Fidelity National Financial (FNF) Q4 2023 earnings summary

Executive summary

• FY 2023 net earnings attributable to common shareholders were $517 million, or $1.91 diluted EPS, versus $1.294 billion, or $4.67, in FY 2022; adjusted net earnings were $962 million, or $3.55 per share, versus $1.489 billion, or $5.38.

• Q4 2023 reported a net loss attributable to common shareholders of $69 million, or $0.25 per share; adjusted net earnings were $204 million, or $0.75 per share, versus $274 million, or $1.01, in Q4 2022.

Financial highlights

• FY 2023 total revenue was $11.752 billion versus $11.565 billion in FY 2022; Q4 revenue was $3.432 billion versus $2.557 billion, including recognized investment gains and losses.

• FY adjusted net earnings included mark-to-market and non-recurring adjustments excluded from the adjusted measure; Title contributed $760 million and F&G $285 million, offset by $83 million in adjusted Corporate losses.

• Total assets were $80.614 billion at Dec. 31, 2023, versus $65.143 billion a year earlier; cash and investment portfolio was $58.816 billion versus $47.656 billion.

Outlook and guidance

• F&G expects double-digit sales growth in 2024, supported by its recently launched RILA product; management cited margin expansion opportunities from expense management and investment margins.

• Title management expects to benefit from an eventual housing-market turn and cited favorable longer-term U.S. demographic trends.

• F&G’s long-term business outlook was described as unchanged despite Q4 timing lags between sharp rate movements and pricing actions.