FNF Reports Q1 Earnings
May 11, 2021
Fidelity National Financial reported that its title insurance segment generated pre-tax income of $439 million during the first quarter of 2021. This compared to pre-tax loss of $53 million during the same period a year ago.
“Our team continued to perform at a high level despite the challenging environment that we have all endured as they kept our operations running smoothly, while maintaining a steadfast-focus on our customers,” said Randy Quirk, Fidelity’s chief executive officer.
During the first quarter, Fidelity direct operations opened 770,000 orders and closed 597,000 orders. This compared to 682,000 direct orders opened and 377,000 orders closed during the first quarter of 2020.
Fidelity reported $257 million in revenue on the commercial side during the first quarter of 2021. This is up from $245 million during Q1 2020. Fidelity paid $46 million in claims during the latest quarter. This is up slightly from $48 million in claims paid during the first quarter of 2020. However, Fidelity reserved $81 million for claims during the latest quarter.
Mike Nolan, president of Fidelity, said the company continues to make progress rolling out technology initiatives that improve production and delivery of core title products and services.
“Our proprietary title automation technology and the engines that search, collect and process data remain at the core of our operations,” he said. “Our digital inHere experience platform continues to be deployed and has been well received by our expert mobile, escrow and settlement employees, consumers and clients.”
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