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spk09: Good morning, ladies and gentlemen, and welcome to the FNF 2021 First 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.
spk02: Thank you, Operator, and good morning, everyone. Thank you for joining our first quarter 2021 earnings conference call. Joining me today is our CEO, Randy Quirk, President Mike Nolan, CFO Tony Park, and F&G CEO Chris Blunt. 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. Additionally, 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 stated 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 May 14th. The replay number is 844-512-2921, and the access code is 137-18683. Let me now turn the call over to our CEO, Randy. Thank you, Jamie.
spk08: I would like to start by thanking our employees for their efforts in helping F&F achieve industry-leading results to start the year. Our team continued to perform at a high level despite the challenging environment that we have all endured as they kept our operations running smoothly while maintaining a steadfast focus on our customers. In our title segment, we achieved record first quarter results generating adjusted pre-tax title earnings of $512 million compared to $279 million in the year-ago quarter and a 19.9% adjusted pre-tax title margin compared with 14.4% in the first quarter of 2020. We also continue to invest in technology as we roll out new applications which enhance the user experience, efficiency, and safety of the title and closing process while leveraging our unmatched national scale. Mike will go into more detail on this in a minute. Turning to F&G, we continue to execute on our growth strategy with strong top line growth and bottom line profitability during the quarter. Fixed indexed annuity sales for the quarter were at record levels and growth was further fueled by our momentum in the bank and broker dealer channel, where we are gaining significant traction within the first year of launch. As a result of our asset growth and disciplined approach to managing net investment spread, we delivered strong earnings during the first quarter, which Chris will discuss further in a few minutes. The credit rating upgrades as a result of the acquisition have enabled us to actively pursue expansion into institutional products, such as the pension risk transfer market, which will be a significant or strategic focus this year. With the strong growth opportunities that we see, additional capital will be necessary to realize F&G's full potential. However, our current plan includes utilizing a third-party reinsurance strategy to provide that necessary growth capital. The plan also includes an expected return of capital of $150 million annually from F&G to F&F, or roughly 6% of our original investment, beginning in 2022. We believe this is a meaningful return on capital and a sustainable long-term. Looking forward, we remain committed to long-term value creation for our shareholders, for our thoughtful capital allocation program, while also focusing on supporting the future growth of our business. Yesterday, we announced a quarterly cash dividend of $0.36 per share, and at the end of 2020, we announced a share buyback program of $500 million. During the first quarter, we purchased 2.8 million shares for $112 million at an average price of $39.95 per share. And since announcing the buyback plan, we have purchased 6.9 million shares for $264 million at an average price of $38.28 per share. Let me now turn the call over to Mike Nolan to discuss the title insurance business in more detail.
spk06: Thank you, Randy. Randy touched upon our record first quarter results as we continued to benefit from low interest rates, driving strong origination demand and the continued rebound in commercial real estate activity. For the first quarter, we generated adjusted pre-tax title earnings of $512 million, an 84% increase over the first quarter of 2020. Our adjusted pre-tax title margin was 19.9%. a 550 basis point increase over the prior year quarter. We had a 58% increase in direct orders closed, driven by a 103% increase in daily refinance orders closed, a 21% increase in daily purchase orders closed, and a 12% increase in total commercial orders closed. Total commercial revenue was $257 million, compared with the year-ago quarter of $245 due to the 12% increase in closed orders, while total commercial fee per file was down slightly compared to the year ago quarter. For the first quarter, total orders opened averaged 12,600 per day, with January at 13,500, February at 13,300, and March at 11,400. For April, total orders opened were over 10,700 per day, as we continue to see strong demand and purchase activity, while we have begun to see some decline in the refinance market compared to last year's robust levels. Daily purchase orders opened were up 18% in the quarter versus the prior year. For April, daily purchase orders opened were up 90% versus the prior year. Refinance orders opened increased by 15%, on a daily basis versus the first quarter of 2020. For April, daily refinance orders opened were down 23% versus the prior year. Lastly, total commercial orders opened per day increased by 12% over the first quarter of 2020. Commercial opened orders per day remained strong compared to the fourth quarter and to the year-ago first quarter. For April, total commercial orders opened per day were up 72% over April of 2020. We remain optimistic that the order volumes we have seen over the last several quarters will drive strong commercial performance in 2021. We are also pleased with the ongoing rollout of our strategic technology initiatives that improve the production and delivery of our core products and services and better the overall transaction experience of homebuyers and sellers, borrowers, and real estate professionals. Our proprietary title automation technology and the engines that search, collect, and process data remain at the core of our operations. Our digital in-here experience platform continues to be deployed and has been well received by our expert local escrow and settlement employees, consumers, and clients. Let me now turn the call over to Chris Blount to review F&G's first quarter highlights.
spk07: Thanks, Mike. The first quarter kicked off a great start to 2021 with record sales levels. Our fixed indexed annuity or FIA sales in the first quarter were $1 billion, up 11% from the sequential quarter. Total annuity sales of $1.6 billion in the first quarter were up 16% from the sequential quarter. We continue to see significant growth ahead driven by strong momentum in our primary independent agent channel and traction in new channels. We're now three quarters into our financial institution's channel launch and continue to be thrilled with the results. The first quarter total annuity results include $410 million from our newest channel, and we expect to comfortably exceed our $1 billion goal for 2021. With these strong sales results, we grew average assets under management, or AAUM, to $29 billion driven by approximately $1.1 billion of net new business flows in the first quarter. Our spread results continue to track in line with historical trends, demonstrating our continued pricing discipline and active in-force management to achieve targeted spread. Total product net investment spread was 255 basis points in the quarter, And FIA net investment spread was 298 basis points. Adjusted net earnings for the first quarter were 78 million. Strong earnings were driven by steady spread results and AAUM growth. Net favorable items in the period were 12 million, primarily as a result of favorable mortality and investment income on CLO redemptions held at a discount to par. Adjusted net earnings excluding notable items were 66 million, up from 60 million in the fourth quarter, which included 4 million of higher strategic spend for faster-than-expected launch into new channels. Turning briefly to the investment portfolio, as of quarter end, the portfolio's net unrealized gain position remained strong at 1.1 billion, and there were no credit-related impairments in the quarter. In summary, we continue to execute on our plan coming out of the FNF acquisition, and we remain confident in our future prospects. With that, I will now turn the call over to Tony Park to review FNF's first quarter financial highlights.
spk01: Thank you, Chris. We generated $3.1 billion in total revenue in the first quarter, with the title segment producing $2.5 billion, F&G producing $539 million, and the corporate segment generating $42 million. First quarter net earnings were $605 million, which includes net recognized gains of $43 million versus net recognized losses of $320 million in the first quarter of 2020. The net recognized gains and losses in each period are primarily due to mark-to-market accounting treatment of equity and preferred stock securities, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio. Excluding net recognized gains and losses, our total revenue was $3.1 billion as compared with $1.9 billion in the first quarter of 2020. Adjusted net earnings from continuing operations were $455 million, or $1.56 per diluted share. The title segment contributed $395 million, F&G contributed $78 million, and the corporate and other segment had an adjusted net loss of $18 million. Excluding net recognized losses of $59 million, our title segment generated $2.6 billion in total revenue for the first quarter, compared with $1.9 billion in the first quarter of 2020. Direct premiums increased by 37% versus the first quarter of 2020. Agency revenue grew by 45%, and escrow, title-related, and other fees increased by 22% versus the prior year. Personnel costs increased by 18% and other operating expenses increased by 7%. All in, the title business generated a 19.9% adjusted pre-tax title margin representing a 550 basis point increase versus the first quarter of 2020. Interest income in the title and corporate segments of $29 million declined $24 million as compared with the prior year quarter due to reduction of short-term interest rates on our corporate cash balances and our 1031 exchange business. FNF debt outstanding was $2.7 billion on March 31st for a debt to total capital ratio of 24.6%. Our title claims paid of $46 million were $35 million lower than our provision of $81 million for the quarter. The carried reserve for title claim losses is currently $87 million or 5.7% above the actuary central estimate. We continue to provide for title claims at 4.5% of total title premiums. Finally, our title and corporate investment portfolio totals $5.9 billion at March 31st. Included in the $5.9 billion are fixed maturity and preferred securities of $2.3 billion with an average duration of 2.9 years and an average rating of A2, equity securities of $1.3 billion, short-term and other investments of $300 million, and cash of $2 billion. We ended the quarter with just over $1.1 billion in cash and short-term liquid investments at the holding company level. Let me now turn the call back to our operator to allow for any questions.
spk09: Thank you. Ladies and gentlemen, at this time, we will be conducting a question and answer session. If you'd like to ask a question, you may press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of John Campbell with Stevens. Please proceed with your question.
spk05: Hey, guys. Good morning. Congrats on a great quarter. Hey, thanks, John. Good morning. On the centralized refi channel, I just want to touch on that real fast. If you guys can maybe just talk to maybe the percent of refi orders running through that channel now and then just kind of directionally how the margins have looked in that channel over the last couple quarters.
spk06: Sure, John. It's Mike. Generally, Service Link has about 25% to 30% of our open refi volume. It can move around depending on the month, but that's a pretty good number over time. The first quarter margins were 36%, which is a really strong margin, obviously, in the centralized refi channel. I think that was up against 33% or so. Yeah, 33% in the prior year.
spk05: the prior year and you know we've had nice uh revenue growth there i think the revenue's up 81 percent uh quarter over quarter so you know pleased with what we've seen on the service link side and 34 in the fourth quarter of 2020. so pretty consistent yeah thanks okay that's helpful and then as we think about you know the prospects of refi maybe lightening up a little bit here next couple quarters um how easy is it to to protect that type of margin on the way down
spk06: Well, John, we'll do what we always do. As we see those volumes come out, particularly in refi, we'll have to adjust our expenses accordingly. Whether you can maintain a 36% margin is really a function of just how far it's falling off. But we're pretty confident that we can... We can manage the expenses as those orders fall off if they do.
spk05: Okay, it makes sense. And then the $1.1 billion of cash at the holding company level, that seems like that's way above what you guys typically carry. Any particular reason that's at such a high level and any thoughts about what you might do with that over the next couple quarters?
spk01: Yeah, John, this is Tony. It's a good question. And you're right, when you're generating the kind of cash flow that we are, it does accumulate. We started the quarter at about a billion dollars. We upstreamed from both regulated and unregulated subs about $400 million. We spent $107 million on our common dividend, about $30 million in interest expense, and as we mentioned earlier, $112 million in buybacks. So we landed a little over $1.1 billion at the end of Q1. You know, we'll look for various uses as we work our way through the year. Obviously, our dividend is very important to us, and that'll run us a little over $400 million for the course of 2021. We have about $80 million in interest expense obligations throughout the year. We have another roughly, we're about halfway through our commitment of $500 million in buybacks. So we have about $250 million left over the course of really into the third quarter to exhaust that commitment. And then the board will have to take a look at where we stand in terms of the authorization. But my expectation would be that they would strongly consider re-upping on the buyback if we continue to sit on large volume of cash, as I would expect we do. I mean, we're going to have a strong cash flow year, I believe, again, similar to what we did last year and the year before, probably well north of a billion dollars in cash flowing up to parent. So we'll see where we stand. I think you heard in Randy's comments, thoughts around F&G. We believe now it won't start until 2022, but we do believe that we'll be getting a return of capital from F&G based on our expectations and strategies there. So that'll just add to the corporate coffers in terms of cash flowing up to the parent. Now, we may provide some leverage. They have room to borrow on F&G's balance sheet. So we may provide some intercompany leverage to them to the tune of maybe $350 million. So that can be a use. And of course, M&A opportunities that show up on the title side, we're always looking. Some of those show up where we buy them within the title subs, and some of them use parent company cash. So I know kind of a long-winded explanation, but That's where we stand, and, of course, it's a good problem to have a billion-plus dollars in parent company cash.
spk05: Yeah, undoubtedly. That's a rich man's problem, so that's a good place to be for sure. If I could squeeze in maybe one more here, and I'm guessing this has fallen off probably a pretty good bit over the last, you know, call it two years, but how big is the 1031 exchange business now? How much are you guys generating out of that now?
spk06: Two. I don't have that number right in front of me.
spk01: Yeah, I do have on the interest side, which is, I would say, the biggest part of it. It's fallen off substantially. We were running, call it almost $19 million a quarter in interest income in our 1031 exchange business, and now it's running $4 million on a quarterly basis. So we've already seen that. In fact, we have seen that over the last, several quarters. I think our net spread there is something like 33 basis points, which is better than short-term money right now, but it's well off the almost 200 basis points that we were earning back before the Fed made those adjustments. In terms of falling off from a business standpoint, that hasn't happened at all. I mean, we're between, what, $4 and $5 billion in balance? Yeah, we're actually a little bit over $5 billion.
spk06: We're actually at record balance levels, John, and record transactional levels. But I did pull up a number while Tony was speaking. And because of the change in rates, even though we have record transaction levels, as I've said, and balances, our revenue first quarter over first quarter last year is down $9 million from $22 last year to $13 this year. And if you went back one more year, you know, there'd be another substantial fall off because this has been kind of a two-year falling knife, if you will, around the rates.
spk05: Yeah, makes sense. And I guess we'll have to wait and see what the Biden administration does with 1031 exchange. But $4 million a quarter seems like it's pretty bearable either way it goes. Okay. Thanks, guys.
spk09: Our next question comes from the line of Mark DeVries with Barclays. Please proceed with your question.
spk03: Yeah, I had a question about, you know, the implications of the, you know, the really robust home price appreciation we've been seeing for kind of average revenue per order. Is it still right to assume that roughly 50% of that gets kind of passed on? So if we've had, you know, 12% HPA over the last year that you've got a nice, let's call it 6% kind of tailwind to average revenue per order, kind of just ignoring the impact of mix?
spk01: Yeah, I think that's fair, Mark. I mean, 50% or 60%. It is kind of a staggered scale, so it's a little – I guess you earn more on a $200,000 home as a percentage than you do on a $300,000, so it's kind of a gradual increase. But, yeah, we certainly benefit from home price appreciation. I did some rough numbers and on the purchase, the refi side has been fairly consistent for a long period of time at roughly $1,000 in order, title and closing. On the purchase side though, I did some rough numbers. I think it was March to March or April to April and it looked to me like we've seen about a 14% increase in average fee per file. Now, some of that may be geography and deal size. but some of that certainly is going to be just home price appreciation.
spk03: Okay, that's helpful. And then if you could just give us some color on what you're seeing in your commercial pipeline, kind of deal size, kind of diversity of transactions you're seeing and how that's shaping up.
spk06: Sure, Mark. It's Mike. And, you know, as I said in the opener, we're very optimistic on commercial. A couple of data points. In the first quarter, Our average open orders per day were over 1,000 total commercial orders. We've never done that before, so that's a record. April was also over 1,000, so that just gives you an idea of sort of the transactional velocity we're seeing. We've also seen good growth in our national orders in the first quarter, up high single digits both to the fourth quarter last year and the first quarter last year. That's very encouraging. And I would say our national commercial managers are reporting and optimistic that we're seeing some bigger transactions coming back into play, some multi-sites. So I think that'll bode well as we get into the second and third quarters. Kind of from an asset class standpoint, it's pretty similar to what we've talked about before, still seeing strength and you know, multifamily and industrial. Those are probably, you know, the consistent strong asset classes across, you know, the past quarters. Energy, gaming, you know, kind of is in and out, but very good when we have it. And I think, you know, health and medical is another area that's a good segment. And I think people are optimistic that, you know, we might see some some improvement in some of the segments that have lagged more like retail and hospitality as we move into the year. And kind of on a geographic basis, you know, all markets are improving. And we're even seeing, you know, in New York where we've kind of had that as one of the tougher markets given the shutdowns there and other things, seeing a nice rebound there. And I think as the economy further opens up, it bodes very well for commercial.
spk03: Okay, and how are those commercial margins coming in relative to your average title margins?
spk06: First quarter, it looks like commercial margins were for our national operations, so not our total commercial because that's kind of embedded. We were at 26%, and our direct operations, which include local commercial, were just under 29%, so pretty similar. I think those national margins, our margins will kind of come up as we go through the year and we close more, you know, hopefully larger transactions and just more transactions overall.
spk03: Okay, great. Thank you.
spk09: Our next question comes from the line of Andrew Kligerman with Credit Suisse. Please proceed with your question.
spk04: Hey, good afternoon. So, you know, just following up on the earlier question about capital deployment, I think in the past we've talked about Fidelity National being able to run the Holdco unencumbered with up to as low as $150 million of cash. So the question is, where is a good place for it to be? I mean, what you were talking about being at $1.1 billion with a lot of cash flow coming up to the Holdco, you know, what's kind of a comfortable area where you'd like to be? And perhaps you could talk about some of the specific M&A opportunities that you might be seeing out there right now.
spk01: Yeah, just on the comfort level and in cash, $150 million is probably adequate only because we do expect, you know, recurring regular dividends up from our subs. Now, if we entered a period of time where, you know, the market were a little more challenging than you'd probably want to be sitting on a little more of that. You know, we have to be cognizant of debt as it comes due. Most of our debt's been extended out and is, frankly, pretty cheap. But we do have, I think, $400 million of debt coming due in September of 2022. So that's something that's in the back of the mind a little bit. But, yeah, I mean, it is a good problem to have to be flush with cash at this point. I think the buyback is second only maybe to the dividend. The buyback is very prominent. Do you guys want to comment a little bit on that? Yeah, I would just say this is Randy.
spk08: We probably have 15, 20 potential acquisitions around the country on the board. that we're looking at relative to the agency side of our business, some small, maybe some escrow companies, and then some medium to larger opportunities. But we always have those in the flow and work those pretty regularly. We don't know which ones are going to come to fruition yet, but we stay and play with that on a regular basis to kind of fill out our – our footprint, which is pretty extensive, but there's still more opportunities. We've got two or three that are on the board that look like that they might get to conclusion. We have our real estate technology companies. We're always looking at maybe adding to our menu of services in the lead generation business, the CRM business. we're staying in play. Uh, we just need to get to the, to the right deals. It makes sense. And then, uh, then we'll execute.
spk04: I see. So it sounds like there are some deals that could absorb, uh, the bulk of that, that, uh, cash at the hold co. No.
spk08: Well, I would say that these are not large, large deals and they take some time and, you know, we, we, we pass on, on many and then we, uh, move on others. But, uh, I don't know, Tony might talk about how that all adds up, but, uh,
spk01: But they are, for the most part, midsize acquisitions. I can see us spending $100 to $300 million maybe on title company acquisitions. I don't think it would be anything more than that. Got it.
spk04: And, you know, just a quick follow-up on that, you know, really solid answer to the commercial question. So, I mean, with closed orders up 12% in the quarter, open orders up 10%, it kind of, the read through would be that it could be that or even better as we go through the year. Was that the right read on your earlier response?
spk06: Well, you mean in terms of that being the trend for future quarters? Yeah. Open and closed? I don't know that I'm saying that, Andrew, because you, you know, you have more volatility really in commercial order flow quarter to quarter, but we are seeing record levels of commercial orders right now, and that really bodes well for, I think, closings as we go through the next few quarters, and also encouraged by the improvement in orders in the national operations, which probably bore a little bit more of the brunt of the fall-off in the pandemic last year. And just as maybe a reminder, we have 21 national commercial offices, and they generate about 60% of the total revenue in commercial in the company. So they're very, very important. And then about 40% is done through our local distributed footprint that's also handling residential refinance and purchase transactions.
spk04: Got it. And just one last one for Chris. The MIGA business, at uh you know 460 million in retail value i think that was fourfold versus last year in the same quarter um and and it sounds like it's these new channels but but maybe chris could you give a little color on you know has that number kind of leveled out do you think it could grow a lot and uh what's the competitive landscape are you getting good returns in that business
spk07: Yeah, all great questions. So, yeah, that business has been quite steady. As you know, it's a core product for banks in particular, unlike the independent agent channel where we were always quite competitive, but it was much more of an opportunistic or secondary product for that channel. So I do think we're going to continue to see growth there. We do like the returns that we're getting. Obviously, it's not the same margin that we get on FIA sales, but what we're really pleased with is Where we're selling fixed annuities, we are getting the flow through and also selling indexed annuities. So it is a bit of a door opener. It's a very easy thing. It's an excuse for new producers to get licensed with your company, learn the F&G story. So what we're most pleased with is that is then translating into the cross-sale and getting them interested in our FIA products. So we feel really, really good about the direction of the channel right now. And the other is just banks are drowning in deposits. I mean, you probably read this everywhere, but the numbers are just astronomical, and they don't have any place to put the money. And, you know, annuity revenues have become a meaningful source of revenue for the banks. So they're not only not fighting it, they're quite supportive of us selling fixed annuities through their channels.
spk04: Thanks, Chris.
spk09: As a reminder, ladies and gentlemen, it is star one to ask a question. Our next question comes from the line of Bose George with KBW. Please proceed with your question.
spk00: Hey, guys. Good afternoon. Hey, Bose. All the questions. So first on the margin side, what was the margin on the agent channel in the quarter?
spk01: The agency margin for the quarter was 10%, which is – Boy, it might be the best quarter we've ever had or right there with the best quarter we've had in terms of agency. That compares up against 7.9% in the prior year. Actually, the fourth quarter was 10.4%. So we're just down from the fourth quarter, but still a really strong margin. And I think fourth quarter was a record at 10.4%. Okay, great.
spk00: Thanks. And then switching to S&G, in terms of the operating earnings this quarter of Should we just sort of pull out that, I guess, 12 million of whatever one-time items? Is that kind of a reasonable run rate?
spk07: Yeah, I'd probably say maybe pull out half of it. And the reason I say that is we've had very consistent mortality gains in our SPIA book, our immediate annuity book. It's a very, let's say it in a polite way, it's an old group of policies, so average age is in the 80s. So there's more upside than downside there. So that's core. Clearly, we saw some elevated mortality gains, and I suspect we're doing the analysis. I suspect it's sadly COVID-related. So I think if you look back over time, we've averaged probably 6 million a quarter last year of positive gain there. This one was 16. So, you know, if you said the 66 versus the 78, it's probably somewhere in between the two.
spk00: Okay, that's great. That's helpful. Thanks. And then, let's see, just one follow-up on the question about the 1031. In terms of transactions, commercial transactions, if it's a 1031 transaction that's happened, do you know what percentage that is of your transactions? Or when it takes place, you don't necessarily know if it's a 1031 or not? Or is there just any color for the percentage of that volume as a total commercial volume?
spk06: I don't think we have that number yet.
spk01: Tony, I just don't think we have that. I don't either. I mean, not every 1031 exchange is a commercial. No, there's a lot of residential, actually, 1031s. Yeah. I think we've also learned, just looking at the proposed tax policy, which certainly isn't policy yet, at least I learned that a lot of our transactions are actually well below $500,000 in proceeds. I mean, I don't know how much of the gain is included in that, but the fact that $500,000 is proceeds, you know the gain is lower than that. And so there's really a lot that I guess would be unimpacted by policy change, right?
spk00: Okay, that's helpful. Okay, great. Thanks a lot, guys.
spk01: Thanks, both of you.
spk09: There are no further questions in the queue. I'd like to hand the call back to Randy Quirk for closing remarks.
spk08: Thank you. We are very pleased with our first quarter title results as the year is off to a great start. Our team continues to execute, delivering industry-leading performance. In addition to our title results, F&G's strong results, solid investment portfolio, and growth initiatives remain on track, and we look forward to their further execution on these initiatives in 2021. Lastly, our capital allocation priorities remain focused on deploying capital in a way that best maximizes shareholder value through our quarterly dividend, share repurchases, and continued investment in our business. We look forward to speaking with you and updating you on our second quarter earnings call. Thank you.
spk09: Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
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