Fidelity National Financial, Inc. (FNF) reported total revenues of $13.681 billion for the year ended December 31, 2024, a $1.929 billion increase compared to 2023. This increase stemmed from growth across several areas, including direct title insurance premiums ($2.2 billion), agency title insurance premiums ($2.953 billion), escrow, title-related, and other fees ($5.321 billion), and interest and investment income ($3.124 billion). Net earnings from continuing operations reached $1.391 billion, a significant increase of $873 million from 2023. The company attributed the overall improvement to increased revenue and a decrease in net recognized losses compared to 2023.
Significant changes occurred compared to the previous fiscal year (2023). Total title insurance premiums increased by 12%, driven by increases in both direct and agency operations. Escrow, title-related, and other fees increased by 4%, while interest and investment income rose by 19%. Conversely, in 2023, total revenues increased by $187 million compared to 2022, primarily due to increases in escrow, title-related, and other fees and interest and investment income, partially offset by decreases in title insurance premiums. Net earnings from continuing operations decreased by $788 million in 2023 compared to 2022.
During the year, FNF completed the previously announced separation and distribution of approximately 15% of the common stock of its majority-owned subsidiary, F&G Annuities & Life, Inc. (F&G). Following the distribution, FNF retained an approximate 85% ownership stake in F&G. FNF also made several acquisitions, including a 100% ownership stake in PALH, LLC, and a 70% majority ownership stake in Roar Joint Venture, LLC, both focused on life insurance and annuity products. These acquisitions contributed to the growth in the F&G segment.
Key operational developments included an increase in closed title insurance orders by 5% in 2024 compared to 2023, with a 17% increase in refinance transactions. The average fee per file in direct operations increased to $3,742 in 2024 from $3,617 in 2023. F&G reported approximately 731,000 policyholders as of December 31, 2024, and completed PRT transactions representing pension obligations of $7.0 billion. FNF employed 23,533 full-time equivalent employees as of December 27, 2024.
FNF's outlook and forward-looking statements acknowledge several risk factors, including adverse changes in real estate activity, the severity of title insurance claims, and compliance with government regulations. The company also noted potential impacts from the F&G distribution, regulatory investigations, and competition. The company's forward-looking statements emphasize the cyclical nature of the real estate industry and the impact of macroeconomic factors on its financial performance.
About Fidelity National Financial, Inc.
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