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Fidelity National Financial Announces Strong Performance in 2024

Fidelity National Financial, Inc. (NYSE: FNF), a prominent company in title insurance and transaction services, has just released its impressive financial results for the fourth quarter and full year ending December 31, 2024. The report reveals a significant turnaround in earnings compared to the previous year, marking a successful financial year for the company.

In the fourth quarter of 2024, FNF reported net earnings of $450 million, equating to $1.65 per diluted share. This is a notable increase from a net loss of $69 million, or $0.25 per share, in the same quarter of 2023. For the full year, net earnings stood at $1.3 billion, which translates to $4.65 per share - a remarkable rise from $517 million, or $1.91 per share, reported for the entirety of 2023.

Adjusted net earnings for the fourth quarter were recorded at $366 million, or $1.34 per share, compared to $204 million, or $0.75 per share, a year ago. Similarly, the full year adjusted net earnings reflected a significant increase to $1.3 billion, or $4.63 per share, from $962 million, or $3.55 per share, in 2023.

Segment Performance

The strong financial results can be attributed to the performance of various internal segments. The Title Segment, which provides title insurance and related services, contributed $263 million in earnings for the fourth quarter and a total of $877 million for the full year 2024. This is a notable increase compared to $174 million and $760 million for the same periods in 2023.

The FG Segment, which is focused on insurance solutions for retail and institutional clients, also performed strongly with fourth-quarter earnings of $123 million and annual earnings of $475 million, up from $64 million and $285 million in 2023.

Additionally, the Corporate Segment reported adjusted net earnings of $8 million for the fourth quarter and $21 million for the full year, a shift from net losses of $12 million and $18 million, respectively, a year prior.

Key Financial Metrics

In terms of total revenue, FNF reported $3.6 billion for the fourth quarter, an increase from $3.4 billion a year earlier, and $13.7 billion for the year, comparing favorably to $11.8 billion in 2023. The Title Segment saw total revenue of $2.0 billion for Q4 and $7.7 billion for the year, while the FG Segment achieved gross sales of $3.5 billion for the fourth quarter and a record $15.3 billion for the full year.

Fidelity National Financial’s strong operational performance was also evident in its adjusted pre-tax margin, which reached 16.6% in Q4 and 15.1% for the full year. This operational efficiency reflects the management's efforts over the years, leading to a competitive advantage in the market.

Looking Ahead

Chairman William P. Foley, II expressed confidence in the company’s future, stating that the Title Segment is well-positioned for future growth as market conditions normalize. The FG business has continued to outperform expectations, marking it as a crucial growth engine for the company. As they approach 2025, there is optimism for sustained growth and improved performance across all fronts.

With a solid foundation and significant financial results that surpass the previous year's performances, Fidelity National Financial is poised for a robust future within the title insurance and transaction services sectors. The company’s strategic focus on operational efficiencies and growth initiatives will continue to play a pivotal role in its future successes.