Fidelity National Financial, Inc.

Good morning, ladies and gentlemen, and welcome to the FNF 2020 Fourth Quarter Earnings Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open 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 Lillis, Investor Relations for FNF. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Thank you for joining our fourth quarter 2020 earnings conference call. Joining me today is our CEO, Randy Quirk, President Mike Nolan, CFO Tony Park, and F&G CEO Chris Blount. We'll begin today 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 a 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. 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 and March 4th. The replay number is 844-512-2921, and the access code is 137-15589. Let me now turn the call over to our CEO, Randy.

Thank you, Jamie. I would like to begin by thanking our entire team for their incredible efforts as we navigated through a challenging environment this past year. while delivering record results for both the fourth quarter and the full year 2020 in our title business. Our primary focus has been and continues to be the health and wellbeing of our employees while maintaining our business continuity and ensuring the needs of our customers are consistently met. For the fourth quarter, we generated record adjusted pre-tax title earnings of $624 million compared with 355 million in the year ago quarter and a record 22.7% adjusted pre-tax title margin, compared with 16.3% in the fourth quarter of 2019. While we are very pleased with our strong financial results, we also made significant headway on our technology investments in our title business, having recently announced both the InHere platform and subsequently CloseInHere. Mike will go into more detail on this but as we continue to drive the innovation of the title industry, we believe our significant national footprint will prove to be a real plus as further adoption of our client-facing and title automation technology expands our competitive advantage. Turning to our acquisition of FGL Holdings, F&G continues to execute on its growth strategy, generating retail sales growth of over 40% in the fourth quarter. The credit rating upgrade that F&G has enjoyed as a result of the acquisition by F&F has opened additional large market opportunities. F&G is gaining momentum in the newly entered bank and broker-dealer channel, generating $500 million of channel sales since our launch on July 1st. Additional distribution channels, including institutional products, will continue to be a strategic area of focus for F&G in 2021, including the pension risk transfer marketing. Chris will go into more detail on FNG's fourth quarter results shortly. Looking forward, our priority continues to be focused on long-term value creation for our shareholders through our diligent capital allocation program, while also remaining focused on investing in our business to sustain growth. Last week, we announced a quarterly cash dividend of $0.36 per share reflecting the fourth quarter dividend increase of 9%. Additionally, in October, we announced a 12-month, $500 million share repurchase target. And since that announcement, we have repurchased 3.8 million shares for approximately $140 million. And for 2020 in total, we repurchased 7.5 million shares for approximately $244 million. Let me now turn the call over to Mike Nolan to discuss the title insurance business in more detail.