Company Quick10K Filing
Fidelity National Financial
Price43.32 EPS3
Shares275 P/E16
MCap11,916 P/FCF17
Net Debt-680 EBIT988
TEV11,236 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-23
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-26
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-04-26
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-05 Other Events, Exhibits
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-06-10
8-K 2020-06-09
8-K 2020-06-08
8-K 2020-06-04
8-K 2020-06-01
8-K 2020-05-28
8-K 2020-05-28
8-K 2020-05-28
8-K 2020-05-07
8-K 2020-04-22
8-K 2020-02-13
8-K 2020-02-07
8-K 2019-11-01
8-K 2019-10-29
8-K 2019-09-09
8-K 2019-07-16
8-K 2019-06-12
8-K 2019-06-10
8-K 2019-04-24
8-K 2019-03-11
8-K 2019-02-13
8-K 2019-02-04
8-K 2018-10-24
8-K 2018-08-13
8-K 2018-07-17
8-K 2018-06-13
8-K 2018-06-04
8-K 2018-05-30
8-K 2018-05-22
8-K 2018-05-02
8-K 2018-03-18
8-K 2018-01-30

FNF 10Q Quarterly Report

Part I: Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit3112q2020.htm
EX-31.2 exhibit3122q2020.htm
EX-32.1 exhibit3212q2020.htm
EX-32.2 exhibit3222q2020.htm

Fidelity National Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.92.31.71.10.5-0.12012201420172020
Rev, G Profit, Net Income
1.60.7-0.1-1.0-1.8-2.72012201420172020
Ops, Inv, Fin

fnf-20200630
FALSE2020Q20001331875--12-31Risks and Uncertainties  
This risks and uncertainties noted below were assumed in connection with our acquisition of F&G.
Best Interest Regulation
In March 2018, the United States Fifth Circuit Court of Appeals formally vacated the U. S. Department Labor “Fiduciary Rule” which would have imposed fiduciary duties upon insurance agents selling Individual Retirement Account (IRA) annuities and would have potentially had a material impact on the Company, its products, distribution, and business model. Since then, in June 2019, the U.S. Securities and Exchange Commission (SEC) adopted Regulation Best Interest imposing new sales practice standards on securities brokers, which does not directly impact the Company or its distributors, but gives impetus for the National Association of Insurance Commissioners (NAIC) and individual states to consider best interest proposals for insurance sales. The NAIC adopted an amended Suitability in Annuity Transactions Model Regulation in February 2020 incorporating a requirement that agents act in the best interest of consumers without putting their own financial interests or insurer’s interests ahead of consumer interests. It is expected individual states may soon begin to consider and adopt the NAIC model regulation. FGL NY Insurance already modified certain new business processes in response to the New York Department of Financial Services (NYDFS) best interest rule despite relatively low sales in New York. Management is following a legal challenge to nullify the NYDFS rule and will continue to monitor action by other state or federal agencies to implement sales practice rules affecting insurance agents selling fixed insurance or annuity products.
Use of Estimates and Assumptions
The preparation of the Company's unaudited condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.
Concentrations of Financial Instruments
As of June 30, 2020 and December 31, 2019, the Company’s most significant investment in one industry, excluding United States ("U.S.") Government securities, was its investment securities in the Banking industry with a fair value of $2,351 or 9% and $2,414 or 9%, respectively, of the invested assets portfolio and an amortized cost of $2,307 and $2,325, respectively. As of June 30, 2020, the Company’s holdings in this industry include investments in 101 different issuers with the top ten investments accounting for 39% of the total holdings in this industry. As of June 30, 2020 the Company had no investments in issuers that exceeded 10% of shareholders' equity. As of December 31, 2019, the Company had 0 investments in issuers that exceeded 10% of shareholders' equity, with a total fair value of $0 or 0% of the invested assets portfolio: JP Morgan Chase & Co, Metropolitan Transportation Authority (NY), AT&T Inc, HSBC Holdings, Wells Fargo & Company, General Motors Co, Nationwide Mutual Insurance Company, Goldman Sachs Group Inc, United Mexican States, Energy Transfer Partners, Prudential Financial Inc, Citigroup Inc, HP Enterprise Co, Viacom Inc, Kinder Morgan Energy Partners, and Fuel Trust. The Company's largest concentration in any single issuer as of June 30, 2020 and December 31, 2019 was HP Enterprise Co. with a total fair value of $132 or 1%, and HSBC Holdings, with a total fair value of $132 or 1% of the invested assets portfolio, respectively.
Concentrations of Financial and Capital Markets Risk
The Company is exposed to financial and capital markets risk, including changes in interest rates and credit spreads which can have an adverse effect on the Company’s results of operations, financial condition and liquidity. The Company’s exposure to such financial and capital markets risk relates primarily to the market price and cash flow variability associated with changes in interest rates. A rise in interest rates, in the absence of other countervailing changes, will increase the net unrealized loss position of the Company’s investment portfolio and, if long-term interest rates rise dramatically within a six to twelve month time period, certain of the Company’s products may be exposed to disintermediation risk. Disintermediation risk refers to the risk that policyholders surrender their contracts in a rising interest rate environment, requiring the Company to liquidate assets in an unrealized loss position. The Company attempts to mitigate the risk, including changes in interest rates by investing in less rate-sensitive investments, including senior tranches of collateralized loan obligations, non-agency residential mortgage-backed securities, and various types of asset backed securities. Management believes this risk is also mitigated to some extent by surrender charge protection provided by the Company’s products. The Company expects to continue to face these challenges and uncertainties that could adversely affect its results of operations and financial condition.

The Company is closely monitoring developments related to the COVID-19 pandemic to assess its impact on our business. While still evolving, the COVID-19 pandemic has caused significant economic and financial turmoil in the U.S. and around the world, and has fueled concerns that it will lead to a global recession. These conditions may continue or worsen in the near term. At this time, it is not possible to estimate how long it will take to halt the spread of the virus or the longer term-effects the COVID-19 pandemic could have on our business. Increased economic uncertainty and increased unemployment resulting from the economic impacts of the spread of COVID-19 may result in policyholders seeking sources of liquidity and withdrawing at rates greater than we previously expected. If policyholder lapse and surrender rates significantly exceed our expectations, it could have a material adverse effect on our business, financial condition, results of operations, liquidity and cash flows. Such events or conditions could also have an adverse effect on our sales of new policies. The Company is monitoring the impact of COVID-19 on the Company’s investment portfolio and the potential for ratings changes caused by the sudden slowdown of economic activity. The extent to which the COVID-19 pandemic impacts our business, results of operations, financial condition, liquidity or prospects will depend on future developments which are highly uncertain and cannot be predicted.
Concentration of Reinsurance Risk
The Company has a significant concentration of reinsurance risk with third party reinsurers, Wilton Reassurance Company (“Wilton Re”) and Kubera Insurance (SAC) Ltd. ("Kubera"), that could have a material impact on the Company’s financial position in the event that either Wilton Re or Kubera fail to perform their obligations under the various reinsurance treaties. Wilton Re is a wholly-owned subsidiary of Canada Pension Plan Investment Board ("CPPIB"). CPPIB has an AAA issuer credit rating from Standard & Poor's Ratings Services ("S&P") as of June 30, 2020. Kubera is not rated, however, management has attempted to mitigate the risk of non-performance through the funds withheld arrangement. As of June 30, 2020, the net amount recoverable from Wilton Re was $1,478 and the net amount recoverable from Kubera was $828. The Company monitors both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. The Company believes that all amounts due from Wilton Re and Kubera for periodic treaty settlements are collectible as of June 30, 2020.
On March 6, 2019, Scottish Re (U.S.), Inc. (“SRUS”), a Delaware domestic life and health reinsurer of FGL Insurance, was ordered into receivership for purposes of rehabilitation. As of June 30, 2020, the net amount recoverable from SRUS was $47. The financial exposure related to these ceded reserves are substantially mitigated via a reinsurance agreement whereby Wilton Re assumes treaty non-performance including credit risk for this business.
On July 9, 2019, Pavonia Life Insurance Company of Michigan ("Pavonia"), a Michigan domiciled life, accident, and health insurance company, was placed into rehabilitation.  While the court order indicated that Pavonia had a stable financial condition and lack of non-insurance affiliated investments, the Director of the Michigan Department of Insurance and Financial Services ("MDIFS") has concerns relating to Pavonia's parent company. To insulate Pavonia from its parent until a pending acquisition transaction could be consummated, MDIFS placed Pavonia under supervision and rehabilitation. As of June 30, 2020, the net amount recoverable from Pavonia was $85.  The financial exposure related to these ceded reserves are substantially mitigated via a reinsurance agreement whereby Wilton Re assumes treaty non-performance including credit risk for this business.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 1-32630
FIDELITY NATIONAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware16-1725106
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
601 Riverside Avenue
Jacksonville, Florida, 32204
(Address of principal executive offices, including zip code)

(904) 854-8100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par valueFNFNew York Stock Exchange
5.50% Notes due September 2022FNF22 New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     or    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  or No¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated Filer
Smaller reporting Company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     or    No  
The number of shares outstanding of the Registrant's common stock as of July 31, 2020 were: 
FNF Common Stock 291,849,069



FORM 10-Q
QUARTERLY REPORT
Quarter Ended June 30, 2020
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
1


PART I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
2



FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share data)

 June 30,
2020
December 31,
2019
(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at June 30, 2020 and December 31, 2019, net of allowance for credit losses of $28 and $0, respectively.
$25,114  $2,090  
Preferred securities, at fair value1,203  323  
Equity securities, at fair value703  811  
Derivative investments333    
Mortgage loans, net of allowance for credit losses of $28 at June 30, 2020
1,749    
Investments in unconsolidated affiliates1,191  131  
Other long-term investments466  153  
Short-term investments209  876  
Total investments30,968  4,384  
Cash and cash equivalents, at June 30, 2020 and December 31, 2019 includes $327 and $384, respectively, of pledged cash related to secured trust deposits
2,353  1,376  
Trade and notes receivables, net of allowance of $26 and $20 at June 30, 2020 and December 31, 2019, respectively
334  346  
Reinsurance recoverable, net of allowance for credit losses of $22 at June 30, 2020
3,182    
Goodwill4,452  2,727  
Prepaid expenses and other assets805  432  
Lease assets393  410  
Other intangible assets, net2,435  422  
Title plants404  404  
Property and equipment, net173  176  
Assets of discontinued operations2,502    
Total assets$48,001  $10,677  
LIABILITIES AND EQUITY
Liabilities:  
Contractholder funds$26,628  $  
Future policy benefits4,092    
Accounts payable and accrued liabilities2,135  1,094  
Notes payable2,430  838  
Reserve for title claim losses1,528  1,509  
Funds withheld for reinsurance liabilities817    
Secured trust deposits735  791  
Lease liabilities430  442  
Income taxes payable92  10  
Deferred tax liability74  284  
Liabilities of discontinued operations2,347    
Total liabilities41,308  4,968  
Commitments and Contingencies:
Redeemable non-controlling interest by 21% minority holder of ServiceLink Holdings, LLC
344  344  
Equity:  
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of June 30, 2020 and December 31, 2019; outstanding of 291,733,083 and 275,563,436 as of June 30, 2020 and December 31, 2019, respectively, and issued of 318,842,665 and 292,236,476 as of June 30, 2020 and December 31, 2019, respectively
    
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none
    
Additional paid-in capital5,431  4,581  
Retained earnings1,417  1,356  
Accumulated other comprehensive earnings429  43  
Less: Treasury stock, 27,109,582 shares and 16,673,040 shares as of June 30, 2020 and December 31, 2019, respectively, at cost
(919) (598) 
Total Fidelity National Financial, Inc. shareholders’ equity6,358  5,382  
Non-controlling interests(9) (17) 
Total equity6,349  5,365  
Total liabilities, redeemable non-controlling interest and equity$48,001  $10,677  
See Notes to Condensed Consolidated Financial Statements
3



FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in millions, except per share data)

Three months ended June 30,Six months ended June 30,
 2020201920202019
(Unaudited)(Unaudited)
Revenues:    
Direct title insurance premiums$575  $625  $1,121  $1,065  
Agency title insurance premiums784  754  1,516  1,306  
Escrow, title-related and other fees747  665  1,348  1,199  
Interest and investment income152  59  205  113  
Realized gains and losses, net162  41  (158) 183  
Total revenues2,420  2,144  4,032  3,866  
Expenses:    
Personnel costs692  685  1,306  1,277  
Agent commissions598  579  1,158  1,000  
Other operating expenses446  409  857  753  
Benefits and other changes in policy reserves155    155    
Depreciation and amortization46  44  89  88  
Provision for title claim losses61  62  119  107  
Interest expense21  12  33  24  
Total expenses2,019  1,791  3,717  3,249  
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates401  353  315  617  
Income tax expense89  86  61  151  
Earnings before equity in earnings of unconsolidated affiliates312  267  254  466  
Equity in earnings of unconsolidated affiliates1  3  2  10  
Net earnings from continuing operations313  270  256  476  
Net earnings from discontinued operations, net of tax5    5    
Net earnings318  270  261  476  
Less: Net earnings attributable to non-controlling interests9  4  13  4  
Net earnings attributable to Fidelity National Financial, Inc. common shareholders$309  $266  $248  $472  
Earnings per share
Basic
Net earnings from continuing operations attributable to FNF common shareholders$1.10  $0.97  $0.88  $1.73  
Net earnings from discontinued operations attributable to FNF common shareholders0.02    0.02    
Net earnings per share attributable to FNF common shareholders, basic$1.12  $0.97  $0.90  $1.73  
Diluted
Net earnings from continuing operations attributable to FNF common shareholders$1.09  $0.96  $0.87  $1.70  
Net earnings from discontinued operations attributable to FNF common shareholders0.02    0.02    
Net earnings per share attributable to FNF common shareholders, diluted$1.11  $0.96  $0.89  $1.70  
Weighted average shares outstanding FNF common stock, basic basis277  273  275  273  
Weighted average shares outstanding FNF common stock, diluted basis279  277  278  277  
See Notes to Condensed Consolidated Financial Statements
4


FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In millions)
Three months ended June 30,Six months ended June 30,
 
 2020201920202019
 (Unaudited)(Unaudited)
Net earnings$318  $270  $261  $476  
Other comprehensive earnings:   
Unrealized gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) (1)389  20  380  43  
Unrealized gain on investments in unconsolidated affiliates (2)  1  7  7  
Unrealized gain (loss) on foreign currency translation (3)5  2  (4) 4  
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4)4  (1)   (5) 
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk (5)3    3    
Other comprehensive earnings 401  22  386  49  
Comprehensive earnings719  292  647  525  
Less: Comprehensive earnings attributable to non-controlling interests9  4  13  4  
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders$710  $288  $634  $521