The company’s title segment registered $ 263 million in adapted net income during the fourth quarter, an increase of $ 174 million in the same period in 2023. For the entire year, the adapted net income rose to $ 877 million, compared to $ 760 million in 2023.
The total turnover for the title segment reached $ 2 billion in the fourth quarter and $ 7.7 billion for the year, which reflects an increase of 23% and 9% respectively.
“The National Association of Realtors Recently reported that the sale of houses in 2024 since 1995 was at the lowest level due to high mortgage interest and a housing shortage, ”said FNF CEO Mike Nolan during the company’s profit call on Friday. “They also noted that there are now 70 million more people in the American population (compared to 30 years ago). This supports our view of the pent -up demand and basic need for homes that are expected to unleash the growth of the sale of existing at home over time.
“That is why we stay Bullish about the long -term perspectives for the title insurance activities and continue to invest in our company. I am proud of everything we have done to achieve our leading performance by reducing costs and improving the efficiency of our title and exam process, while retaining the coverage and value of our insurance product. “
Extra titles segment highlights for Q4 2024 included:
- Direct title premiums of $ 625 million, an increase of 28% yoj
- Agency title premiums of $ 787 million, an increase of 27% yoj
- Commercial turnover of $ 376 million, an increase of 28% yoj
- The open purchase orders rose daily by 6% and the orders are closed by 9% compared to Q4 2023
- The refinancing assignments were increased by 46% daily and the orders were closed by 61% compared to Q4 2023
- The openings of the commercial orders increased the orders of 9% closed by 10% of Q4 2023
- The total reimbursement per file was $ 3,909, an increase of 3% yoj
FNF finished 2024 with $ 786 million in cash and short -term liquid investments at the holding. The company also paid $ 0.50 per share in dividends during the fourth quarter, a total of $ 141 million.
“It was just a great quarter, and we had strong turnover and margin performance in all our business lines,” said Nolan. “Direct, agency and commercial all had a great quarter of our sub -service company. They actually also had a record year for before tax in 2024. So it was just great to see the company hum in all cylinders. ‘
