Fidelity National Q3 revenue misses estimates as F&G sales decline
FNF•Fidelity National Financial reported Q3 revenue of $3.58 billion, below the $3.78 billion analyst estimate, while adjusted EPS of $1.32 matched expectations. F&G had record core retail sales but lower opportunistic sales.
1. Q3 results
Revenue fell year over year to $3.58 billion, missing the $3.78 billion analyst estimate. Adjusted EPS was $1.32, in line with expectations; adjusted net income of $352 million beat the $334.5 million estimate.
2. Title and F&G segments
Title segment revenue excluding gains and losses rose 7% year over year, while adjusted pretax title earnings increased 3% to $422 million. Commercial title revenue rose 19%. F&G reported record core retail sales but lower opportunistic sales, as it de-emphasized multiyear guaranteed annuities due to lower returns.
