Fidelity National Financial, Inc. (NYSE:FNF) Q4 2023 Earnings Conference Call February 22, 2024 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 - President & Chief Executive Officer of F&G Annuities & Life

Wendy Young - Chief Financial Officer of F&G

Conference Call Participants

Bose George - KBW

Mark DeVries - Deutsche Bank

Soham Bhonsle - BTIG

John Campbell - Stephens

Mark Hughes - Truist Securities

Operator

Good morning, and welcome to FNF Fourth Quarter and Full-Year 2023 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, Senior Vice President, 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. Chris Blunt, F&G CEO; and Wendy Young, F&G CFO, will join us for the Q&A portion of today's call. Today's earnings 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 PM Eastern Time through February 29, 2024. And now, I'll turn the call over to our CEO, Mike Nolan.

Mike Nolan

Thank you, Lisa, and good morning. I am proud of our results and would like to thank all our employees for their accomplishments in 2023 as we delivered another industry-leading performance in the Title Segment and record-setting performance in the F&G Segment. Before I cover the results, I'd like to address our recently reported cybersecurity incident. Given the strong execution of our recovery plan, we were able to resume normal operations quickly in the quarter. As far as the minor negative impact to our fourth quarter Title Segment results, we estimate the incident reduced adjusted pre-tax title earnings by $8 million to $10 million and lowered our adjusted pre-tax title margin by roughly 50 basis points and 12.3%, which would have been in line with the prior year quarter to 11.8% as reported.