Fidelity National Financial (NYSE:FNF) reported Q2 EPS of $1.90, $0.31 better than the analyst estimate of $1.59. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $3.38 billion.
Company Highlights
- Solid Title Revenue: For the Title segment, total revenue of $2.6 billion, compared with $3.0 billion in total revenue in the second quarter of 2021. Total revenue, excluding recognized gains and losses, of $2.8 billion, compared with $3.0 billion in the second quarter of 2021
- Growth strategy drives strong sales for F&G: Total sales of $3.1 billion for the second quarter, a 15% increase over second quarter 2021 and a 19% increase over first quarter 2022; reflects successful execution of F&G's diversified growth strategy and a disciplined approach to pricing
- Partial spin-off of F&G remains on track: Pursuant to the previously announced transaction to distribute 15% ownership of F&G to FNF shareholders on a pro rata basis, F&G has filed its confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the partial spin-off. The filing represents a significant milestone in the transaction process, which remains on track to close early in the fourth quarter of 2022, subject to customary approvals. As expected, the Company executed on the conversion of the $400 million intercompany term loan into F&G equity during the second quarter
- Ample deployable capital supports shareholder value: FNF has repurchased 4.3 million shares for $172 million, at an average price of $39.76 per share, in the second quarter and paid common dividends at $0.44 per share for $122 million. FNF ended the second quarter with $1.6 billion in cash and short-term liquid investments at the holding company
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