Fidelity National Financial, Inc.

Good morning, ladies and gentlemen, and welcome to the F&F 2020 Third Quarter Earnings Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions with instructions to follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the call over to Jamie Lewis, Investor Relations for F&F. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Thank you for joining our Third Quarter 2020 Earnings Conference Call. Joining me today is our CEO, Randy Quirk, President Mike Nolan, CFO Tony Park, and F&G's CEO, Chris Blount. We'll begin with a brief strategic overview from Randy, Mike will review the title business, Chris will review F&G, and Tony will finish with a review of the financial highlights. We'll then open the call for your questions and finish with some concluding remarks from Randy. But before we begin, I would like to remind you that this conference call may contain forward-looking statements that involve a number of risks and uncertainties, in particular, the COVID-19 pandemic. There is significant uncertainty about the duration and extent of the impact of this pandemic. Statements that are not historical facts, including statements about 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 at the time of this call. 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, the risks and other factors detailed in our press release dated yesterday, and in the statement regarding forward-looking information, risk factors, and other sections of the company's Form 10-K and other filings with the SEC. This conference call will be available for replay via webcast at our website at fnf.com. It will also be available through phone replay beginning at 3 p.m. Eastern Time today through November 12th. The replay number is 844-512-7000. and the access code is 13710928. Let me now turn the call over to our CEO, Randy.

Thank you, Jamie. I would like to start by thanking our employees for their continued efforts as we work together through this challenging environment. It is our goal to ensure the health and safety of our employees while maintaining the continuity and efficiency of our operations as we strive to meet our customers' needs day in and day out. We were able to accomplish these goals and achieve superior results in the third quarter, while approximately 60% of our workforce continued to work remotely. For the third quarter, we generated record-adjusted pre-tax title earnings of $528 million compared with $407 million in the year-ago quarter and a 21.2% adjusted pre-tax title margin compared with an 18.6% in the third quarter of 2019. and our best since the third quarter of 2003. While our financial results were robust, we also made strong gains advancing our technology initiatives, which are focused on improving the security, transparency, and overall closing experience for F&F's customers. Mike will go into this in more detail, but we believe that our unmatched national footprint and strong local market relationships provide F&F with a significant competitive advantage that we can further leverage with technology. Turning to our acquisition of FGL Holdings, F&G continues to execute on its growth strategy, producing excellent sales results in the quarter while maintaining pricing discipline. F&G's recent entrance into the bank and broker-dealer channel has surpassed expectations, and we continue to see strong momentum into the fourth quarter. Furthermore, F&G's investment portfolio continues to perform well in the current environment. Chris and his team also had success during the third quarter streamlining F&G's operations as they entered into an agreement to sell F&G Reinsurance to Apida Holdings, a subsidiary of Arius Management Corporation. The rationale for this divestiture was largely tied to the tax advantage of this third-party offshore reinsurance platform, which was no longer available upon F&F's acquisition of F&G. In connection with the transaction, F&G also entered into a mutually beneficial annuity flow reinsurance partnership. The sale of F&G's reinsurance represents a terrific outcome for F&G, its clients, employees, and F&F shareholders. The transaction is expected to close prior to year end. Chris will go into more detail on F&G's third quarter results shortly. Looking forward, we continue to be committed to creating meaningful long-term value for our shareholders through our capital allocation strategy. Most recently, we announced a quarterly cash dividend of $0.36 per share, which reflects a fourth quarter dividend increase of 9%. In conjunction with this announcement, We announced our plans for targeting $500 million in share repurchases based on market conditions over the course of the next 12 months. Let me now turn the call over to Mike Nolan to discuss title insurance business in more detail. Thank you, Randy.