Fidelity National Financial (FNF) Q4 2024 earnings summary

Executive summary

• Achieved strong results in both title and F&G segments for Q4 and FY 2024, with record asset growth, margin expansion, and robust earnings despite a low transaction environment.

• Net earnings attributable to common shareholders for Q4 2024 were $450M ($1.65/share), up from a net loss of $69M in Q4 2023; full year net earnings were $1.3B ($4.65/share), up from $517M ($1.91/share) in 2023.

• Title segment delivered adjusted pre-tax earnings of $343M (Q4) and $1.2B (FY), with margins of 16.6% and 15.1% respectively.

• F&G segment contributed 38% of consolidated adjusted net earnings for 2024, with assets under management reaching $65.3B, up 17% year-over-year.

Financial highlights

• Q4 total revenue was $3.62B, up from $3.43B in Q4 2023; full year revenue was $13.68B, up from $11.75B in 2023.

• Q4 net earnings were $450M (including $373M net recognized losses), compared to a net loss of $69M in Q4 2023.

• Adjusted net earnings for Q4 were $366M ($1.34/share), up from $204M ($0.75/share) in Q4 2023; FY 2024 adjusted net earnings were $1.3B ($4.63/share), a 31% increase over 2023.

• Title segment Q4 revenue was $2.1B, up from $1.7B in Q4 2023; direct and agency premiums increased 28% and 27% respectively.

• F&G reported gross sales of $15.3B for FY 2024, up 16% year-over-year; net sales were $10.6B, up 15%.

Outlook and guidance

• Expect continued strength in industrial, multifamily, and energy sectors, with potential for higher commercial volumes as the office sector recovers.

• Anticipate normal seasonality in 2025, with mortgage rates likely to remain elevated.

• Forecasts from MBA and Fannie Mae suggest modestly better conditions in 2025, with increases in refi and purchase originations.

• Management expects the Title segment to be well positioned for a housing market upturn as mortgage rates normalize.

• F&G is expected to continue as a strong growth engine, executing on medium-term financial goals and capital-light strategies.