NYSE$FNF
Fidelity National Financial Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported a net loss attributable to common shareholders due to unfavorable mark-to-market movement in the F&G segment, but Title segment maintained industry-leading margins through cost management.
Fidelity National Financial reported a net loss for Q1 2023, primarily due to losses in the F&G segment. However, the Title segment demonstrated resilience with strong margins. F&G achieved record gross sales and assets under management.
- Net loss attributable to common shareholders was $59 million, or $0.22 per diluted share.
- Adjusted net earnings attributable to common shareholders was $141 million, or $0.52 per share.
- Title Segment reported total revenue of $1.6 billion and an adjusted pre-tax title margin of 10%.
- F&G Segment achieved record gross sales of $3.3 billion and record assets under management of $45.4 billion.
Headline financials
Revenue & EPS history
Fidelity National Financial · Revenue · Quarterly
$2.47B
Revenue by segment
Fidelity National Financial · $1.55B total across 1 segment · Q1 2023
- Title Segment$1.55B-34.9%100.0%
Forward guidance
The company is cautiously optimistic about seasonal patterns in the residential purchase market, but acknowledges lower volume levels due to soft existing home sale and refinance activity.
Tailwinds
- Underlying fundamentals of the residential housing market remain strong.
- Pent-up demand and a growing working age population are expected to support a rebound once rates stabilize.
- FNF's industry leading position and strong balance sheet put it in an advantageous position.
- F&G is beginning to utilize higher levels of flow reinsurance on new sales.
- FNF is committed to returning capital to its shareholders through dividends.
Headwinds
- Market volatility and higher rates pressured mortgage volumes.
- Considerable decline in volumes compared to the prior year due to higher mortgage rates.
- Alternatives investment portfolio short-term mark-to-market movement differs from long-term return expectation.
- Quarterly fluctuations in market risk benefit actual experience differ from expectation.
- Uncertain economic outlook necessitates a cautious approach to share buybacks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.2%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+0.9%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+5.8%
Q2 2018
Best reaction
-7.2%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.9% | -7.2% | -7.6% | |
| Q4 2025 | -3.8% | -5.0% | -20.2% | |
| Q3 2025 | +4.6% | +7.2% | +6.5% | |
| Q1 2025 | -7.2% | -10.9% | -14.9% | |
| Q4 2024 | +3.3% | +6.8% | +10.4% | |
| Q3 2024 | -0.6% | +1.2% | +4.2% | |
| Q2 2024 | -2.6% | +0.2% | +7.8% | |
| Q1 2024 | +0.9% | -1.4% | -5.6% | |
| Q4 2023 | -4.1% | -5.1% | -1.0% | |
| Q3 2023 | +3.8% | +5.1% | +12.0% | |
| Q2 2023 | +2.2% | +5.6% | +7.8% | |
| Q1 2023 | -4.1% | -1.3% | +1.2% | |
| Q4 2022 | -5.8% | -5.5% | -20.6% | |
| Q3 2022 | -2.3% | +7.3% | -2.2% | |
| Q2 2022 | -3.6% | -2.2% | -0.4% | |
| Q1 2022 | -1.6% | +1.2% | +1.1% | |
| Q4 2021 | -2.7% | +2.1% | +7.9% | |
| Q3 2021 | -0.5% | +3.7% | +5.1% | |
| Q2 2021 | +2.1% | +6.1% | +9.8% | |
| Q1 2021 | +0.8% | +0.6% | +2.8% | |
| Q4 2020 | -5.3% | -2.8% | +0.5% | |
| Q3 2020 | +2.5% | +2.1% | +14.1% | |
| Q2 2020 | +3.2% | +7.4% | +0.5% | |
| Q1 2020 | +4.0% | +8.0% | +10.4% | |
| Q4 2019 | +0.7% | -0.6% | -23.7% | |
| Q3 2019 | +1.9% | +3.4% | +6.3% | |
| Q2 2019 | +2.9% | +2.8% | +4.9% | |
| Q1 2019 | +2.2% | +0.8% | -0.0% | |
| Q4 2018 | -1.3% | -3.4% | -2.6% | |
| Q3 2018 | -6.0% | -5.6% | -5.4% | |
| Q2 2018 | +5.8% | +7.8% | +6.0% | |
| Q1 2018 | +2.2% | +1.3% | +1.2% | |
| Q4 2017 | -2.7% | -5.3% | -4.1% | |
| Q3 2017 | +2.9% | +4.9% | +14.5% | |
| Q2 2017 | +0.0% | +2.9% | +3.3% | |
| Q1 2017 | +2.1% | +2.1% | +7.9% | |
| Q4 2016 | +1.5% | +3.3% | +7.2% | |
| Q3 2016 | -5.2% | -5.2% | -11.4% | |
| Q2 2016 | +1.9% | +3.7% | +0.2% | |
| Q1 2016 | -2.2% | — | — | |
| Q4 2015 | +3.8% | — | — | |
| Q3 2015 | +1.3% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | -2.7% | — | — | |
| Q3 2014 | -0.8% | — | — | |
| Q2 2014 | +1.1% | — | — | |
| Q1 2014 | +1.5% | — | — | |
| Q4 2013 | +2.6% | — | — | |
| Q3 2013 | -0.5% | — | — | |
| Q2 2013 | -1.7% | — | — | |
| Q1 2013 | -5.5% | — | — | |
| Q4 2012 | -1.3% | — | — | |
| Q3 2012 | +3.3% | — | — | |
| Q2 2012 | -1.8% | — | — | |
| Q1 2012 | +0.1% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q2 2011 | +3.3% | — | — | |
| Q1 2011 | +1.8% | — | — | |
| Q4 2008 | -2.7% | — | — | |
| Q4 2010 | -2.7% | — | — | |
| Q3 2009 | +0.9% | — | — | |
| Q3 2010 | +0.9% | — | — | |
| Q4 2009 | -0.9% | — | — | |
| Q2 2009 | -0.9% | — | — | |
| Q2 2010 | -0.9% | — | — | |
| Q1 2010 | -2.2% | — | — |
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