Fidelity National Financial (FNF) 6 Aug 242024 Q2 Earnings call transcript

Good morning, and welcome to FNF's Second Quarter Earnings Call. [Operator Instructions] I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Great. Thanks, operator, and welcome, everyone.

Mike Officer. Executive are Park, and today Financial Chief me Nolan, Officer; Chief Tony Joining forward addressing look We to remarks. our prepared your questions following join CEO; F&G's portion Chris Wendy today's us will of F&G's Q&A for Blunt, call. the and CFO, Young,

update Please strategy. and filings new refer our subsequent not may important events Litigation Private to undertake those which in not any statements information, implied. Act, or events or under guarantee the duty reports Today's results earnings future SEC changes quarterly expressed recent other factors forward-looking actual annual such performance. from for to projections reflect and call differ cause or do include most on statements materially to or Securities to that and could Reform We details revise do

call also materials on This been measures Non-GAAP financial at accordance to with within today non-GAAP X:XX to we SEC the telephone where now in over will measures turn through @fnf.com. have our meaningful be believe Mike on CEO, August p.m. be and required available replay website includes rules morning's I'll available is webcast replay our time earnings discussion website may XX, through call Today's Eastern XXXX. And investors. and our Nolan. reconciled GAAP being recorded also to that our

Thank you, Lisa, and good morning.

quarter. We are pleased results second to set the strong report a for of

XXXX. strong operating as compared margin of second elevated mortgage delivered result Title reflects housing in our to for business to quarter We continues in strategy of Title adjusted earnings technologies investments $XXX and and quarter perform very the disciplined environment, well rates industry-leading Title our innovative and million as low continue Our U.S. pretax the this to an in pretax affordability achieved adjusted our XX.X% sales. hamper in This and data. segment of transactional XX.X%

our headcount on Our footprint accordingly. actively operational trend our adjusting managing and open orders business and the focuses to discipline in

and data the leveraging focus our efficiency investments digital Our customers. technology operational and improve of tools experience and overall increase on to clients

our we and adapt the to thank effectively to to industry-leading this like I'd cycle. employees end, of performance worked together to trough and have that as low deliver the volumes historically To navigate

is We that and getting peak market rates expectations given conditions to the favorable market industry hit more may that are closer mortgage in for cut Fed initial their September. optimistic have current rate an

improvement if we to normal of a expect We In orders seasonality continue first would quarter. falloff open quarter, the normal year purchase could the the current sequential of levels, Refinance pattern remain with for if stable purchase over lower volumes. remained in second it mortgage see at showing be a daily the X% seasonal remainder move the and although floor. current an volumes the rates better mortgage generate at rates uplift

which past per open largely on relatively the over years. We day, has refinance consistent lower about A orders continue rates. X average X,XXX is rebound dependent mortgage also in to been volumes

we X delivered with that XXXX. continue through Commercial revenue line billion steady commercial in in $XXX resilient. direct and generated XXXX trending million We volumes be in annual in $X in first the the and to months, of XXXX revenue

very remained Asset classes consistent have as well.

and see continue we and in to as transact see ahead, begins sector others. Looking to industrial, the potential commercial the for higher office the multifamily strength sectors, volumes energy among

the and XXXX quarter opened quarter Daily year. over over were first second of quarter July of down up month orders purchase prior second more X% of XXXX versus closely. the for the X% up at Looking X% volumes the

prior for July X% day of from per year. were versus the of and quarter XXXX X% down opened refinance the up the second of XXXX quarter over X% the Our orders first up month

for first quarter the opened the month quarter X% down X% second over per of versus year. over X% XXXX total XXXX, were up July $XXX Our of up the the prior orders and commercial day, of

Overall, second and X,XXX, X,XXX at quarter, the May day April X,XXX. at opened total in at per June with orders X,XXX averaged

of June. month July, versus the day, opened total For orders down were X,XXX per X%

of performance XXXX, the as continue in of Looking to rates, current half mortgage second proxy of our XXXX, else second view being level the we a the for all equal. forward, at half good

pretax During to XXXX, the our residential the in remained volumes. the mid-teens quarter adjusted seasonal declining title in margin quarter, purchase pattern given fourth in the third typical

we for If are upside rates higher given second scale half the capture year the next into of in we the mortgage from poised transaction efficiencies lower see volumes, the and to and year, that margin our good pretax range continue XX% view of we diversified national rule XX% to the provides. basis, to thumb. a title annual of adjusted an normalized On footprint as

long market, the acquisitions, develop talent estate technology, on to remain we'll all recruit bullish and margins. real make the and top and maintaining in continue invest we term, industry-leading Over strategic while

decades, been for developed technology have We in and investing having data best-in-class capabilities.

and We to that investing in customer will technology by developing and and in operations business enhances the continue area innovate our constantly experiences. this lead industry

providing is our especially are of rolled across our out the years digital launched and unique fully We ago. inHere integrated industry Platform that end-to-end in transaction Digital an footprint. in is at experience was InHere X proud direct scale residential that

customer especially are on a with basis. enhanced fraud mitigation, experience security improved that the inHere We efficiency and XX/X elevated pleased and offers

half part Platform professionals and and the integral XXX,XXX over in year full consumers an year. nearly to this use of continues XXXX X our business. million estate had be The We of first in real inHere inHere

Artificial recognizing named our quarter, role the for Chief Officer Additionally, future. we have this importance its Intelligence

committed efficiencies over are AI harnessing to responsibly We the greater productivity new that capabilities time. to can bring and drive

record our at under flow before profitably to a management assets $XX.X F&G June to reinsurance billion Turning grown XX. F&G has business.

the sales and since and performance. is gross AUM investment demand over channels. XX% adjusted from all the the second line quarter XXXX strength from important increase $X.X F&G benefiting X second strong modernized The has building contributed providing XXXX, F&G grown, before XXXX, achieved earnings its than while gross multichannel as seeing its XXXX, merger, across F&G reinsurance. products, tripling of half F&G an years of diversified business segment prior strong FNF's record Over its in of is business more an the investments flow half sales up the has billion complement for past continued doubling sales top XX% and net for its XX% sales first quarter, of its the for to title for of out its first of of platform our business. the

accretive growing the F&G new stand-alone distribution and earnings, the dividend of margin spin-off which through has of share executed in owned of reinsurance successfully billion platform to time streams ahead, to its on benefits considerably. F&G's F&G's F&G partial at strategies, through contributing compelling basis. December its returns. that scaled flow are its and durable July benefits of ownership $X.X improved its is also from opportunities business $X.X Looking expansion the recognition its capitalization book which and profitable market has in-force of from growth billion FNF diversified on of from cash XXXX value at and and has a F&G increased majority XX

quarter additional over the highlights. now review me to second FNF's turn to let performance provide financial Tony call and that, With

generated $X.X Mike. you, results, quarter. billion in in consolidated the our Thank second Starting we total revenue with

losses accounting be quarter preferred equity were gains treatment revenue our securities, of quarter to recognized to $X.X portfolio. or due recognized of of primarily gains are $X.X The and and whether mark-to-market in our stock in disposed each investment securities the the continued held with and as in net billion total the was XXXX. billion compared losses, period net second Excluding in

including second reported of $X.XX $X.XX Adjusted net net diluted $XXX recognized share million, quarter with We $XXX million losses losses earnings share including million, net million net per compared of million earnings $XXX $XXX second in of the $XX XXXX. of recognized of second million for were quarter quarter the or per versus $XX or XXXX.

contributed The $XXX million segment contributed income Title Corporate million and from the eliminating million statements. in segment contributed before consolidated $XXX $X financial The dividend the million. of segment $XX F&G F&G

financial QX the to highlights segment. specific to Title Turning

increased All Title in, business the quarter adjusted operating pretax the generated escrow, of and with year. quarter in $X.X XXXX. quarter second costs and revenue other versus other recognized Title adjusted million increased million Title billion title the second X%. X% billion pretax decreased year XX% $XXX of expenses compared fees XXXX, and in million and losses $X premiums the the XX.X% $XX XX.X% compared prior Direct for earnings total quarter. X%. quarter, prior the excluding versus Our segment increased of net a decreased X% Title-related generated Personnel in $XXX Agency premiums second for in margin of with

quarter, an and income Our lower and resulting portfolio Title investments in declining and Corporate Interest income XX. from partially million, cash, the increase prior over primarily short-term billion our from income year Exchange segments due $X $X.X the at was million June by totaled investment XXXX Title offset to higher of balances. and Corporate investment from fixed income business $XX

For cuts through funds year. to second stable the the and of of basis XX XXXX, to anticipated Fed to $XX expect the of remainder be interest at investment income million, quarterly $XXX we with XX points million half

to in As basis funds expected being and decline income. in point result is else in $XX a rule XX decrease approximate interest of thumb annualized Fed investment million equal, all every and

XXX% F&G's FNF given addition, reflects over preferred F&G's of to issued to our mandatory ownership $XXX F&G in dividend dividend XXXX. the return stock dividend stake, the cash from corporate January majority of annual income convertible and In million This we expect of segment. on XX% common preferred

common the is claim we and earnings. our the column, dollar of claims high earnings of about eliminations XXXX policies our X in are above FNF and or $XX reported preferred within XX% claims increase, and the issued the to and is in approximately Historically, the of for quarter. written. were segment $XX carried In that claims the to Other million impact Therefore, X% release, both consolidated in title $X results years level dividends expect bottom paid higher paid our policy paid million estimate. of central are the then XXXX. reserve The of cyclically eliminated the million provision neutral second losses such than million representing being line Corporate $XX for Title to of actuary amount the

of We claims Title premiums. X.X% Title at to continue total for provide

significant I will specific XX% financial record reported retail and highlights gross segment. the thorough its second $X.X year of the focus F&G sales. key boomers the protection demographic principal trend on and quarter, update, highlights prior strong a higher which XX% billion to F&G's to a seeing demand over up retail so annuity rates, F&G Record baby to this F&G earnings secure billion, $X.X long quarter. as call deferred particularly over to quarter, a is consumers by products the the were growth are strong with morning sales tail. driven hosted relatively want are quarter. the in tax for up year provided turning prior approaching Next, guaranteed who sales retirement, attractive

to expectations market returned institutional This year grown up $X.X a investment are alternative transfer significant the more in by the includes XX% years, $XXX June per share, earnings nature, up $XX.X F&G F&G This first were the returns was sales, over of at $XXX billion, included pension to flow below quarter. as billion $X.X which funding million under or prior segment were from AUM time quarter. of sales profitably second $XX $XX XX. assets sales, X retained quarter. net $X.XX long-term market management $XXX $XX.X the of million million $XXX before and items for retained F&G's million has per our Adjusted were year and or in market agreements favorable F&G lumpy for quarter, million prior share. the expense the risk Robust in billion billion. given in conditions. FABN the second in $X.XX reinsurance its million record

quarter the navigate company at at excluding we million FNF's historic we balance environment. despite the the up focused quarter. capital strong $XX together, and volumes To earnings, the were in cash held items and compared with are ensuring $X.XX in balanced holding From all a $XXX bring remain allocation F&G as million a Title a nearly investments low segment share short-term business. This the XX. and or net in significant liquid We sequential in liquidity maintaining $XXX it consolidated current strategy on the million per perspective, second the sheet is June level diluted capital adjusted

XX, tender Our reflecting to consolidated net debt maturity. increased June for outstanding segment increase F&G at million debt billion upcoming $X.X the offer refinance its XXXX successful $XXX and a of note senior in partial

strategic of holding million company range AOCI, remains capitalization consolidated long-term to allocation at spend business. $XX average the interest XX% priorities million our $XXX Our of annual $XXX in with commitment, our growth ratio, million in the to dividend acquisition excluding to line expense annual support modest of annual support XX%. level debt target capital Primary and long-term million the title $XXX

of our to due paused were XXXX, In very the activity one share uncertainty in the repurchases, active in terms years but we early XXXX history. through XXXX in of industry in weakest

uncertainty quarter. the repurchases second the in no share in the continued Given there market, were

annual We will the monitor resume buybacks up market see continue acquisition generation expense, cash interest level building to to and dividend, expect and Title once of and we above our the picks spend. our

to the concludes prepared turn This our our for now call me back operator let questions. remarks, and

of Campbell line conducting [Operator be Ladies comes a and question-and-answer Inc. will we Our Instructions] question first the Stephens with session. from gentlemen, John now

to provision know know rate. related tie paid reserve broad range. actuary a a the are competitors to their thinking typically your the cash fluid. curious you're reserves in I'm they guys more how It seems each your commentary forward? Tony, quarter. you about loss higher claims X.X% I the bit little But I like moving pretty on estimates

what booked at pretty range good to revise I maybe pretty XXXX. that's feel like you see think you've higher? that term and the over since a still to near have I steady what

Yes.

a this at It's little X.X% comfortable. probably point, think I feels the conservative.

conservative If look for to this I at years, last I developed but know, to don't is claims closer area. XX X% our run you rate we be X.X%, like our think in

claims the saw that actuaries we in couple in come of XXXX -- We early. and those fraud had also a

make so they when longer expectation develop that an And don't. going to and they actuary develops those those, an are term

little going up that's a seen sitting a what year in And end so we've we're it's than to on think rather XXXX XXXX or past. I higher the a there. don't

up end it's we've to going think where I been. exactly

roughly estimate, now, for about million good we're feel central the $XX But above that.

basis compare us If the for sometimes we competitors, percentage. you our to a use different

title premiums, equates to we of X.X% X.X% So Title fees. of do escrow and but that

And so about yes, feel way. it any that it some at rate, of our point. look competitors at But at this good

That's Okay. seasonality, That's I just sequentially. was X% X%. But and And staff, field faster mean, that's think bit believe. on then the a That's down than that I up helpful. normal I closed year-over-year, both Title open little down orders.

staffing in much curious if So volumes ahead, expecting how more you thinking as overtime a levels about increase have? how capacity and pay? get you just maybe and you're look then you the your guys just you're I'm ability excess And with sharper maybe to flex

recruiting the in Yes. to question. about year, out. really year, over pointed staffing. lighter through achieved this for we've includes Sure, than and time were Mike. be people XXX And position a thought we good we're It's last John. X% little we as that We as feel we a you us Thank about adding that, and reduction frame. acquisitions that on like wanted And

same time staff out, actually at the adjusted if adding sense. but staff that we've we're more So makes

of coming more an in go days, orders. rates back just may couple we've year. seen last half, volumes back off with for the as the half direction And As opportunity follow of of we'll the be the in could there we be into the the

on got a think we increases. just as-needed always kind and magnitude always market course, of potential of We've the go add basis first. to I on to would, back as ability staff go But the overtime depending of basis. any

can squeeze one here. I maybe If helpful. That's Okay. one quick in

the here. of but back orders, you I how And days Kind the last in you talk rates with feeling then On much of week don't could know insight how maybe have a especially couple that looked to August, the July bit if to cadence. week.

give the couple commentary maybe can like some last over days. on that you looked what of If us

Yes. say the in basis interesting Really about traded July, on I orders as I July. was refi August, points. no commentary consistent, were our would fairly month, they the July, would X% up through at rates XX-plus although John. note looked in over And it it down was prior you that that

But our little orders a always saw direct in can't that up orders. relation fell and in if we bump you rates tell off your it's to So open are refi interesting that.

Our is from of Truist next Mark with Securities. line Hughes the question

operating you Yes. Upper Thank costs much. very year-over-year. down

years, those at How to of quarter? third about we last If costs couple have the How year you QX QX. should the shaping sequentially stepped from costs those in are they look think down this up?

footprint past, that. Yes. if hard, of Thanks, few the market of when our the over the the but and to exact decline. part of reduce Mark. Facilities, X.X about so Yes, couple about I it in can't a in said years down back items the think that part worked we've there. we're came a as down, go decline you I was we've is square XXX leases remember number, years, feet million the

and is declines I because We plant little sales think of area in as were also off our some the And well. a ServiceLink cost had business costs business valuations that bit down our Title year-over-year.

has see. And that trend so nice to been yes,

roughly XX%, If we at we is anything, Did you of this consider want and fixed. add operating -- other consider XX% you but to costs Mike? those and look variable rough, about

Yes.

Just the facility last the new quarter. was almost more a seen, back way that see we quarter bit need go any savings adding to that into leases in to durable. X% really We I year. over Those add, add significant think back don't third -- of we've as are the second the it

up. had plant we don't in know but think see it Title some continue should savings I X%, that I the be there. And also hold some area. to if So will savings we've

near the term Understood. plan in buybacks, here? being of active how tempo thinking terms of the What's in on the you do

I million the my then to to first at dividend. interest $XX good level, holdco and $XXX the $XXX gets commentary $XXX maybe X And generation -- think we're to us $XX cover need million $XXX acquisition in cash then that -- million it's expense our flow capital. to earlier maybe and to looking Yes, in of question. at that the said million I

And flow when in I feel generation to money let's range so know aside it in $XXX million that to set for a company, million or to soon. Board exceeding about, don't that okay, comfortable going is, I once $XXX cash the terms some is the buybacks. when be of that's exactly holding we're could think

our saw, a renew thing. just more probably of We that's -- end we're you from million as the what That July. timing kind the authorization share expired But Board. was prior did at. looking the authorization, We at buyback authorization XX of

And so news put following out there that that. we

you And commercial, you years. of about think was interest the it earlier what that open first stability good orders? a experience way in Or then bit? Is on on talked a up the of to think half? but back the And relative I do in July to kind picks think about that then some that, commercial terms rates, depends in half obviously,

Mike. Mark, Yes, it's

wouldn't number, number the in much last it commercial. down particularly over into too was X% a So July July. monthly read I

can up XX% really that are was of our through we've July seen even points it a potential national over second quarter second and performing stronger X% think also was is open know, up X% I stronger. orders July, you -- over That's national I look half. What And 'XX. to up the think it months through important, lumpy. what's As to be year. of last little I the X And

We in that. along activity. think significant to rates $X.X under we've where a based and I see we seen orders in And on little that based distressed either a kind potential of We've in And range definitely national the sales always but said would commercial or it's starting would lower that we're bit say little in potential I we transactions. uptick I of on did yet, with some we 'XX. billion do improvement based bit there's more 'XX see sales, a lot to office direct through do wouldn't just thought like revenue the just on office a all but 'XX. markets potentially outcomes, think of more look

with Barclays. question Our is from Ma Terry next

to for the pretty up put margin you of some full closed So kind expansion year? about first the in guys down. pretty comfortable for were feel do half flat You margin guys mid-teens modestly the guide orders decent that

the of Any way So should kind of expect if pick back half to were volumes to normal up in year? a that? we the think better seasonality about

yes, about direct in kind doesn't talked couple have of is an But I'll and in we But start. I levels, second may better Mike, we last in, and days cetera. too. of around down of and always remarks, the outcomes, outperform we before, the lower if of it that went lot agency, Tony these with we'll said to hold have margins, kind the it's think last and we we've see, margins look want if half, to and opportunity a got the take might Terry, as predict in weigh move half as year. this the there's the you range at -- there's I et just revenue to to back to to mix rates these and of think at had if said opening it in we of volumes see tough margins

think did I maybe. quarter, in third the XX but we something

or something then Was XX and Yes. it XX XX. like

XX. or XX Yes,

to certainly that could the XX. maybe year what I'm of just normal getting that little a for get potential just pickup So And But a hold and outperform the lower the in to see and the I might moving that market. getting well, maybe midpoint into you'll up I that opportunity end to think back then us or XX XX% the for XX% range, more 'XX us excited better range. to the as better volumes with commercial. there's about that And full think in really

helpful. drove about higher fee in should expecting half? what then than were think what on of that year-over-year. also we commercial. better a color and Got we That's Any just follow-up commercial The was kind And that and it. that profile on how

closed we of that -- a of that that kind handful up deals Yes. had really transactions. some pushed big that was Terry, really

you're going out. come that those know to always and get and could they in don't You

sort I think number pretty that XX,XXX good file to a for about. still is fee number total of commercial per think

get can to it. You always upside

XX,XXX XX,XXX side, so to on are as national little probably Mark's could think it. that a about pointed range the helpful fee in the good more to way I orders, strength per the on is national question, be a to we And But open file. out seeing

Our next question Bose KBW. from is the George line with of

You're out about potentially able F&G. spin year being to X from out

any So what on just updated might thoughts guys do? you

earnings to Mike well. the quarters, Thanks the Bose. might Tony you net of this say, F&G's our probably Board as F&G. heard Yes, outperformed company the acquisition, of But by is probably weigh XX% the there. us which in frankly, performance a highest and With team, And and our even the it's best or half were strong a adjusted as complement generated a leadership has as Title first the strong we've pleased business, in expectations. been thesis prior said has with in very been real behind validation

there. this think out at And -- so I point, there's mean I optionality

experience deals seen You've a I would so positive said, the our been recognized of in But it's I it's do far. the last the past. us I days, been share And than prices Board performance. point, share very about is think been other say like it's in few price F&G's in pleased the at both and this

bought When the when think And valuable current Bose continue market correct growing the growth basis. sales get and fantastic opportunity business to and add would an on focused probably an number, Yes. that annual or or just we $X running to led around that about can on the story. team. -- business, the grow just by AUM. me very you now it's to if I we're a wrong annually We're Chris It's X billion unbelievable I Wendy Xx a

just scenario sense. of dividend the there growth really there? earnings years? could Makes actually, increase Is where that there Or over F&G. And next coming Okay. one over of on the is the out more couple seeing strong we're the supporting F&G a

from Wendy for let in F&G. weigh mean are convertible $X-ish along I those want I get Maybe another us something lines. then will the a thoughts question, quarter the dividend Bose. or preferred common you in. on weigh which or might be time, that if I'll million a or $XX don't F&G know, Wendy, my dividend about, That's their good Chris we probably Yes. generates policy what invested in. And don't million raise at we you that know, over think Chris to I stock

it, Yes. think nailed you Tony. No, I

there's think I growth. grow to periodically dividend the capacity and fund

Our line is Mark Bank. next with question Deutsche of DeVries the from

And also a about think we kind and move a maybe impact lag your should normal I how mechanically, the rates had on another forward? how rates between change seen for question wanted what kind get expectations going we've crediting demand? impact of more ultimately I to Chris, your in to for the are your that of in thoughts, you F&G. rates and that to on having already will sales move

Yes, great question.

about say a couple X/X hedged We've F&G of would of about morning. we our call on One, I floating rate So this exposure. things. talked the out

in I X.X% think, now, about of right is about it's floater. -- So portfolio our

near bought to number securities benefit and rates lot rates we those So we got closer a frankly. that were short-term rose of the when X, when because XX%, huge was

So I coming down. the on think rates There's you'll of exposure to a lot see cash less sidelines. a ton

So probably products. That's I for think the near-term will of rates demand more be impact even prediction there. down my coming our

products, repricing it like pretty on this, can day. the happens really do And much I monthly, as so but it volatile any technically to environment a yes, mean, we in

distribution a give to your days heads to up want of You handful partners.

block, other too the billion gotten in really locked in-force be rates to to $XX of want reprice. of But the small around don't profits a AUM, you are we've So capacity floaters. in whipping in quickly. percentage And and that's the remember, bulk than

that helps. So hopefully,

Thank great. That's you. Yes.

Instructions] [Operator next Inc. Stephens line Campbell question the is of John with Our from

followup. Thanks the for

in-the-weeds little Just a bit type of question.

if guys backs, something add the on EPS bills. you've more had got driver. adjusted jump are seems later can like in it year-over-year. have I mix, looks amortization, back, they but look purchase add we don't you a know But the it good I some hand. on primary like circle amortizations So M&A like back probably the F&G up this bit tuck-in the purchase that's If big in still a at

then So provide some could your going I'm clarity should add for hoping you we also back And thinking how about forward? there? if purchase be amortization

is Yes, Tony. John, this

in On little purchase very Corporate of in side, terms price the side, there amortization was back. Title add the

big I'm that thinking that, of don't now that I'm million represents. So at at know F&G. chunk $XX a is specifically I what yes, looking

what follow-up to because has point, give year might So the only that it of million. prior second in to like Wendy an idea you anything your we do have to was a looks $X unless quarter,

So $XX million. million from $X it went to

do Yes. with to our quarter. Tony, -- it acquisition of in we've the second in distribution done the that first the own has

And -- that rate? run be would that expect to that that you the then is XX

will I think it fluctuate.

do bumped when that as acquisition So a we the we second in up. did big quarter,

it So will on depend future acquisitions.

that coming So good near F&G absent a with? go is million $XX number somewhere from to future acquisitions,

Correct.

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

you. Thank

ahead the build for margin prospects business for expansion in transactional through long accretive of pleased Title very our to F&G's asset levels, are is performance many the the a generate The and the expand Likewise, segment we continuing year first F&G. current market, returns. and are segment and the half in poised with both drive deliver with opportunities rebound compelling are outperforming and We term. for Title the to growth,

are both as longer-term businesses positioned growth. see, market the as As well you current for for can well

forward We to for on appreciate you in quarter call. FNF time you look morning. our interest updating third earnings your this your Thank and

participation. concluded. Thank Thank The FNF your you conference you. now of has for

now may lines. disconnect your You