Fidelity National Financial Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	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


☐			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)


Delaware						16-1725106
(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 Class

Trading Symbol

Name of Each Exchange on Which Registered

FNF Common Stock, $0.0001 par value

FNF

New York Stock Exchange

5.50% Notes due September 2022

FNF22

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 Filer	☒	Accelerated 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

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

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 value	1,203		323
Equity securities, at fair value	703		811
Derivative investments	333		—
Mortgage loans, net of allowance for credit losses of $28 at June 30, 2020	1,749		—
Investments in unconsolidated affiliates	1,191		131
Other long-term investments	466		153
Short-term investments	209		876
Total investments	30,968		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		—
Goodwill	4,452		2,727
Prepaid expenses and other assets	805		432
Lease assets	393		410
Other intangible assets, net	2,435		422
Title plants	404		404
Property and equipment, net	173		176

Assets of discontinued operations	2,502		—
Total assets	$	48,001	$	10,677
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	26,628	$	—
Future policy benefits	4,092		—
Accounts payable and accrued liabilities	2,135		1,094
Notes payable	2,430		838
Reserve for title claim losses	1,528		1,509
Funds withheld for reinsurance liabilities	817		—
Secured trust deposits	735		791
Lease liabilities	430		442
Income taxes payable	92		10
Deferred tax liability	74		284
Liabilities of discontinued operations	2,347		—
Total liabilities	41,308		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 capital	5,431		4,581
Retained earnings	1,417		1,356
Accumulated other comprehensive earnings	429		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’ equity	6,358		5,382
Non-controlling interests	(9)		(17)
Total equity	6,349		5,365
Total liabilities, redeemable non-controlling interest and equity	$	48,001	$	10,677

See Notes to Condensed Consolidated Financial Statements

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,
	2020		2019		2020		2019
	(Unaudited)						(Unaudited)
Revenues:
Direct title insurance premiums	$	575	$	625	$	1,121	$	1,065
Agency title insurance premiums	784		754		1,516		1,306
Escrow, title-related and other fees	747		665		1,348		1,199

Interest and investment income	152		59		205		113
Realized gains and losses, net	162		41		(158)		183
Total revenues	2,420		2,144		4,032		3,866
Expenses:

Personnel costs	692		685		1,306		1,277
Agent commissions	598		579		1,158		1,000

Other operating expenses	446		409		857		753
Benefits and other changes in policy reserves	155		—		155		—
Depreciation and amortization	46		44		89		88
Provision for title claim losses	61		62		119		107
Interest expense	21		12		33		24
Total expenses	2,019		1,791		3,717		3,249
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	401		353		315		617
Income tax expense	89		86		61		151
Earnings before equity in earnings of unconsolidated affiliates	312		267		254		466
Equity in earnings of unconsolidated affiliates	1		3		2		10
Net earnings from continuing operations	313		270		256		476
Net earnings from discontinued operations, net of tax	5		—		5		—
Net earnings	318		270		261		476
Less: Net earnings attributable to non-controlling interests	9		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 shareholders	0.02		—		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 shareholders	0.02		—		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 basis	277		273		275		273
Weighted average shares outstanding FNF common stock, diluted basis	279		277		278		277

See Notes to Condensed Consolidated Financial Statements

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In millions)


	Three months ended June 30,						Six months ended June 30,

	2020		2019		2020		2019
	(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 earnings	719		292		647		525
Less: Comprehensive earnings attributable to non-controlling interests	9		4		13		4
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders	$	710	$	288	$	634	$	521

Price	43.32	EPS	3
Shares	275	P/E	16
MCap	11,916	P/FCF	17
Net Debt	-680	EBIT	988
TEV	11,236	TEV/EBIT	11
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

EX-31.1	exhibit3112q2020.htm
EX-31.2	exhibit3122q2020.htm
EX-32.1	exhibit3212q2020.htm
EX-32.2	exhibit3222q2020.htm


			Page

PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:			2
Condensed Consolidated Balance Sheets (unaudited)			3
Condensed Consolidated Statements of Earnings (unaudited)			4
Condensed Consolidated Statements of Comprehensive Earnings (unaudited)			5
Condensed Consolidated Statements of Equity (unaudited)			6
Condensed Consolidated Statements of Cash Flows (unaudited)			7
Notes to Unaudited Condensed Consolidated Financial Statements			10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			58
Item 3. Quantitative and Qualitative Disclosures about Market Risk			91
Item 4. Controls and Procedures			97

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			99
Item 1A. Risk Factors			99
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			103


Item 6. Exhibits			103
Signatures			104

FNF 10Q Quarterly Report

Fidelity National Financial Earnings 2020-06-30