Fidelity National Financial (FNF) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues increased to $3.16B–$3.2B, with net earnings rising to $306M–$343M and adjusted net earnings at $338M ($1.24/share), up from $274M ($1.01/share) in Q2 2023.

• Title segment outperformed with stable to 4% revenue growth, industry-leading adjusted pre-tax margin of 16.2%, and higher agency revenue.

• F&G segment achieved record gross sales of $4.4B (up 47%), record AUM of $52.2B–$61.4B, and contributed 40% of adjusted net earnings in H1 2024.

• Continued investment in technology and digital platforms, including appointment of a Chief AI Officer and nearly 700,000 inHere platform users.

• Board approved a new three-year, 25M share repurchase program effective July 31, 2024, and declared a $0.48/share dividend for Q3 2024.

Financial highlights

• Q2 2024 consolidated revenue was $3.16B–$3.2B, up from $3.07B–$3.1B in Q2 2023.

• Q2 2024 net earnings were $306M–$343M, with adjusted net earnings per share at $1.24 (up from $1.01); six-month net earnings reached $554M ($2.04/share).

• Title segment adjusted pre-tax earnings reached $324M with a 16.2% margin, up from $302M and 15.8% margin in Q2 2023.

• F&G reported record gross sales of $4.4B, up 47% year-over-year, and record AUM of $52.2B–$61.4B.

• Cash and cash equivalents at June 30, 2024, were $696M at the holding company and $4.89B consolidated.

Outlook and guidance

• Expect normal seasonal decline in purchase orders for the rest of 2024 if mortgage rates remain stable; potential upside if rates fall.

• Management expects higher residential purchase and refinance activity through 2026, with F&G benefiting from demographic trends.

• Maintain annual adjusted pre-tax title margin guidance of 15%-20%.

• Interest and investment income projected to remain stable at $95M-$100M per quarter for the rest of 2024.

• No material impact expected from new global minimum tax rules or recent regulatory changes.