Fidelity National Financial, Inc. (NYSE:FNF) Q2 2023 Earnings Conference Call August 9, 2023 11:00 AM ET

Company Participants

Lisa Foxworthy-Parker – Senior Vice President, Investor and External Relations

Mike Nolan – Chief Executive Officer

Tony Park – Chief Financial Officer

Chris Blunt – Chief Executive Officer, F&G

Conference Call Participants

Bose George – KBW

Soham Bhonsle – BTIG

John Campbell – Stephens Inc.

Mark Hughes – Truist Securities

Geoffrey Dunn – Dowling & Partners

Operator

Good morning, and welcome to FNF Second Quarter Earnings Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions with instructions to follow at that time. As a reminder, this conference call is being recorded.

I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker

Great. Thanks, operator, and welcome, everyone. Joining me today are Mike Nolan, Chief Executive Officer; and Tony Park, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks and we will have Chris Blunt, F&G’s Chief Executive Officer; and Wendy Young, F&G’s Chief Financial Officer, join us for the Q&A portion of today’s call. Today’s earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy.

Please refer to our most recent quarterly and annual reports and other SEC filings for a discussion of the factors that could cause actual results to differ materially from those expressed or implied. This morning’s discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. Non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules within our earnings materials available on the company’s website. Yesterday, we issued a press release, which is also available on our website. Today’s call is being recorded and will be available for webcast replay at fnf.com. It will also be available through telephone replay beginning today at 3:00 p.m. Eastern Time through August 16, 2023.

And now I’ll turn the call over to our CEO, Mike Nolan.

Mike Nolan

Thank you, Lisa, and good morning. Overall, we have had another strong set of results at this midyear mark as we continue to navigate a volatile and challenging environment. Starting with our title business, we delivered adjusted pre-tax earnings in our title segment of $302 million and an industry-leading adjusted pre-tax title margin of 15.8%. We are very pleased with this result, which reflects strong sequential margin improvement across our title-related businesses. This strong performance really demonstrates our approach to running the business, highlighting our ability to manage through economic cycles and react quickly to changing order volumes. It also demonstrates the expertise and discipline of our field managers and employees, who are critical to our success and our ability to deliver these results.