Fidelity National Financial, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 6 November 2025: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Diluted EPS rose to $1.33: Net earnings attributable to common shareholders were $358 million, or $1.33 per diluted share, against $266 million, or $0.97, a year earlier. Source
• Adjusted EPS rose to $1.63: Adjusted net earnings were $439 million, or $1.63 per share, compared with $356 million, or $1.30 per share, a year earlier. Source
• Adjusted title margin reached 17.8%: Adjusted pre-tax title margin was 17.8%, against 15.9%; the pre-tax title margin was 15.8%, against 17.7%. The nine-month adjusted margin was 15.3%. Source
• Record AUM before flow reinsurance: AUM before flow reinsurance reached a record $71.4 billion, up 14%; retained AUM was $56.6 billion, up 8%. Source
• Refinance orders opened up 15%: Refinance orders opened rose 15% on a daily basis, and refinance orders closed rose 23%, both compared with the third quarter of 2024. Source
• Commercial revenue up 34%: Commercial revenue was $389 million, up 34%; commercial orders opened rose 8% and commercial orders closed rose 19%. National commercial revenue was $209 million. Source
• Shareholder returns reached $627 million: Management said $627 million was returned year to date through buybacks and the quarterly dividend, and $150 million was invested in F&G’s common equity raise earlier this year. Source

“We delivered strong third quarter results across both our Title business and F&G segment, demonstrating the power of our complementary businesses and our ability to execute in dynamic market conditions.”

William P. Foley, II, Chairman

Guidance

What changed from last quarter

• New: A new reinsurance sidecar took effect August 1, 2025, with flow reinsurance ceded for multiyear guaranteed annuities and fixed indexed annuities in line with capital targets. Source

Quarter results and earnings

• Diluted EPS rose to $1.33: Net earnings attributable to common shareholders were $358 million, or $1.33 per diluted share, against $266 million, or $0.97, a year earlier. Source
• Adjusted EPS rose to $1.63: Adjusted net earnings were $439 million, or $1.63 per share, compared with $356 million, or $1.30 per share, a year earlier. Source
• Total revenue rose to $4.03 billion: Total revenue was $4,030 million, against $3,603 million a year earlier; year-to-date total revenue was $10,394 million, against $10,060 million. Source
• Nine-month earnings below prior year: Year-to-date net earnings attributable to common shareholders were $719 million, against $820 million, while year-to-date adjusted net earnings were $970 million, against $900 million. Source

Title segment results

• Title revenue rose 8%: Title Segment revenue was $2.3 billion, up 8%; excluding recognized gains and losses, revenue rose 13%, with direct title premiums up 19% and agency title premiums up 13%. Source
• Adjusted title margin reached 17.8%: Adjusted pre-tax title margin was 17.8%, against 15.9%; the pre-tax title margin was 15.8%, against 17.7%. The nine-month adjusted margin was 15.3%. Source
• Adjusted title earnings reached $410 million: Adjusted pre-tax earnings in Title were $410 million, compared with $323 million; pre-tax Title earnings were $359 million, compared with $372 million. Source

“Our third quarter Title results were driven by very strong performance across the business, including commercial and refinance, as well as our disciplined expense management.”

Mike Nolan, Chief Executive Officer

F&G segment and sales

• F&G adjusted earnings $139 million: F&G Segment adjusted net earnings were $139 million, against $135 million a year earlier. The quarter included an $8 million tax valuation allowance benefit and $3 million of actuarial reserve release. Source
• Record AUM before flow reinsurance: AUM before flow reinsurance reached a record $71.4 billion, up 14%; retained AUM was $56.6 billion, up 8%. Source
• Gross sales rose 8%: Gross sales were $4.2 billion, up 8%, driven by favorable market conditions and demand for retirement savings products. Source
• Net sales rose to $2.8 billion: Net sales were $2.8 billion, compared with $2.4 billion; sales attributable to flow reinsurance to third parties were $1.4 billion. Source
• Opportunistic sales reached $2.0 billion: Opportunistic sales were $2.0 billion, split between multiyear guaranteed annuities and funding agreements, against $1.7 billion of multiyear guaranteed annuities a year earlier. Source

Title demand and order volumes

• Refinance orders opened up 15%: Refinance orders opened rose 15% on a daily basis, and refinance orders closed rose 23%, both compared with the third quarter of 2024. Source
• Purchase orders flat on daily basis: Purchase orders opened on a daily basis were flat year over year; purchase orders closed rose 1% on a daily basis. Source
• Commercial revenue up 34%: Commercial revenue was $389 million, up 34%; commercial orders opened rose 8% and commercial orders closed rose 19%. National commercial revenue was $209 million. Source
• Fee per file rose 8%: Total fee per file was $3,994, up 8%; residential fee per file was $2,908, against $2,881 a year earlier. Source

“We delivered outstanding third quarter results highlighted by record assets under management before flow reinsurance of $71 billion fueled by one of our best sales quarters in history”

Chris Blunt, F&G's Chief Executive Officer

Expenses, claims and staffing

• Expense discipline drove incremental margins: Management said disciplined expense management is driving incremental margins in the Title business. Source
• Title claims paid declined: Actual title claims paid were $58 million, against $64 million in the third quarter of 2024 and $66 million in the second quarter of 2025. Source
• Field employees up year on year: Total field operations employees were 10,600, against 10,400 a year earlier and 10,500 at the end of the second quarter. Source

Capital, cash and shareholder returns

• Repurchases of 631,000 shares: Share repurchases in the quarter totaled 631,000 shares for $37.5 million, against 2.9 million shares for $159 million in the second quarter. Source
• Shareholder returns reached $627 million: Management said $627 million was returned year to date through buybacks and the quarterly dividend, and $150 million was invested in F&G’s common equity raise earlier this year. Source
• Holding company cash reached $733 million: Cash and short-term liquid investments at the holding company totaled $733 million, against $583 million at the end of the second quarter. Source
• Common dividends paid $135 million: Common dividends of $0.50 per share were paid in the quarter, totaling $135 million. Source
• Common equity rose from year-end: Total equity attributable to common shareholders was $8,355 million at September 30, 2025, up from $7,754 million at December 31, 2024. Source

Strategy and investment

• Acquisitions and technology investment: Management said free cash flow allows continued investment in the business through acquisitions and technology, as it builds for the long term. Source
• Progress toward Investor Day targets: F&G reports continued progress toward its 2023 Investor Day targets while executing its strategy. Source
• F&G described as more fee-based: F&G describes its shift toward fee-based, higher margin and capital-light earnings, building on its position as one of the industry’s largest sellers of annuities and life insurance. Source

Investment portfolio and returns

• Credit impairments below pricing assumption: F&G says its investment portfolio is performing well and credit related impairments remain below its pricing assumption. Source
• Alternative investment income $55 million: Alternative investment income was $55 million, or $0.20 per share; the prior-year quarter figure was $35 million. Source
• F&G net earnings hit by mark-to-market: F&G GAAP net earnings were $98 million, against a $5 million loss a year earlier, due to unfavorable mark-to-market movement. Source

Coming up, as management said on 6 November 2025

• Further expense ratio gains expected: Management expects further improvement in operating expense to AUM before flow reinsurance by the end of the year. Source

Figures management reported

Risks management discussed

• Demand: Management said the residential housing market remains challenging. Source
• Financial: Alternative investment returns from short-term mark-to-market movement can differ from long-term return expectations, and affect adjusted net earnings. Source

Earlier plans management reported on

• Not stated: F&G says it is making continued progress toward its 2023 Investor Day targets. Source
• Not stated: The second quarter release expected further expense ratio improvement in the second half; this release reports the ratio at 52 basis points, down 10 from a year earlier.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.