FNF Reports First Quarter 2025 Financial Results
PR Newswire
JACKSONVILLE, Fla., May 7, 2025
JACKSONVILLE, Fla., May 7, 2025 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) ("FNF" or the "Company"), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. $(FG)$ ("F&G"), today reported financial results for the first quarter ended March 31, 2025.
Net earnings attributable to common shareholders for the first quarter were $83 million, or $0.30 per diluted share (per share), compared to net earnings of $248 million, or $0.91 per share, for the first quarter of 2024. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $213 million, or $0.78 per share, compared to $206 million, or $0.76 per share, for the first quarter of 2024.
-- The Title Segment contributed $158 million for the first quarter,
compared to $130 million for the first quarter of 2024
-- The F&G Segment contributed $80 million for the first quarter, compared
to $95 million for the first quarter of 2024
-- The Corporate Segment, before eliminating dividend income from F&G in the
consolidated financial statements, had adjusted net earnings of $3
million for the first quarter, compared to $8 million for the first
quarter of 2024
-- FNF's consolidated adjusted net earnings include significant income and
expense items in the F&G Segment, as well as alternative investment
portfolio returns from short-term mark-to-market movement that differ
from long-term return expectations. Please see "Segment Financial
Results" for F&G, as well as the "Non-GAAP Measures and Other
Information" section for further explanation
Company Highlights
-- Title Segment delivered strong operating performance despite dynamic
environment: For the Title Segment, total revenue was $1.8 billion for
the first quarter, compared to $1.7 billion for the first quarter of
2024. Total revenue, excluding recognized gains and losses, was $1.8
billion for the first quarter, a 12% increase over the first quarter of
2024. Our industry leading adjusted pre-tax title margin was 11.7% for
the first quarter
-- F&G Segment assets under management growth was driven by continued strong
indexed annuity sales: F&G achieved assets under management before flow
reinsurance of $67.4 billion at the end of the first quarter, an increase
of 16% over the first quarter of 2024. F&G's gross sales were $2.9
billion and net sales were $2.2 billion for the first quarter
-- FNF participation in F&G common equity raise supported by strong balance
sheet: FNF purchased 4.5 million shares of 8.0 million total shares in
F&G's common equity offering in March; FNF's majority ownership stake in
F&G is approximately 82% as of March 31, 2025
-- Share repurchase relaunch and sustainable common dividend backed by
stable cash generation: FNF has repurchased 390,000 shares for a total of
$25 million, at an average price of $63.42 per share, in the latter part
of the first quarter and paid common dividends of $0.50 per share for
$136 million. FNF ended the quarter with $687 million in cash and
short-term liquid investments at the holding company
William P. Foley, II, Chairman, commented, "Our business continued to perform well through the first quarter highlighted by industry leading margins from our Title segment and assets under management from F&G. Our Title business has successfully navigated the downturn in the housing market and is delivering impressive profitability and cash flows, both of which are poised to further expand as interest rates normalize. Given our confidence in F&G's continued growth and our desire to maintain FNF's ownership stake above 80%, we made the decision to participate in F&G's March capital raise by investing $150 million. This capital will position F&G to take advantage of the many opportunities that lie ahead to further grow their business and expand returns while also improving the liquidity in their shares. We also returned capital to FNF's shareholders having restarted the Company's share repurchase program late in the first quarter while also paying our quarterly cash dividend."
Summary Financial Results
(In millions, except per share data) Three Months Ended
-------------------------
March 31, March 31,
2025 2024
------------ -----------
Total revenue $ 2,729 $ 3,299
F&G gross sales(1) $ 2,902 $ 3,495
F&G net sales(1) $ 2,181 $ 2,302
F&G assets under management (AUM)(1) $ 54,546 $ 49,787
F&G AUM before flow reinsurance(1) $ 67,398 $ 58,020
Total assets $ 98,209 $ 84,496
Adjusted pre-tax title margin 11.7 % 10.7 %
Net earnings attributable to common shareholders $ 83 $ 248
Net earnings per share attributable to common
shareholders $ 0.30 $ 0.91
Adjusted net earnings(1) $ 213 $ 206
Adjusted net earnings per share(1) $ 0.78 $ 0.76
Weighted average common diluted shares 273 272
Total common shares outstanding 275 273
____________________________
(1) See definition of non-GAAP measures below
Segment Financial Results
Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.
Mike Nolan, Chief Executive Officer, said, "The year is off to a strong start as we delivered an adjusted pre-tax Title margin of 11.7%, an increase of 100 basis points as compared to the 10.7% margin that we achieved in the year ago first quarter. Our improved margin is a testament to our employees as well as the operational efficiencies that we have achieved over the last few decades through investments in technology. Our investments are enabling us to deliver margins above prior market troughs and, we believe, will likewise deliver higher margins at the peak of the next cycle. We also continue to generate strong free cash flows during this period of low transactional volume. This enables us to have a dynamic capital allocation strategy focused on returning capital to shareholders through our dividend and share repurchases while also investing in our business through ongoing technology and growth investments as we position our Title business for the long term."
First Quarter 2025 Highlights
-- Total revenue of $1.8 billion, compared with $1.7 billion in the first
quarter of 2024
-- Total revenue, excluding recognized gains and losses, of $1.8 billion, a
12% increase over the first quarter of 2024
-- Direct title premiums of $510 million, a 16% increase over first
quarter of 2024
-- Agency title premiums of $681 million, a 15% increase over first
quarter of 2024
-- Commercial revenue of $293 million, a 23% increase over first
quarter of 2024
-- Purchase orders opened increased 3% on a daily basis over the first
quarter of 2024, and purchase orders closed increased 2% on a daily basis
over the first quarter of 2024
-- Refinance orders opened increased 33% on a daily basis and refinance
orders closed increased 31% on a daily basis over the first quarter of
2024
-- Commercial orders opened increased 8% and commercial orders closed
increased 7% over the first quarter of 2024
-- Total fee per file of $3,761 for the first quarter, a 6% increase over
the first quarter of 2024
First Quarter 2025 Financial Results
-- Pre-tax title margin of 9.6% and industry leading adjusted pre-tax title
margin of 11.7% for the first quarter, compared to 13.1% and 10.7%,
respectively, for the first quarter of 2024
-- Pre-tax earnings in Title for the first quarter of $171 million, compared
with $218 million for the first quarter of 2024
-- Adjusted pre-tax earnings in Title for the first quarter of $211 million,
compared with $171 million for the first quarter of 2024; the increase
reflects higher direct orders closed and agency revenue
F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Chris Blunt, Chief Executive Officer, commented, "Despite some near-term headwinds, F&G's solid foundation is underpinned by a conservatively positioned investment portfolio and the ability to optimize our capital allocation to secure the highest returning business, which positions us to succeed in an uncertain economy. We achieved AUM before flow reinsurance of $67.4 billion, an increase of 16% from the year ago first quarter, driven by strong indexed annuity sales. Additionally, our equity offering in March provides us with the flexibility to take advantage of both opportunities to further grow the business given the strong secular tailwinds that exist as well as providing additional capital should the environment turn increasingly challenging. Overall, the credit quality of our portfolio remains high with 96% of our fixed maturities being investment grade combined with credit related impairments remaining well below our pricing assumptions over the past five years and current quarter. We remain confident that we will deliver on our medium-term Investor Day targets, to grow AUM and expand returns, in the coming years."
First Quarter 2025
-- AUM before flow reinsurance of $67.4 billion at the end of the first
quarter increased 16% over the first quarter of 2024. This included AUM
of $54.5 billion, an increase of 9% over the first quarter of 2024 driven
by retained new business flows
-- Profitable gross sales were $2.9 billion for the first quarter, a
decrease of 17% from the first quarter of 2024; this reflects our
decision to allocate capital to the highest returning business,
specifically indexed annuity sales and pension risk transfer sales,
resulting in a reduction in MYGA sales
-- Retail channel sales were $2.1 billion for the first quarter, a decrease
of 25% from the first quarter of 2024; this reflects our decision to
allocate capital to indexed annuity sales given the ongoing favorable
economic conditions and strong demand for retirement savings products,
resulting in a reduction in MYGA sales. Strong indexed annuity sales
were $1.5 billion and indexed universal life sales were $43 million in
the first quarter, both in line with the first quarter of 2024
-- Institutional market sales were $0.8 billion for the first quarter, an
increase of 14% over $0.7 billion in the first quarter of 2024; driven by
higher funding agreements, partially offset by lower pension risk
transfer as compared to the prior year which was a first quarter record
-- Stable net sales of $2.2 billion for the first quarter, compared to $2.3
billion in the first quarter of 2024
-- Net loss attributable to common shareholders for F&G Segment of $18
million for the first quarter due to unfavorable mark-to-market movement,
compared to net earnings of $98 million for the first quarter of 2024
which included favorable mark-to-market movement
-- Adjusted net earnings attributable to common shareholders for F&G Segment
of $80 million for the first quarter, compared to $95 million for the
first quarter of 2024
-- F&G Segment adjusted net earnings of $80 million for the first
quarter of 2025 include $13 million of income from a reinsurance
true-up adjustment. Investment income from alternative
investments was $52 million below management's long-term expected
return of approximately 10%
-- F&G Segment adjusted net earnings of $95 million for the first
quarter of 2024 included $2 million of other income items.
Investment income from alternative investments was $44 million
below management's long-term expected return of approximately 10%
-- As compared to the prior year quarter, adjusted net earnings
reflect margin compression due to near-term headwinds, lower owned
distribution margin and higher interest expense in line with our
capital market activity; partially offset by asset growth, higher
income from accretive flow reinsurance fees and disciplined
expense management, as well as the above alternatives investments
short-term mark-to-market movement and significant income items
-- Please see "Segment Financial Results" for F&G under "Non-GAAP
Measures and Other Information" for further explanation
Conference Call
We will host a call with investors and analysts to discuss FNF's first quarter of 2025 results on Thursday, May 8, 2025, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. $(FNF)$ is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive
government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.
FNF-E
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
Corporate and
March 31, 2025 Consolidated Title F&G Other Elimination
----------------- --------------- -------------- -------------- -------------------- -------------------
Direct title
premiums $ 510 $ 510 $ -- $ -- $ --
Agency title
premiums 681 681 -- -- --
Escrow, title
related and other
fees 1,065 525 505 35 --
--------------- -------------- -------------- -------------------- -------------------
Total title and
escrow 2,256 1,716 505 35 --
Interest and
investment
income 760 83 666 39 (28)
Recognized gains
and losses, net (287) (25) (263) 1 --
--------------- -------------- -------------- -------------------- -------------------
Total revenue 2,729 1,774 908 75 (28)
Personnel costs 770 672 67 31 --
Agent commissions 528 528 -- -- --
Other operating
expenses 377 313 41 23 --
Benefits & other
policy reserve
changes 524 -- 524 -- --
Market risk
benefit (gains)
losses 109 -- 109 -- --
Depreciation and
amortization 196 36 153 7 --
Provision for
title claim
losses 54 54 -- -- --
Interest expense 60 -- 40 20 --
--------------- -------------- -------------- -------------------- -------------------
Total expenses 2,618 1,603 934 81 --
Pre-tax earnings
(loss) $ 111 $ 171 $ (26) $ (6) $ (28)
Income tax
expense
(benefit) 29 42 (5) (8) --
Earnings (loss)
from equity
investments 1 1 -- -- --
Non-controlling
interests -- 3 (3) -- --
Net earnings
(loss)
attributable to
common
shareholders $ 83 $ 127 $ (18) $ 2 $ (28)
EPS attributable
to common
shareholders -
basic $ 0.30
EPS attributable
to common
shareholders -
diluted $ 0.30
Weighted average
shares - basic 273
Weighted average
shares - diluted 273
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
Corporate and
March 31, 2025 Consolidated Title F&G Other Elimination
----------------- ------------------- ------------------- -------------- -------------------- -------------------
Net earnings
(loss)
attributable to
common
shareholders $ 83 $ 127 $ (18) $ 2 $ (28)
Pre-tax earnings
(loss) $ 111 $ 171 $ (26) $ (6) $ (28)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net 53 25 29 (1) --
Market related
liability
adjustments 103 -- 103 -- --
Purchase price
amortization 33 15 16 2 --
Adjusted pre-tax
earnings (loss) $ 300 $ 211 $ 122 $ (5) $ (28)
Total non-GAAP,
pre-tax
adjustments $ 189 $ 40 $ 148 $ 1 $ --
Income taxes on
non-GAAP
adjustments (40) (10) (30) -- --
Non-controlling
interest on
non-GAAP
adjustments (20) -- (20) -- --
Deferred tax
asset valuation
allowance 1 1 -- -- --
------------------- ------------------- -------------- -------------------- -------------------
Total non-GAAP
adjustments $ 130 $ 31 $ 98 $ 1 $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 213 $ 158 $ 80 $ 3 $ (28)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 0.78
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
Corporate and
March 31, 2024 Consolidated Title F&G Other Elimination
----------------- -------------- -------------- -------------- -------------------- -------------------
Direct title
premiums $ 440 $ 440 $ -- $ -- $ --
Agency title
premiums 593 593 -- -- --
Escrow, title
related and other
fees 1,281 484 741 56 --
-------------- -------------- -------------- -------------------- -------------------
Total title and
escrow 2,314 1,517 741 56 --
Interest and
investment
income 710 83 616 38 (27)
Recognized gains
and losses, net 275 63 212 -- --
-------------- -------------- -------------- -------------------- -------------------
Total revenue 3,299 1,663 1,569 94 (27)
Personnel costs 727 618 66 43 --
Agent commissions 460 460 -- -- --
Other operating
expenses 369 285 58 26 --
Benefits & other
policy reserve
changes 1,161 -- 1,161 -- --
Market risk
benefit (gains)
losses (11) -- (11) -- --
Depreciation and
amortization 167 36 123 8 --
Provision for
title claim
losses 46 46 -- -- --
Interest expense 49 -- 30 19 --
-------------- -------------- -------------- -------------------- -------------------
Total expenses 2,968 1,445 1,427 96 --
Pre-tax earnings
(loss) $ 331 $ 218 $ 142 $ (2) $ (27)
Income tax
expense
(benefit) 63 45 26 (8) --
Earnings from
equity
investments 1 1 -- -- --
Non-controlling
interests 21 2 18 1 --
Net earnings
(loss)
attributable to
common
shareholders $ 248 $ 172 $ 98 $ 5 $ (27)
EPS attributable
to common
shareholders -
basic $ 0.92
EPS attributable
to common
shareholders -
diluted $ 0.91
Weighted average
shares - basic 271
Weighted average
shares - diluted 272
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Three Months
Ended
Corporate and
March 31, 2024 Consolidated Title F&G Other Elimination
----------------- ------------------- ------------------- -------------------- -------------------- -------------------
Net earnings
(loss)
attributable to
common
shareholders $ 248 $ 172 $ 98 $ 5 $ (27)
Pre-tax earnings
(loss) $ 331 $ 218 $ 142 $ (2) $ (27)
Non-GAAP
Adjustments
Recognized
(gains) and
losses, net (31) (63) 32 -- --
Market related
liability
adjustments (55) -- (55) -- --
Purchase price
amortization 41 16 22 3 --
Transaction costs 1 -- -- 1 --
Adjusted pre-tax
earnings (loss) $ 287 $ 171 $ 141 $ 2 $ (27)
Total non-GAAP,
pre-tax
adjustments $ (44) $ (47) $ (1) $ 4 $ --
Income taxes on
non-GAAP
adjustments 11 11 1 (1) --
Non-controlling
interest on
non-GAAP
adjustments (3) -- (3) -- --
Deferred tax
asset valuation
allowance (6) (6) -- -- --
------------------- ------------------- -------------------- -------------------- -------------------
Total non-GAAP
adjustments $ (42) $ (42) $ (3) $ 3 $ --
Adjusted net
earnings (loss)
attributable to
common
shareholders $ 206 $ 130 $ 95 $ 8 $ (27)
Adjusted EPS
attributable to
common
shareholders -
diluted $ 0.76
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
March 31, December 31,
2025 2024
--------------- --------------
(Unaudited) (Unaudited)
Cash and investment portfolio $ 68,651 $ 67,094
Goodwill 5,271 5,271
Title plant 421 420
Total assets 98,209 95,263
Notes payable 4,394 4,321
Reserve for title claim losses 1,695 1,713
Secured trust deposits 628 551
Accumulated other comprehensive (loss)
earnings (1,866) (2,052)
Non-controlling interests 904 778
Total equity and non-controlling
interests 8,797 8,532
Total equity attributable to common
shareholders 7,893 7,754
-------------- --------------
Non-GAAP Measures and Other Information
Title Segment
The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended
------------------------------------ ------------------------------
March 31, March 31,
(Dollars in millions) 2025 2024
------------------------------------ -------------- --------------
Pre-tax earnings $ 171 $ 218
Non-GAAP adjustments before taxes
Recognized (gains) and losses, net 25 (63)
Purchase price amortization 15 16
Total non-GAAP adjustments 40 (47)
Adjusted pre-tax earnings $ 211 $ 171
Adjusted pre-tax margin 11.7 % 10.7 %
FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Quarterly Opened Orders ('000's except % data)
------------------------------------------------------------------------------------------------------------------------
Total opened
orders* 343 299 352 344 315 257 318 347
Total opened
orders per
day* 5.6 4.7 5.5 5.5 5.1 4.1 5.0 5.4
Purchase % of
opened orders 75 % 72 % 73 % 80 % 79 % 78 % 80 % 79 %
Refinance % of
opened orders 25 % 28 % 27 % 20 % 21 % 22 % 20 % 21 %
Total closed
orders* 201 232 232 229 186 192 224 233
Total closed
orders per
day* 3.3 3.7 3.6 3.6 3.0 3.1 3.6 3.6
Purchase % of
closed orders 75 % 72 % 77 % 81 % 79 % 80 % 80 % 81 %
Refinance % of
closed orders 25 % 28 % 23 % 19 % 21 % 20 % 20 % 19 %
Commercial (millions, except orders in '000's)
------------------------------------------------------------------------------------------------------------------------
Total commercial
revenue $ 293 $ 376 $ 290 $ 273 $ 238 $ 294 $ 263 $ 263
Total commercial
opened orders 52.6 47.5 50.8 50.7 48.7 43.7 49.1 50.2
Total commercial
closed orders 26.0 28.9 25.9 25.7 24.3 26.3 25.6 27.7
National
commercial
revenue $ 149 $ 208 $ 151 $ 145 $ 123 $ 164 $ 131 $ 132
National
commercial
opened orders 22.7 20.7 21.9 21.4 19.4 18.2 19.2 19.5
National
commercial
closed orders 10.2 11.8 10.4 9.8 9.2 10.1 9.4 10.1
Total Fee Per File
------------------------------------------------------------------------------------------------------------------------
Fee per file $ 3,761 $ 3,909 $ 3,708 $ 3,759 $ 3,555 $ 3,806 $ 3,618 $ 3,598
Residential fee
per file $ 2,776 $ 2,772 $ 2,881 $ 2,995 $ 2,746 $ 2,889 $ 2,861 $ 2,897
Total commercial
fee per file $ 11,300 $ 13,000 $ 11,200 $ 10,600 $ 9,800 $ 11,200 $ 10,300 $ 9,500
National
commercial fee
per file $ 14,600 $ 17,600 $ 14,500 $ 14,800 $ 13,400 $ 16,300 $ 14,000 $ 13,000
Total Staffing
------------------------------------------------------------------------------------------------------------------------
Total field
operations
employees 10,200 10,300 10,400 10,300 10,000 9,900 10,400 10,600
Actual title
claims paid ($
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