pre-tax margin		6.2%		5.2%

Month		Direct Orders Opened				Direct Orders Closed
April 2010			185,300				121,700
May 2010			168,800				113,600
June 2010			197,000				126,600
Second Quarter 2010			551,100				361,900

Month		Direct Orders Opened				Direct Orders Closed
April 2009			300,400				172,500
May 2009			243,200				171,300
June 2009			202,200				180,300
Second Quarter 2009			745,800				524,100

		Open				Closed				Commercial
		Commercial				Commercial				Commercial				Commercial
		Orders				Orders				(In thousands)				Fee Per File
2nd Quarter 2010			18,400				11,000			$	67,000			$	6,100
2nd Quarter 2009			20,700				12,000			$	49,200			$	4,100

— The preceding table only includes commercial activity from FNF’s commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices.

Specialty Insurance

		Three Months Ended		Three Months Ended
		June 30, 2010		June 30, 2009
Total revenue		$104.3 million		$98.1 million
Pre-tax earnings		$11.0 million		$14.5 million
Pre-tax margin		10.6%		14.7%

		Six Months Ended		Six Months Ended
		June 30, 2010		June 30, 2009
Total revenue		$193.6 million		$184.9 million
Pre-tax earnings		$17.3 million		$27.7 million
Pre-tax margin		8.9%		15.0%

     “We experienced success in a number of areas during the second quarter,” said Chairman William P. Foley, II. “In our title business, we generated a robust pre-tax margin of 9.6%, despite a 31% decline in closed orders versus the second quarter of 2009. Resale transactions were 54% of closed orders during the second quarter versus 34% in last year’s second quarter, with this mix shift primarily causing a 28% increase in fee per file over the second quarter of 2009. As the quarter progressed, the open order mix shifted back to more refinance driven transactions. During June, we began to see the effect of lower mortgage rates, as open orders per day increased 6% sequentially over May and refinance orders represented 58% of open order activity during that final month of the quarter. Open orders continued to show strength in the first half of July, with open orders per day increasing more than 18% sequentially from June, again driven by higher refinance volumes. Lower mortgage rates and increased order activity will provide momentum as we move into the third quarter.”

     “We also successfully closed the sale of our 32% equity ownership stake in Sedgwick in late May, generating a pre-tax gain of approximately $98 million. The sale of Sedgwick clearly achieved our on-going goal of creating significant value for our shareholders and was the culmination of a very successful four-year investment for FNF.”

     “During May, we also issued $300 million of 6.60% senior notes with a May 2017 maturity. The issuance enhances our longer-term liquidity profile and continues our strategy of conservatively managing our balance sheet and liquidity position during these uncertain times. The net proceeds more than pre-fund the $165 million of debt that matures in August of 2011, extending the maturity profile of our outstanding debt and providing increased flexibility at the holding company. Debt to total capital declined to 18% at June 30, 2010.”

     Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services, specialty insurance and information services. FNF is the nation’s largest title insurance company through its title insurance underwriters — Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title — that collectively issue more title insurance policies than any other title company in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business and is a leading provider of global human resources, payroll, benefits and payment solutions through a minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.

     This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, 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 economic performance 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, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-

Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)

		Three months ended June 30,							Six months ended June 30,
		2010				2009				2010				2009
		(Unaudited)								(Unaudited)
Direct title premiums		$	344,615			$	409,069			$	626,028			$	742,657
Agency title premiums			552,812				634,804				1,036,599				1,210,494
Total title premiums			897,427				1,043,873				1,662,627				1,953,151
Escrow, title-related and other fees			336,437				369,004				630,966				691,810
Total title and escrow			1,233,864				1,412,877				2,293,593				2,644,961
Specialty insurance			101,028				93,903				187,336				177,287
Interest and investment income			36,394				39,512				75,175				76,285
Realized gains and losses			124,185				13,182				152,820				7,463
Total revenue			1,495,471				1,559,474				2,708,924				2,905,996
Personnel costs			397,710				428,670				768,373				849,855
Other operating expenses			316,998				353,583				616,001				680,169
Agent commissions			435,918				504,155				820,343				965,673
Depreciation and amortization			22,470				30,562				45,511				61,532
Claim loss expense			96,845				102,083				183,155				197,694
Interest expense			12,454				8,646				19,555				20,417
Total expenses			1,282,395				1,427,699				2,452,938				2,775,340
Earnings from continuing operations before taxes			213,076				131,775				255,986				130,656
Income tax expense			76,293				34,285				89,595				33,773
Earnings from continuing operations before equity investments			136,783				97,490				166,391				96,883
Earnings (loss) from equity investments			3,553				(4,602	)			(7,141	)			(16,732	)
Net earnings from continuing operations			140,336				92,888				159,250				80,151
Earnings (loss) from discontinued operations, net of tax			—				(352	)			—				(33	)
Net earnings			140,336				92,536				159,250				80,118
Non-controlling interests			765				593				3,151				573
Net earnings attributable to common shareholders		$	139,571			$	91,943			$	156,099			$	79,545
Earnings per share:
Net earnings from continuing operations and attributable to common shareholders — basic		$	0.61			$	0.40			$	0.69			$	0.36
Net earnings from continuing operations and attributable to common shareholders — diluted		$	0.61			$	0.40			$	0.68			$	0.35
Weighted average shares — basic			227,500				228,056				227,605				220,661
Weighted average shares — diluted			230,519				232,078				230,503				225,006
Direct operations orders opened			551,100				745,800				1,062,200				1,492,200
Direct operations orders closed			361,900				524,100				694,400				952,700
Fee per file		$	1,499			$	1,173			$	1,422			$	1,170
Actual title claims paid		$	122,093			$	76,999			$	217,640			$	133,231

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)

Three Months Ended										Specialty				Corporate
June 30, 2010		Consolidated				FNT				Insurance				and Other
Gross operating revenue		$	1,334,892			$	1,209,139			$	101,028			$	24,725
Interest and investment income			36,394				33,566				2,800				28
Realized gains and losses			124,185				24,484				443				99,258
Total revenue			1,495,471				1,267,189				104,271				124,011
Personnel costs			397,710				370,444				12,199				15,067
Other operating expenses			316,998				256,539				44,657				15,802
Agent commissions			435,918				435,918				—				—
Depreciation and amortization			22,470				20,842				842				786
Claim loss expense			96,845				61,319				35,526				—
Interest expense			12,454				27				1				12,426
Total expenses			1,282,395				1,145,089				93,225				44,081
Pretax earnings from continuing operations			213,076				122,100				11,046				79,930
Pretax margin			14.2	%			9.6	%			10.6	%			64.5	%
Open orders			551,100				551,100				—				—
Closed orders			361,900				361,900				—				—

Three Months Ended										Specialty				Corporate
June 30, 2009		Consolidated				FNT				Insurance				and Other
Gross operating revenue		$	1,506,780			$	1,400,909			$	93,903			$	11,968
Interest and investment income			39,512				37,214				3,198				(900	)
Realized gains and losses			13,182				11,964				1,010				208
Total revenue			1,559,474				1,450,087				98,111				11,276
Personnel costs			428,670				407,569				11,605				9,496
Other operating expenses			353,583				303,913				41,707				7,963
Agent commissions			504,155				504,155				—				—
Depreciation and amortization			30,562				28,219				1,354				989
Claim loss expense			102,083				73,112				28,971				—
Interest expense			8,646				(139	)			5				8,780
Total expenses			1,427,699				1,316,829				83,642				27,228
Pretax earnings from continuing operations			131,775				133,258				14,469				(15,952	)
Pretax margin			8.5	%			9.2	%			14.7	%			—
Open orders			745,800				745,800				—				—
Closed orders			524,100				524,100				—				—

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)

Six Months Ended										Specialty				Corporate
June 30, 2010		Consolidated				FNT				Insurance				and Other
Gross operating revenue		$	2,480,929			$	2,237,483			$	187,336			$	56,110
Interest and investment income			75,175				67,774				5,687				1,714
Realized gains and losses			152,820				27,169				582				125,069
Total revenue			2,708,924				2,332,426				193,605				182,893
Personnel costs			768,373				714,788				23,995				29,590
Other operating expenses			616,001				496,701				80,612				38,688
Agent commissions			820,343				820,343				—				—
Depreciation and amortization			45,511				42,017				1,954				1,540
Claim loss expense			183,155				113,381				69,774				—
Interest expense			19,555				147				2				19,406
Total expenses			2,452,938				2,187,377				176,337				89,224
Pretax earnings from continuing operations			255,986				145,049				17,268				93,669
Pretax margin			9.5	%			6.2	%			8.9	%			51.2	%
Open orders			1,062,200				1,062,200				—				—
Closed orders			694,400				694,400				—				—

Six Months Ended										Specialty				Corporate
June 30, 2009		Consolidated				FNT				Insurance				and Other
Gross operating revenue		$	2,822,248			$	2,627,676			$	177,287			$	17,285
Interest and investment income			76,285				70,947				6,352				(1,014	)
Realized gains and losses			7,463				7,552				1,300				(1,389	)
Total revenue			2,905,996				2,706,175				184,939				14,882
Personnel costs			849,855				811,954				23,517				14,384
Other operating expenses			680,169				588,673				74,680				16,816
Agent commissions			965,673				965,673				—				—
Depreciation and amortization			61,532				57,457				2,645				1,430
Claim loss expense			197,694				141,308				56,386				—
Interest expense			20,417				560				23				19,834
Total expenses			2,775,340				2,565,625				157,251				52,464
Pretax earnings from continuing operations			130,656				140,550				27,688				(37,582	)
Pretax margin			4.5	%			5.2	%			15.0	%			—
Open orders			1,492,200				1,492,200				—				—
Closed orders			952,700				952,700				—				—

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)

		June 30, 2010				December 31, 2009
		(Unaudited)
Cash and investment portfolio		$	4,928,912			$	4,887,411
Goodwill			1,442,070				1,455,237
Title plant			404,013				407,495
Total assets			7,915,301				7,934,310
Notes payable			752,556				861,878
Reserve for claim losses			2,440,726				2,541,420
Secured trust deposits			507,394				373,339
Total stockholders’ equity			3,417,687				3,344,827
Book value per share		$	14.98			$	14.53

###