Fidelity National Financial Q1 2025 Earnings Call Transcript

Quartr
Provided by Quartr
May 8, 2025

There are 10 speakers on the call.

Operator

Good morning, and welcome to FNF's first quarter twenty twenty five earnings call. During today's presentation, all callers will be placed in 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 Puck, SVP, Investor and External Relations. Please go ahead.

Speaker 1

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 and G's management team, including Chris Blunt, Chief Executive Officer Connor Murphy, Chief Financial Officer and Wendy Young, Chief Liability Officer, will also be available for Q and 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.

Speaker 1

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. 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 webcast replay.

Speaker 1

And with that, I'll hand the call over to Mike Nolan.

Speaker 2

Thank you, Lisa, and good morning. Overall, the combined business continued to deliver strong financial results through the first quarter. Starting with title, we delivered an adjusted pretax title earnings of $211,000,000 and achieved an industry leading adjusted pre tax title margin of 11.7% for the first quarter, an increase of 100 basis points over the 10.7% margin in the prior year quarter. We are pleased with our first quarter title results, which are a testament to our employees as well as the operational efficiencies that we have achieved over the last few decades through investments in technology. Our investments are enabling our team to deliver margins above prior market troughs and we believe will likewise deliver higher margins at the peak of the next cycle.

Speaker 2

We continue to generate strong free cash flows during this period of low transactional volume. This enables us to have a dynamic capital allocation strategy focused on returning capital to shareholders through our dividend and share repurchases and investing in our business through ongoing technology and growth investments including M and A and talent acquisition as well as investing in F and G's growth engine. We are well positioned to take advantage of opportunities that arise from the current market volatility and from our investments in technology and process improvement, which I will touch on more in a moment. Looking at our first quarter title results in more detail, on the purchase front, we saw typical first quarter seasonality. For the month of April, we have seen purchased opened orders down 3% due to the impact of uncertainty and mortgage rate volatility.

Speaker 2

Our daily purchase orders opened were up 3% over the first quarter of twenty twenty four, up 22% over the fourth quarter of twenty twenty four and down 3% for the month of April versus the prior year. On the refinance front, volumes continued to respond to movement in mortgage rates. We saw daily refinance orders opened of 1,300 in the first quarter and 1,400 per day in the month of April. Our refinance orders opened per day were up 33% over the first quarter of twenty twenty four, up 6% over the fourth quarter of twenty twenty four and up 41% for the month of April versus the prior year. On the commercial front, volumes continued to be strong with direct commercial revenue of $293,000,000 in the first quarter, up 23 over the first quarter of twenty twenty four.

Speaker 2

This was our second best commercial first quarter in history from a revenue perspective, driven by national and local revenues, which were both up over 20% versus the prior year quarter. In particular, national daily orders opened were up 19 over the first quarter of twenty twenty four and up 33% for the month of March over March of twenty twenty four. Notably, we have now four consecutive quarters with double digit increases in national daily orders opened. Local market daily orders opened were up 4% over the first quarter of twenty twenty four and up 10% for the month of March over March of twenty twenty four. On the whole, our total commercial orders opened were eight sixty two per day, up 10% over the first quarter of twenty twenty four, up 14 over the fourth quarter of twenty twenty four and up 19% for the month of March versus March of twenty twenty four.

Speaker 2

Bringing it all together, total orders opened averaged 5,600 per day in the first quarter with January at 5,100, February at 5,700 and March at 6,100. For the month of April, total orders opened were 5,800 per day, down 5% versus March. As we enter the second quarter and look ahead to the remainder of 2025, there's a range of possible economic scenarios. While we don't have a crystal ball to predict, I do know that our seasoned management team has a proven track record of managing our business to the trend and opened orders in varying economic conditions. As I mentioned earlier, this track record 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.

Speaker 2

We have a differentiated technology foundation that is ahead of the industry and is the engine that drives our industry leading margins. This includes our integrated SoftPro operating platform that is deployed across our full footprint, our automated title efforts in both refinance and purchase that are powered by patented and pioneering technology and our InHERE digital transaction platform that is deployed nationwide and in its fourth year of providing an enhanced and reinvented customer experience. This powerful foundation together with our robust curated data gives us an advantage when it comes to integrating and leveraging AI capabilities over time. We are focused on making investments in AI and particularly excited about the potential benefits that AI can provide to increase efficiency and productivity in our operations. Turning now to our F and G business.

Speaker 2

F and G has profitably grown assets under management before flow reinsurance to $67,400,000,000 at March 31, up 16% over the prior year quarter. We are approaching the five year anniversary of the F and G merger on June 1. Since mid-twenty twenty, F and G has successfully transformed from essentially being a monoline business to one that is well diversified by product and channel and has a profitable in force book of business that is scaled considerably. F and G's performance has exceeded our expectations since the acquisition and proved to be a nice complement to our title business to the recent high interest rate environment. While rates will vary, F and G has proved that it can deliver strong results over time and is strategically positioned for long term growth.

Speaker 2

Given our confidence in F and G's continued growth and our desire to maintain FNF's ownership stake above 80%, our Board made the decision to participate in F and G's March common stock offering. FNF purchased 4,500,000.0 shares of the 8,000,000 total common shares issued. As a result, FNF's majority ownership stake in F and G is approximately 82% as of March 31. Net proceeds of the equity raise will enable F and G to take advantage of the current opportunity to further its AUM growth. I'd especially like to thank our employees for all they have done to contribute to our success over time as they drive our ability to deliver value to our clients and insureds regardless of the external environment.

Speaker 2

I am excited to build on our leadership position and continue to generate shareholder value. With that, let me now turn the call over to Tony to review FNS first quarter financial performance and provide additional highlights.

Speaker 3

Thank you, Mike. Starting with our consolidated results, we generated $2,700,000,000 in total revenue in the first quarter. Excluding net recognized gains and losses, our total revenue was $3,000,000,000 as compared with $3,000,000,000 in the first quarter of twenty twenty four. 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 continue to be held in our investment portfolio. We reported first quarter net earnings of $83,000,000 including net recognized losses of $287,000,000 versus net earnings of $248,000,000 including $275,000,000 of net recognized gains in the first quarter of twenty twenty four.

Speaker 3

Adjusted net earnings were $213,000,000 or $0.78 per diluted share compared with $2.00 $6,000,000 or $0.76 per share for the first quarter of twenty twenty four. The title segment contributed $158,000,000 the F and G segment contributed $80,000,000 and the corporate segment contributed $3,000,000 before eliminating $28,000,000 of dividend income from F and G in the consolidated financial statements. Turning to first quarter financial highlights specific to the title segment. Our title segment generated $1,800,000,000 in total revenue in the first quarter, excluding net recognized losses of $25,000,000 compared with $1,600,000,000 in the first quarter of twenty twenty four. Direct premiums increased 16% over the prior year.

Speaker 3

Agency premiums increased 15% and escrow, title related and other fees increased 8%. Personnel costs increased 9% and other operating expenses increased 10%. All in, the title business generated adjusted pretax title earnings of $211,000,000 compared with $171,000,000 for the first quarter of twenty twenty four and an 11.7% adjusted pretax title margin for the quarter versus 10.7% in the prior year quarter. Our title and corporate investment portfolio totaled 4,600,000,000 at March 31. Interest and investment income in the title and corporate segments was $94,000,000 in line with the prior year quarter and excluding income from F and G dividend to the holding company.

Speaker 3

For the remainder of 2025, we expect to generate interest and investment income of 85,000,000 to $90,000,000 in each quarter assuming two fed funds rate cuts during the year. In addition, we expect approximately $29,000,000 per quarter of common and preferred dividend income from F and G to the corporate segment. Our title claims paid of $65,000,000 were $11,000,000 higher than our provision of $54,000,000 for the first quarter. The carried reserve for title claim losses is approximately $60,000,000 or 3.5% above the actuary central estimate. We continue to provide for title claims at 4.5% of total title premiums.

Speaker 3

Next, turning to financial highlights specific to the F and G segment. Since F and G hosted its earnings call earlier this morning and provided a thorough update, I will provide a few key highlights. F and G's AUM before flow reinsurance increased to $67,400,000,000 at March 31, driven by strong indexed annuity sales. This includes retained assets under management of $54,500,000,000 F and G's gross sales were $2,900,000,000 down 17% compared with $3,500,000,000 in the first quarter of twenty twenty four, primarily due to lower MYGA sales. F and G continues to prioritize allocating capital to the highest returning business, specifically indexed annuity sales and pension risk transfer sales, resulting in the reduction in sales.

Speaker 3

Excluding MYGA, gross sales were up 5% over the first quarter of twenty twenty four. Net sales retained were $2,200,000,000 compared to $2,300,000,000 in the first quarter of twenty twenty four. Adjusted net earnings for the F and G segment were $80,000,000 in the first quarter compared with $95,000,000 for the first quarter of twenty twenty four. As compared to the prior year quarter, F and G segment adjusted net earnings reflect margin compression due to near term headwinds, lower owned distribution margin, higher interest expense in line with capital markets activity, and lower investment income from alternative investments. These were partially offset by benefits from asset growth, higher flow reinsurance fee income, disciplined expense management, and more favorable significant income items.

Speaker 3

Although F and G gave up some spread in the first quarter, much of that is believed to be short term in nature and not indicative of any longer term challenge to the business model. F and G's operating performance continues to be strong and their underlying spread based and fee based businesses are stable with predictable earnings over time. Mentioned, F and G continues to provide a complement to the title business. In the first quarter, the F and G segment contributed 38% of F and F's adjusted net earnings, down from 46% for the first quarter of twenty twenty four. From a capital and liquidity perspective, we are maintaining a strong balance sheet and ensuring a balanced capital allocation strategy.

Speaker 3

Our consolidated debt outstanding was $4,400,000,000 at March 31 as compared to $4,300,000,000 at December 31. The $73,000,000 net increase reflects F and G's debt issuance and redemption activity in the quarter. Our consolidated debt to capitalization ratio, excluding AOCI, remains in line with our long term target range of 20% to 30%, and we expect that our balance sheet will naturally delever as shareholders' equity grows. Turning to share repurchases. Following stable and sustained cash generation in 2024, FNF has resumed its share repurchases.

Speaker 3

We remained active throughout the latter part of the first quarter and into the second quarter. During the first quarter, we repurchased 390,000 shares at an average price of $63.42 per share for a total of $25,000,000 We view repurchases as opportunistic and actively evaluate that decision relative to our cash position, M and A opportunities and the market backdrop. From a capital allocation perspective, we entered 2025 with $786,000,000 in cash and short term liquid investments at the holding company. During the first quarter, the business generated cash to fund our $136,000,000 quarterly common dividend paid, dollars 25,000,000 of holding company interest expense, dollars 150,000,000 investment in the F and G common equity raise, and the $25,000,000 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.

Speaker 3

We ended the first quarter with $687,000,000 in cash and short term liquid investments at the holding company. This concludes our prepared remarks. And let me now turn the call back to our operator for questions.

Operator

Thank you. We will now be conducting a question and answer session. You may press 2 if you would like to remove your questions 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 poll for questions.

Operator

The first question comes from the line of John Campbell with Stephens Inc. Please go ahead.

Speaker 4

Hey, guys. Good morning.

Speaker 2

Good morning, John.

Speaker 4

Good morning. Hey. I just want to touch on two questions on the orders. I guess first on the April purchase orders, think you mentioned down 3% year over year. Just curious about the week to week phasing kind of how that looked relative to interest rates throughout the month?

Speaker 2

Yeah, good question, John. I think it got a bit better as we got near the end of the month. But I would say, for the most part, there wasn't a lot of variation in how the week played out. I mean, how the month played out.

Speaker 4

Okay. And that's helpful. And then apologies if I missed this, but I don't think I heard the commercial open order activity in April. Any kind of call outs there?

Speaker 2

Oh, sure. Yeah. So April over April and commercial, total commercial was up four percent. And I don't know if we said it in the opener or not, but notably the national opens April over April up 15% and local was down 3% April over April.

Speaker 4

Okay, that's helpful. Then one more quick one, maybe for you, Tony, on the expectations for quarterly investment income. You had mentioned in the past '95 to 100 and now it's 85, 90 five. What drove that expected step down?

Speaker 3

Yeah, thanks John. Eighty five to 90 is my best estimate at this point. It's really driven by an expectation that we get two Fed funds cuts.

Speaker 5

I know that the market may be anticipating more than two. We just assumed two later in the year. I don't remember when exactly, but maybe even the next meeting or the meeting after that. And so really driven by that more than anything else, I

Speaker 3

think volumes are pretty stable or balances rather pretty stable.

Speaker 5

Okay. Thanks, guys.

Speaker 3

Thanks.

Operator

Thank you. Next question comes from the line of Bose George with KBW. Please go ahead. Good morning.

Speaker 6

You'd first just on the buybacks, just given what you said about buybacks being opportunistic, is there a way to think about the cadence of buybacks for the remainder of the year?

Speaker 3

Thanks, Bose. This is Tony. I would say we typically are just on a regular occurrence when we're not blacked out. We got started late. Our year end call was pretty late in the quarter, and so we started after that.

Speaker 3

And just kind of modest daily activity. I think that's the way we'll do it. We don't guide in terms of actual expectation of shares bought back. But I think what you'll see is a regular cadence to that and probably stronger number than what we saw in the first quarter just because we got started so late.

Speaker 6

Okay, great. That's helpful. Thanks. And then just switching over to FG, the issue of the lower spreads there, can you guys just talk about the headwinds, when that's likely to abate? Yeah, just more color there.

Speaker 6

Thanks.

Speaker 2

Yeah, sure. This is Chris. So on the Feet call this morning, we actually talked about all of those pressures starting to abate. So starting with the top line, we had a very strong sales quarter in April. The spread pressures were a fair amount of cash that had built up because of some prepayments of securities.

Speaker 2

We are in the process of getting that put to work at attractive rates and spreads, so we feel good about that. There was a little bit of a decline in our own distribution income. Some of that was one of our own distribution partners made an acquisition of their own, which we were supportive of, so that was a bit of a temporary depressing impact. So, we would expect that to improve and the trends are looking pretty good right now.

Speaker 7

Okay, great. Great,

Speaker 8

thanks.

Speaker 3

Thanks.

Operator

Thank you. Next question comes from the line of Mark DeVries with Deutsche Bank. Please go ahead.

Speaker 9

Thanks. Was hoping you could provide a little more color on the decision to invest in FG capital raise and how you size that investment, kind of how you expect to return stack up to alternatives that you might have had.

Speaker 3

Yes, Mark, this is Tony. Maybe I'll start and others could add in. But I think it was just it was a twofold. One, we believe in FG's growth opportunities and want to grow that asset base and grow that earnings base. And so that was part of it.

Speaker 3

The other part, as we've said in the past, we want to maintain an ownership stake over 80% just to preserve the optionality should we decide at some point to spin it off to our shareholders tax free. We need to own more than 80% of F and G. And so that's kind of a combination of those two. But again, we feel, first of all, for us, was $150,000,000 so didn't really put too much of a dent in our strong cash position. And we believe that F and G can return strong returns with that equity capital.

Speaker 9

Okay, great. Related question, I was hoping to get a better sense of kind of the opportunities in M and A. I think Mike commented on being well positioned to take advantage of opportunities created by market volatility. Are you actually seeing good opportunities? Could we expect maybe a little more M and A activity than last year, which was kind of a relatively inactive year for F and F?

Speaker 2

Yeah, Mark, it's Mike. I would think that we would have more activity as we go through this year than we did last year on title M and A. There are definitely opportunities out there, but given the environment, it's still a matter of reaching expectations around value of these businesses. But I think I would definitely expect more activity as go through the year than last year.

Speaker 9

Okay, got it. Wouldn't expect for you to comment on anything specifically, but any kind of bigger transactions that are at least in contemplation here? Or are you going to be more focused on title M and A?

Speaker 2

Yeah, I think the title M and A is definitely smaller than the bigger transactions. But I wouldn't discount a bigger transaction if something interesting showed up in any of our ancillary businesses or technology businesses, etcetera. But the title M and A would be more of what we've done for the past few years, kind of the tuck in agent acquisitions.

Speaker 9

Okay, got it. Thank you.

Operator

Thank you. Next question comes from the line of Terry Ma with Barclays. Please go ahead.

Speaker 8

Thank you. Good morning. Good So maybe just starting with the tighter margin, it was up about 100 basis points year over year. Kind of any puts and takes on the margin you want to kind of highlight for the quarter? And then I appreciate there's uncertainty out there.

Speaker 8

But as we kind of think about the rest of the year across the range of kind of scenarios you kind of noted, like any way to think about how sustainable that margin is for the rest of the year? The margin expansion?

Speaker 7

Yeah, sure, Terry. Is Mike.

Speaker 2

So first of the quarter, we were very pleased with the margin expansion of 100 basis points over last year. And we had outperformance really across the board between direct agency, commercial and ancillary businesses all had better margins than they did last year. So that's very, very encouraging. As we think about the rest of the year and to your point, certainly market uncertainty, rates did go up in April, I think about 20 basis points. So when we think about the full year, our outlook really hasn't changed.

Speaker 2

We still believe that the base case is modestly better purchase, and we've seen that certainly in the first quarter. I think getting a bit more positive and bullish than in the past on commercial upside, particularly with what we're seeing on the national side. I mean, four consecutive quarters with double digit growth in national opens. And as a reminder, these are our highest fee per file orders. Is really building a nice pipeline for us as we go through the year.

Speaker 2

As we said, up 19% this past quarter, another 15 April over April, And we're running open orders now at level that really has outperformed 2015 through 2020 and 2023 and 2024. So I think maybe more upside in commercial. And then refi, it's going to be about rates. And it's interesting that refis were as strong as they were in April, up 41% over last year, even with rates moving up. And I feel that it shows the demand, I think, that's out there.

Speaker 2

And if we get some lower rates, I think refi also can become an upside. But at the end of the day, we're well positioned to drive strong margins given our scale. As we look at the second quarter, we expect margins to expand relative to the first quarter like you would typically expect. But given the current market backdrop, it's not clear if we'll see growth at the same rate as we experienced in the second quarter last year.

Speaker 8

Got it. Okay, that's helpful. Maybe just a follow-up on commercial. It sounds like it continues to be strong despite all the volatility. You gave some color on both national and local, but maybe just talk about kind of what you're seeing in the pipeline across the different kind of commercial sectors, like what's kind of the strongest versus the weakest?

Speaker 8

Thank you.

Speaker 2

Yes, good question, Terry. It's Mike again. It's very consistent with what we've been seeing for the last couple of years. I mean, it continues we continue to see strength in multifamily, industrial, affordable housing. Retail was good in the second quarter, I mean, the first quarter rather, we had some nice transactions there.

Speaker 2

Energy kind of comes in and out. I'm sure others are talking about this in the industry, of data center deals as well. With the softest still being office, although we are seeing more, I'll anecdotal information that that's starting to transact. And as I said on our last quarter call, we really see offices additive to everything else we already got going on as that starts to come back. I don't know that we'll see that in waves in

Speaker 9

2025

Speaker 2

or not, But I do believe office will come back and we're starting to see anecdotal evidence of that.

Speaker 8

Great. Thank you.

Operator

Thank you. Next question comes from the line of Mark Hughes with Truist Securities. Please go ahead.

Speaker 5

Yeah. Thank you. Good morning. Emerging positive or negative on the regulatory front with the changes in Washington, does that mean anything for the title business? And anything from a rate perspective, state by state that's emerging?

Speaker 5

I know Texas has been up for some discussion. Just curious if you're seeing anything more broadly there.

Speaker 2

Sure, Mark. And it's Mike again. On the sort of the federal front, certainly the things we were talking about last year around the Consumer Financial Protection Bureau, seems to have abated quite a bit. We haven't really seen much coming out of there. Relative to the waiver pilot, that's still out there.

Speaker 2

I think it's a very de minimis program with few lenders participating, far as I know. We are talking with the federal regulators on that and sharing why we think it's not good policy, not a good idea, and don't expect really much impact to our business from that program, really, if any. On the state front, really nothing happening on rates that we haven't already talked about. I think it has been reported Texas went through their five year process and came out with a 10% rate reduction. Believe that's been in advance as the industry has pressed against that and goes through an administrative procedure.

Speaker 2

So there's really no impact today of that. And then I think New Mexico came out and I forgot what the number was, very, very modest. Maybe rates were not even changed, but they changed the split

Speaker 3

state too.

Speaker 2

Yeah, so not really seeing any other impacts from the rate side at the state level.

Speaker 3

Maybe I'll comment just on the Texas. If the 10% rate reduction had been in place last year, it would have impacted our gross revenue by about $70,000,000 and our profits by about 14,000,000 or $15,000,000 before any cost actions we might have taken. So in the grand scheme of things, not a major impact to us, assuming that ultimately does go through at 10. And

Speaker 5

when you talk about cost actions, are those things that you could contemplate? What would be the offset as you think about it?

Speaker 2

Well, Mark, it's Mike. I would just say, and you know how we manage the business, if revenues are going down, we focus on reducing our expenses. And whether revenues are driven down by just overall transactional levels or they're driven down by changes to what we can charge, we have to adapt to that. And so that might mean becoming more efficient. How do take cost out or look at other things that we could do to grow market share, enhance revenue, etcetera.

Speaker 2

So nothing different really than what we do every day is we manage a business that goes up and down with transactional levels.

Speaker 5

Very good. And then any updates on the InHERE platform, any kind of the progress penetration, financial impact, any latest thoughts here?

Speaker 2

Yeah, we're just, we're really proud of what we've accomplished. We've now got it rolled out on the entire footprint of the company, which really was a multi year process of getting all of our operations on SoftPro. So we have one operational platform, and that's been a really nice achievement for us. And million people used it last year, including consumers and real estate agents and transaction coordinators and others. And it's poised to grow with more transactional volume.

Speaker 2

As purchase transactions go up and other transactions go up, we'll have more and more users. We think combined with all the other things we're doing with technology, and we've talked about it in the past, will create the opportunity just to improve our margins. As we said, we expect in like to like environments in the future, our margins should be better. And in here's, we think, a component of that.

Speaker 5

Very good. Thank you. Thanks.

Operator

Thank you. Next question comes from the line of Jeffrey Dunn with Dowling and Partners. Please go ahead.

Speaker 7

Thanks. Good morning. Tony, last quarter, you went through the holding company cash flow math, just like you did this morning for Q1. And it seemed to suggest maybe $250,000,000 of true excess cash that effectively went to the FG preferred investment. If this year is looking similar from a macro environment, Is there any reason to think that that kind of true excess opportunity is any different?

Speaker 7

And if that's the case, you've already kind of $175,000,000 into that?

Speaker 3

Jeff, I'm not sure I followed entirely. We did invest $150,000,000 in FG in the equity offering. I think it was $250,000,000 in the prior year preferred offering. In terms of cash flow, and it's a little hard to predict. We know what the underwriters can upstream over the course of the year.

Speaker 3

Obviously, we get a lot of cash flow, as you've heard us say, from our non or less regulated subs. And of course, F and G contributes about a hundred and 15 or hundred 20 million dollars. My my expectation is that we'll upstream somewhere to the tune of 900,000,000 to a billion dollars of cash flow from our subs over the course of this year, including what we did in Q3, which was about $300,000,000 And from that, we'll have our common dividend, which is about $5.50, our interest expense, which is about 75, the buybacks, which we've talked about, and the F and G investment, which we've already made of 150,000,000. So, yeah, we we should probably have we'll probably maintain or grow that holding company cash number of 700 ish million dollars over the course of the year unless we have some major M and A activity.

Speaker 7

Okay. So just looking at that map then, it seems like while there's an appetite for share repurchase, the resources are not necessarily overly abundant for that. Seems like $100 is a good area.

Speaker 3

I think it's more than that. Certainly, there's a possibility to do more. And the board hasn't determined how active we'll be throughout the year. But yeah, so we really haven't guided toward that. But again, we have $700 ish million holding company cash as a pool.

Speaker 7

Okay. All right. Thank you. Thank you.

Operator

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

Speaker 2

Thank you. Together, the combined business delivered strong financial results through the first quarter. The title segment is delivering industry leading margins and remains poised for a rebound in transactional levels as we continue to invest in the business for the long term. Likewise, F and G's business is resilient and has many opportunities ahead to continue to drive asset growth and make progress on its Investor Day targets. Thanks for your time this morning.

Speaker 2

We appreciate your interest in FNF and look forward to updating you on our second quarter earnings call.

Operator

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

Speaker 7

Goodbye.

Powered by Quartr
Earnings Conference Call
Fidelity National Financial Q1 2025
00:00 / 00:00