Fidelity National Financial Q3 2025 Earnings Call Transcript

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Provided by Quartr
November 7, 2025

Key Takeaways

  • Positive Sentiment: FNF's title segment delivered strong results with adjusted pre-tax title earnings of $410 million and a 17.8% adjusted pre-tax title margin, up 190 bps year-over-year driven by commercial, refinance, centralized operations and disciplined expense management.
  • Positive Sentiment: Commercial activity was exceptional — best third quarter in company history with commercial revenue up 34% year-over-year, multi-quarter momentum in national order growth, and a pipeline that could push 2026 commercial volumes toward or above the 2021–2022 peaks.
  • Neutral Sentiment: The board approved a distribution of approximately 12% of F&G common shares to FNF shareholders (FNF to retain ~70%), increasing F&G's public float to ~30% to improve liquidity and unlock value, but the distribution is taxable and reduces the ability to do a future tax-free full spin.
  • Positive Sentiment: F&G continues to grow (AUM before flow reinsurance crossed $70 billion), contributed meaningfully to consolidated adjusted earnings, and FNF returned capital via share repurchases and a higher cash dividend while maintaining strong holding-company liquidity.
AI Generated. May Contain Errors.
Earnings Conference Call
Fidelity National Financial Q3 2025
00:00 / 00:00

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Operator

Morning, and welcome to FNF's third quarter 2025 earnings call. During today's presentation, all callers will be placed in a listen-only mode. Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker
SVP of Investor and External Relations at FNF

Thanks, Operator, and welcome, everyone. I'm joined today by Mike Nolan, CEO, and Tony Park, CFO. We look forward to addressing your questions following our prepared remarks. F&G's management team, including Chris Blunt, CEO, and Conor Murphy, President and CFO, will also be available for Q&A. 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 details on important factors that could cause actual results to differ materially from those expressed or implied. This morning's discussion also includes non-GAAP measures, which management believes are relevant in assessing the financial performance of the business.

Lisa Foxworthy-Parker
SVP of Investor and External Relations at FNF

Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company's investor website. Please note that today's call is being recorded and will be available for a webcast replay. With that, I'll hand the call over to Mike Nolan.

Mike Nolan
CEO at FNF

Thank you, Lisa, and good morning. 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. Our title business delivered outstanding results given the low transactional environment. I'd like to start by thanking our employees for their unwavering focus on meeting our customers' needs regardless of the environment while continuing to deliver industry-leading performance. We delivered adjusted pre-tax title earnings of $410 million, an $87 million or 27% increase over the third quarter of 2024, and an adjusted pre-tax title margin of 17.8%, up 190 basis points from 15.9% in the third quarter of 2024. These results reflect strong performance across the business, including commercial and refinance, as well as our centralized and home warranty operations. Additionally, our disciplined expense management drove strong incremental margins.

Mike Nolan
CEO at FNF

Looking at our title results more closely, starting with purchase, we continue to see normal seasonality and daily purchase orders opened with an 8% sequential decline. Within the quarter's results, however, we saw daily purchase orders opened in September higher than August. This is atypical and due to the modest downward trend in mortgage rates during the quarter, which we believe is indicative of the pent-up demand for housing. Our daily purchase orders opened were in line with the third quarter of 2024, down 8% from the second quarter of 2025, and for the month of October, down 2% versus the prior year. Refinance volumes have been responsive as 30-year mortgage rates decreased by 30 basis points during the third quarter. This generated an increase in refinance orders opened to 1,600 per day in the third quarter, up from 1,300 in the sequential quarter.

Mike Nolan
CEO at FNF

Our refinance orders opened surged to 2,100 per day in the month of September, reflecting how refinance volumes can change with moves in rates. Our refinance orders opened per day were up 15% over the third quarter of 2024, up 22% over the second quarter of 2025, and for the month of October, up 27% versus the prior year. For commercial activity, we delivered direct commercial revenue of more than $1 billion in the first nine months of 2025, up 27% over $801 million in the first nine months of 2024. We have a strong inventory of deals to close and are on track to deliver our third-best commercial year ever, trailing only the exceptional markets of 2021 and 2022. Notably, this was our best third quarter in history, with a 34% increase in commercial revenue over the third quarter of 2024.

Mike Nolan
CEO at FNF

This was driven by a 38% increase in national revenues and a 29% increase in local revenues. In particular, national daily orders opened were up 11% over the third quarter of 2024. We now have six consecutive quarters with double-digit growth in national daily orders opened. Local market daily orders opened were up 5% over the third quarter of 2024. Total commercial orders opened were 856 per day, up 8% over the third quarter of 2024, in line with the second quarter of 2025, and for the month of October, up 8% versus the prior year. Diving deeper into commercial, we continue to see broad-based activity across several asset classes that are driving growth, including industrial, multifamily, affordable housing, retail, and energy.

Mike Nolan
CEO at FNF

What makes this year even more remarkable is that we're achieving these results with minimal contributions from the office sector, which remains subdued but is showing signs of improvement. We have also seen a 22% increase in commercial refinance orders opened in the first nine months of 2025 over the prior year. Overall, we remain bullish on commercial, and office is a potential added element into 2026. Bringing it all together, total orders opened averaged 5,800 per day in the third quarter, with July and August each at 5,500 and September at 6,300. For the month of October, total orders opened were over 5,600 per day, up 8% versus the prior year. Overall, our title business is performing well in what is still a low transactional environment. Our seasoned management team has a proven track record of managing our business to the trend in open orders and varying economic conditions.

Mike Nolan
CEO at FNF

This discipline has generated a steady level of free cash flow, allowing us to continue to invest in our business through attractive acquisitions and technology as we manage the business and continue to build for the long term. Turning now to some updates on our technology initiatives. Our inHere digital transaction platform provides an enhanced and reinvented customer experience as it continues to scale. During the third quarter, inHere engaged 85% of residential sales transactions and reached more than 860,000 unique users, demonstrating deep integration into daily workflows. We continue to enhance our identity verification processes and technology to streamline and secure customer authentication. These initiatives help combat the rise in impersonation and wire fraud in property sales, and they complement our existing efforts to deliver the most trusted, efficient, and fully digital closing experience nationwide.

Mike Nolan
CEO at FNF

We have deployed AI tools enterprise-wide, integrating practical tools into daily workflows to enhance productivity and margin efficiency. With thousands of employees now actively engaging with AI through structured training, pilot programs, and targeted departmental adoption, we are building a sustainable AI fluency across our organization. At the same time, we strengthen our governance, privacy, and security foundation, helping to ensure that our innovation agenda continues to be executed with discipline, scalability, and long-term value creation in mind. Over time, we believe that our ongoing investments in technology, combined with our robust curated data, will lead to increased efficiency and productivity in our operations that will continue to support our market-leading pre-tax title margin. Turning now to our F&G segment, F&G's assets under management before flow reinsurance have crossed the $70 billion milestone at the end of the third quarter and were up 14% over the prior year quarter.

Mike Nolan
CEO at FNF

We remain pleased with F&G's performance and foresee plenty of opportunities to grow and increase the value of the business. On a standalone basis, F&G reported GAAP equity excluding AOCI of $6 billion at September 30th and has grown its book value per share excluding AOCI to $44.07, up 61% since the 2020 acquisition. With that, let me now turn the call over to Tony to review FNF's third-quarter financial performance and provide additional insights.

Tony Park
CFO at FNF

Thank you, Mike. Starting with our consolidated results, we generated $4 billion in total revenue in the third quarter. Excluding net recognized gains and losses, our total revenue was $3.9 billion, as compared with $3.3 billion in the third quarter of 2024. The net recognized gains and losses in each period are primarily due to mark-to-market accounting treatment of equity and preferred stock securities, whether the securities were disposed of in the quarter or continued to be held in our investment portfolio. We reported third-quarter net earnings of $358 million, including net recognized gains of $176 million, versus net earnings of $266 million, including $269 million of net recognized gains in the third quarter of 2024. Adjusted net earnings were $439 million, or $1.63 per diluted share, compared with $356 million, or $1.30 per share for the third quarter of 2024.

Tony Park
CFO at FNF

The title segment contributed $330 million, the F&G segment contributed $139 million, and the corporate segment had a net loss of $1 million before eliminating $29 million of dividend income from F&G in the consolidated financial statements. Turning to third-quarter financial highlights specific to the title segment, our title segment generated $2.3 billion in total revenue in the third quarter, excluding net recognized losses of $38 million, compared with $2 billion in the third quarter of 2024. Direct premiums increased 19% over the prior year, agency premiums increased 13%, and escrow, title-related, and other fees increased 9%. Personnel costs increased 11%, and other operating expenses increased 4%. All in, the title business generated adjusted pre-tax title earnings of $410 million, compared with $323 million for the third quarter of 2024, and a 17.8% adjusted pre-tax title margin for the quarter versus 15.9% in the prior year quarter.

Tony Park
CFO at FNF

As Mike said earlier, these results were driven by strong performance across the business as well as disciplined expense management. Our title and corporate investment portfolio totaled $4.8 billion at September 30. Interest and investment income in the title and corporate segments was $109 million, up 6% versus the prior year quarter, and excluding income from F&G dividends to the holding company. The current period includes growth in 1031 exchange and other escrow balances and a benefit from a legal settlement. Looking ahead, we expect quarterly interest and investment income to trend down from the $109 million in the third quarter to around $100 million in the fourth quarter, and then decline around $5 million in each subsequent quarter through 2026, assuming an additional 75 basis points of Fed rate cuts over the next nine months.

Tony Park
CFO at FNF

In addition, we expect approximately $30 million per quarter of common and preferred dividend income from F&G to the corporate segment. Our title claims paid of $58 million were $12 million lower than our provision of $70 million for the third quarter. The carried reserve for title claim losses is approximately $52 million, or 3.1% above the actuary's central estimate. We continue to provide for title claims at 4.5% of total title premiums. Next, turning to financial highlights specific to the F&G segment. Since F&G hosted its earnings call earlier this morning and provided a thorough update, I will provide a few key highlights. F&G's AUM before flow reinsurance increased to $71.4 billion at September 30. This includes retained assets under management of $56.6 billion. F&G's gross sales were $4.2 billion.

Tony Park
CFO at FNF

F&G generated core sales of $2.2 billion, which includes indexed annuities, indexed life, and pension risk transfer, and had $2 billion of MIGA and funding agreements, two products we view as opportunistic depending on economics and market opportunity. Net sales retained were $2.8 billion compared to $2.4 billion in the third quarter of 2024. This reflects flow reinsurance to third parties as well as F&G's new reinsurance sidecar, which was effective August 1st. Adjusted net earnings for the F&G segment were $139 million in the third quarter compared with $135 million for the third quarter of 2024. F&G's operating performance from their underlying spread-based and fee-based businesses continues to be strong. F&G continues to provide a complement to the title business, with the F&G segment contributing 32% of FNF's adjusted net earnings for the first nine months of 2025.

Tony Park
CFO at FNF

From a capital and liquidity perspective, FNF continues to maintain a strong balance sheet and balanced capital allocation strategy. FNF continues to return excess cash to shareholders through share repurchases and has remained active throughout the third quarter and into the fourth quarter. During the third quarter, we repurchased 631,000 shares for a total of $37.5 million at an average price of $59.37 per share. We have returned capital to our shareholders through common dividends and share repurchases combined of $627 million year to date, including $172 million in the third quarter. From a capital allocation perspective, we entered 2025 with $786 million in cash and short-term liquid investments at the holding company.

Tony Park
CFO at FNF

During the first nine months, the business generated cash to fund our $406 million quarterly common dividend paid, $62 million of holding company interest expense, $150 million investment in the F&G common equity raise, and $221 million in share repurchases, all while keeping pace with wage inflation and funding the continued higher spend in risk and technology required in today's landscape. We ended the quarter with $733 million in cash and short-term liquid investments at the holding company, up 26% from $583 million at the end of the second quarter. This concludes our prepared remarks, and let me now turn the call back to our operator for questions.

Operator

Thank you. Before opening for questions, I'd like to turn the call back over to Mike Nolan for some additional remarks.

Mike Nolan
CEO at FNF

Thanks, Operator. We issued a press release this morning announcing that our Board of Directors has approved a change in FNF's equity ownership stake in F&G, our majority-owned subsidiary. We plan to distribute approximately 12% of the outstanding shares of F&G's common stock to FNF shareholders. Following the distribution, FNF will retain control and majority ownership with approximately 70% of the outstanding shares in F&G. This will increase F&G's public float from approximately 18% today to approximately 30% after the distribution, strengthening F&G's positioning within the equity markets and facilitating greater institutional ownership. This distribution reflects our confidence in F&G's long-term prospects and is intended to unlock shareholder value by enhancing market liquidity and broadening investor access to F&G shares. Additionally, we view this stock distribution as a tangible and meaningful return of value to FNF shareholders, along with our announced increase in our cash dividend.

Mike Nolan
CEO at FNF

Operator, please open the call for questions.

Operator

Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for your questions. Our first questions come from the line of Bose George with KBW. Please proceed with your questions.

Bose George
Bose George
Managing Director at KBW

Hey, guys. Good morning.

Mike Nolan
CEO at FNF

Morning.

Tony Park
CFO at FNF

Morning.

Bose George
Bose George
Managing Director at KBW

Just in terms of the spend of the 12% to F&G, could you have spun the whole piece out tax-free? And then does the spend of this 12% as a taxable dividend change your ability to dividend the remainder tax-free?

Tony Park
CFO at FNF

Yeah, Bose, this is Tony. The short answer is yes, we could have spun the entire company to FNF shareholders tax-free. Clearly, we did not do that. By dropping below 80%, that option is off the table. Having said that, other options are not. Certainly, we could do other distributions in the future. You heard what Mike said, and he can add to that. The idea is that the board has been very pleased with F&G, and we wanted to accomplish two things. One, continue to benefit from F&G's performance and the expected future performance, but at the same time, getting more shares out there so that people could buy in a meaningful way, a meaningful way they could buy shares in F&G.

Mike Nolan
CEO at FNF

Yeah, and I'll just add real quick, Bose, again, to repeat what Tony said, I think it's a clear indication that the board recognized the need to get additional float and liquidity. I think it's also an affirmation of our confidence in the business and its future growth. When we look at things like the movement to a more capital-light, fee-based structure, that, I think, leads to a lot of opportunities for us and in some ways starts to make F&G more like FNF from a capital-light standpoint.

Bose George
Bose George
Managing Director at KBW

Sounds okay. Great. Thanks. Actually, just switching to just the commercial business, just given the strength there and what you guys saw this quarter and just looking out based on your pipeline, etc., I mean, do you think 2026 could end up matching the peak years, 2021, 2022?

Mike Nolan
CEO at FNF

It's Mike Bose, and it's a great question. I mean, certainly, when you think of range of outcomes, I would say yes. We just had the best third quarter in our history, which is amazing. And when you look at 10 consecutive months of better open orders month over month in commercial, six consecutive quarters of double-digit growth in opens for national orders, you're building a pipeline that will go into 2026. And when we look at the strength across asset classes, it continues to be led by industrial multifamily, and industrial obviously includes the data centers, and I know others in the industry are commented on that. But it's still very broad-based. I will make one last comment. We do a quarterly survey. I've talked about this before of our 19 national commercial offices, and they rank for the quarter activity across the asset classes.

Mike Nolan
CEO at FNF

In this past quarter, for the first time, our two office categories, which is suburban and then CBD, were not 11 and 12. They moved up to 7 and 8. Relative to my comment in the opening, that could be just an additive thing to 2026 and maybe a long-winded answer to say yes, there is certainly an outcome that could be a better commercial performance than 2021 and 2022.

Bose George
Bose George
Managing Director at KBW

Okay. Helpful color. Thanks.

Operator

Thank you. Our next questions come from the line of Terry Ma with Barclays. Please proceed with your questions.

Terry Ma
Terry Ma
Senior Equity Research Analyst at Barclays

Hey, thank you. Good morning.

Mike Nolan
CEO at FNF

Morning.

Terry Ma
Terry Ma
Senior Equity Research Analyst at Barclays

Maybe just to follow up on the F&G distribution. You called out some other options. Maybe just kind of outline those options. It also sounds like from your comments, you obviously like F&G kind of longer term. Does this kind of change? Is it your intention to kind of hold the asset kind of longer term, I guess, at the end of the day? If so, why would you call out other options kind of available to you?

Mike Nolan
CEO at FNF

Terry, I think we do like the asset, and we think there's still a lot of continued growth. I think it's unquestioned that under our ownership, this company has transformed and performed exceedingly well. We'd like to pivot to capital light. Like any business, anything's on the table if it's a better idea at some point. Could there be other changes? Sure. Is that the current plan? I would say not the current plan. This was really just, let's get more float. Let's unlock some value for shareholders. We think it, like I said before, is a tangible distribution of value to our FNF shareholders along with our increased cash dividend. I wouldn't read too much into it other than what I just said.

Mike Nolan
CEO at FNF

More shares out there, more shares of F&G out in the marketplace not only benefit F&G and F&G shareholder base, but really FNF because we believe that having more float allows more upside to F&G, which obviously as a majority owner benefits FNF.

Terry Ma
Terry Ma
Senior Equity Research Analyst at Barclays

Got it. That's helpful. Maybe just on the title margin this quarter of 17.8%, I think last quarter you guys called out a number of things, including higher investments in security and recruiting. I guess maybe just update us on that. Was there any impact to the margin from those initiatives this quarter? How should we kind of think about the margin as we go through the end of the year and into next year? Thank you.

Tony Park
CFO at FNF

Thanks, Terry. I'll let Mike talk about the margin outlook, if you will. In terms of one-timers that we called out last quarter, I would just say we had a couple of small items that mostly offset in the current quarter. I mentioned in my comments that we had a legal settlement, which boosted investment income a little bit. That was about a $7 million benefit. We had $4 million in addition to that as a benefit in other operating expenses all related to that legal case, which settled after many years. That was kind of a +$11 million, if you will, offset by what we talked about last quarter, which were elevated health claims. We also said that we expected those to run through the balance of the year.

Tony Park
CFO at FNF

We probably had about $6 million or $7 million of elevated health claims in the quarter as well. Call that netting, mostly offsetting each other. From a margin standpoint, there was not a lot of net positive or negative relative to what we will call those one-offs.

Mike Nolan
CEO at FNF

Yeah. Terry, what I will add, I mean, obviously, it was a great quarter with really growth across multiple business segments and one of our best quarters in the last four years. We had commercial, refi was better, some of our centralized businesses, other ancillary businesses like home warranty. I mean, we just kind of had all of them with improved margins. That was very helpful to the quarter. Quarter to quarter, there are always puts and takes. As we go into the fourth quarter, we know it is typically the weakest quarter for purchase closings.

Mike Nolan
CEO at FNF

That's a take, obviously. Then you've got to factor in, well, how well will commercial do? We expect that to do well. What's the mix with agency? How do the ancillaries perform? That's why it's difficult for us to kind of predict with confidence a particular margin in a quarter. We would expect the fourth quarter to be good. I think we did $16.6 million last year, and we'd expect it to be a good quarter, but we don't fully know. As we think about next year, I think our base case is that we could have modestly better margins than we'll probably do this full year if we get improvement in the purchase environment. We're now in year four of a pretty weak purchase transactional environment. Many have been saying, "Next year, next year." It's just tough to predict.

Mike Nolan
CEO at FNF

If we get a better purchase environment next year, we already talked about possibly a better commercial environment. Refi is the one that is really rate-dependent. One of the reasons why we called it out in the opener was to see open orders go from 1,300 in July to 2,100 in September with essentially a 30 or 40 basis point drop in rates. It just shows you the power of the swings in refi volumes. Again, that will just be rate-dependent.

Terry Ma
Terry Ma
Senior Equity Research Analyst at Barclays

Got it. Thank you.

Operator

Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Our next questions come from the line of Mark DeVries with Deutsche Bank. Please proceed with your questions.

Mark DeVries
Mark DeVries
Director and Senior Research Analyst at Deutsche Bank

Thanks. I just wanted to clarify, Tony, your response to Bose's question on the spin. Did you indicate that now that you'll be dropping below 80%, that if you were to elect to do a subsequent distribution, that that would not be tax-free? Did I hear that right?

Mike Nolan
CEO at FNF

That's correct. These are taxable distributions. This 12% is a taxable distribution. If we were to, let's say, opt to distribute the entire 70% ownership in the future, that would not be a tax-free spend because once you drop below 80%, you've in effect lost your ability to do a full spend tax-free.

Mark DeVries
Mark DeVries
Director and Senior Research Analyst at Deutsche Bank

Okay. Just given that, could you talk a little more about how you landed on 12% as being the right number, particularly since you kind of lose that optionality going forward?

Mike Nolan
CEO at FNF

Maybe Chris will weigh in here too, but he's with us. I think it doubles the float. That felt like the right number. I don't know, Chris, if you have anything you'd want to add to that.

Chris Blunt
CEO at F&G

Yeah. No, I mean, it'll take us comfortably over $1 billion of free float. While a small distribution from an FNF perspective, it's quite meaningful to us on the F&G side. We'll take free float over $1 billion, which is great. Yet, I think still a vote of confidence in the upside of F&G.

Mark DeVries
Mark DeVries
Director and Senior Research Analyst at Deutsche Bank

Got it. Turning to the commercial side, Mike, could you give us some perspective on, if you think about pre-pandemic, how big of a contributor was Office and how much of a tailwind could that have to your commercial business if that starts to normalize?

Mike Nolan
CEO at FNF

Yeah. That's a really good question. I don't probably have a very specific answer. It's more anecdotal. I recall in the years between 2015 and probably 2019, that it seemed like Office was just one of the top segments. Particularly, I remember in 2015 and 2016, in markets like New York, there were some just major transactions and things like that. We might be able to go back and get a better answer on that, Mark, but I don't have a number to give you other than to say it's been so weak that anything we get is going to be additive.

Mark DeVries
Mark DeVries
Director and Senior Research Analyst at Deutsche Bank

Yeah. That's helpful. Is there any margin difference in Office compared to your other commercial businesses?

Mike Nolan
CEO at FNF

No. I think it's all just about the particular fee profile revenue on transactions. Our margins in our national commercial on a pre-tax basis generally are north of 30% and sometimes higher. We would expect to probably get that on Office versus any other type of commercial asset.

Mark DeVries
Mark DeVries
Director and Senior Research Analyst at Deutsche Bank

Okay. Got it. Thank you.

Operator

Thank you. Our next questions come from the line of Mark Hughes with Truist Securities. Please proceed with your questions.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Yeah. Thanks. Good morning.

Mike Nolan
CEO at FNF

Morning.

Tony Park
CFO at FNF

Good morning.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

The earnings from equity investments were pretty good this quarter. What was that, and is that sustainable?

Tony Park
CFO at FNF

Sustainable is a good question. There is volatility in that bucket. We have some—I will not name the fund, but we have a few funds that we invest in and have for years, frankly. The marks there move around a little bit. The last couple of quarters, you might have seen it last quarter as well, but the last couple of quarters, we have had some really positive results from some marks that we have on, I believe, one particular investment in that bucket. I would say for modeling purposes, I would not go with sustainable. I would think you would keep that pretty small and then just wait for those to come through.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Yeah. What was the actual order count, daily count for refis in October?

Mike Nolan
CEO at FNF

Yeah, Mark. It's Mike. We opened just a little over 1,800 orders per day in October, which was down from the 2,100 in September, but above the average for the quarter of 1,600. So still really good, but they did come off just a bit.

Tony Park
CFO at FNF

Refi?

Mike Nolan
CEO at FNF

Refi. That was the question, right?

Tony Park
CFO at FNF

I don't remember.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Yeah. That was the question. Thank you.

Mike Nolan
CEO at FNF

Yeah. I'm talking refi orders. Yeah. Hopefully, I got it right.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Yeah. You made a point about commercial refi. What was that point? How big is it relative to the overall mix? Is there any particular trend there?

Mike Nolan
CEO at FNF

I think the point is it shows that customers are getting financing. There was concern about, you hear these things about wall of maturity and all this kind of stuff, and that maybe people will not be able to refinance commercial properties. I think the fact that our refi opens are up double digits over last year, I think points to the fact that maybe the markets are not as locked up as you might think. I would not say it is necessarily significant overall volume, but definitely additive if you think of it that way.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Yeah. You had mentioned within here that 85% of orders were engaged. Could you expand on that? Is that to say that in the large majority of orders, it's being used, but maybe it could be used more fully if it's engaged? What's the level of engagement?

Mike Nolan
CEO at FNF

Really what I'm referring to, Mark, is that when we open an order, we invite them to inHere. That invites them to a portal environment. They're authenticated, and then they interact with us on that environment. 85% of our orders had engagement from customers to that invitation. That's an increase over where we've been in the past. I think it just shows how this is developing and building and gaining attention. We're excited about that. Once they're in the platform and they stay in it to track their order through up to closing, we're taking them out of email in the way they interact with us. We believe that's a more secure, efficient, better customer experience kind of environment. To have 860,000 unique users actually doing that in a quarter, I think is also very exciting.

Mike Nolan
CEO at FNF

Again, points right back to the scale. The fact that we've actually deployed this across our entire footprint, the only company in the industry that's done that still. I think it's just we're excited about the long-term opportunities of that as a sort of a transformational customer experience and more secure platform.

Mark Hughes
Mark Hughes
Equity Analyst at Truist Securities

Thank you. Appreciate it.

Mike Nolan
CEO at FNF

Thanks.

Operator

Thank you. This will conclude our question and answer session. I would now like to turn the conference back over to CEO Mike Nolan for closing remarks.

Mike Nolan
CEO at FNF

Thanks for joining our call this morning. Together, the combined business delivered strong third-quarter results, demonstrating the power of our complementary businesses and our ability to execute in dynamic market conditions. The title segment continues to deliver industry-leading margins in a low transactional environment and is capitalizing on stronger commercial activity. F&G is executing on its strategy that is focused on balancing continued growth in the spread-based annuity business alongside the fee-based floating insurance, middle market life insurance, and owned distribution strategies as they continue to deliver long-term shareholder value. We appreciate your interest in FNF and look forward to updating you on our fourth quarter earnings call.

Operator

Thank you for attending today's presentation, and the conference call has concluded. You may now disconnect.

Analysts
    • Mark Hughes
      Equity Analyst at Truist Securities
    • Terry Ma
      Senior Equity Research Analyst at Barclays
    • Lisa Foxworthy-Parker
      SVP of Investor and External Relations at FNF
    • Bose George
      Managing Director at KBW
    • Chris Blunt
      CEO at F&G
    • Tony Park
      CFO at FNF
    • Mark DeVries
      Director and Senior Research Analyst at Deutsche Bank
    • Mike Nolan
      CEO at FNF
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