Fidelity National Financial, Inc. (NYSE:FNF) Q1 2024 Earnings Conference Call May 9, 2024 11:00 AM ET

Company Participants

Lisa Foxworthy-Parker - Investor Relations
Mike Nolan - Chief Executive Officer
Tony Park - Chief Financial Officer
Chris Blunt - Chief Executive Officer, F&G
Wendy Young - Chief Financial Officer, F&G

Conference Call Participants

Soham Bhonsle - BTIG Pactual
Bose George - KBW
John Campbell - Stephens Inc.
Maxwell Fritscher - Truist Securities

Operator

Ladies and gentlemen, good morning and welcome to FNF First Quarter Earnings Call. [Operator Instructions] 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. Chris Blunt, F&G’s CEO and Wendy Young, F&G’s CFO will 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 maybe 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 May 16, 2024.

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

Mike Nolan

Thank you, Lisa and good morning. We are very pleased with our first quarter results for both the Title segment and F&G, which provides a strong start to the year. Both businesses are well positioned for the current market and for longer term growth. Our title business continues to perform well in a volatile and challenging environment. We delivered adjusted pre-tax earnings in our Title segment of $171 million and achieved an industry-leading adjusted pre-tax title margin of 10.7% for the first quarter, an increase of 70 basis points over the 10% margin in the prior year quarter. This performance is in line with our expectation that entering 2024 with historic low order volumes would pressure first quarter margins much like last year.