Fidelity National Financial, Inc.

Good morning and welcome to FNF's first quarter 2026 earnings call. During today's presentation, all callers will be placed in listen-only mode. Following management's prepared remarks, the conference will be opened for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Thanks, Operator, and welcome, everyone. I'm joined today by Mike Nolan, CEO, and Tony Parks, CFO. We look forward to addressing your questions following our prepared remarks. F&G's management team, including Chris Blunt, CEO, and Connor Murphy, President and CFO, will also be available for Q&A. Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy. Please refer to our most recent quarterly and annual reports and other SAC filings for details on important factors that could cause actual results to differ materially from those expressed or implied. This morning's discussion also includes non-GAAP measures which management believes are relevant in assessing the financial performance of the business. Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company's investor website. Please note that today's call is being recorded and will be available for webcast replay. And with that, I'll hand the call over to Mike Nolan.

Thank you, Lisa, and good morning. Our combined business continued to deliver outstanding financial results through the first quarter, starting with title. we delivered adjusted pre-tax title earnings of $268 million, up 27% over the first quarter of 2025. This generated an industry-leading adjusted pre-tax title margin of 13.1% for the first quarter, an increase of 140 basis points over 11.7% in the first quarter of 2025. Our first quarter results reflect continued strong performance across the business, highlighted by strength in our direct commercial, refinance, and agency businesses. Additionally, our disciplined expense management drove strong incremental margins. Looking at our title results more closely, on the purchase front, we saw typical first quarter seasonality with sequential improvement coming off the fourth quarter, while existing home sales remained well below the historical average Our daily purchase orders opened were up 2% over the first quarter of 2025, up 25% over the fourth quarter of 2025, and up 4% for the month of April versus the prior year. Our refinance volumes continue to be responsive to 30-year mortgage rates. This boosted refinance orders open to 2,000 per day in the first quarter as mortgage rates moved into the low 6% level. Volumes subsequently moderated to 1,600 per day in the month of April as mortgage rates moved higher. Our refinance orders open per day were up 52% over the first quarter of 2025, up 16% over the fourth quarter of 2025, and up 13% for the month of April versus the prior year. For commercial, volumes continued to be strong. with direct commercial revenue of $338 million in the first quarter, up 15% over $293 million in the first quarter of 2025. This was driven by a 22% increase in national revenues and an 8% increase in local revenues. We continue to see growth in both national and local market daily orders opened, with each up 5% over the first quarter of 2025. Total commercial orders opened were 906 per day, up 5% over the first quarter of 2025, up 11% over the fourth quarter of 2025, and up 9% for the month of April versus the prior year. We also have a strong inventory of commercial deals slated to close, diversified across a broad set of asset classes, including industrial, data centers, multifamily, affordable housing, retail, and energy. To bring it all together, total orders opened averaged 6,400 per day in the first quarter, with January at 5,900, February at 6,500, and March at 6,600. For the month of April, total orders opened were 6,200 per day, which was up 7% over the prior year. As we enter the second quarter, I want to address a question we hear frequently. How do we think about our 15 to 20% targeted annual range for adjusted pre-tax title margin? Let me start with what we've already demonstrated. Existing home sales have been near 4 million units for more than three consecutive years, among the lowest levels in three decades, while mortgage rates have remained elevated. And yet, we've delivered an industry-leading full-year 2025 adjusted pre-tax title margin of 15.9%. That is the direct result of our scale, decades of investment in technology and automation, and our disciplined operating model that have continued to strengthen the earnings power of this business. We are confident that we can continue to deliver within our 15 to 20% annual range, even if total residential volumes remain at current levels over the near term. Once mortgage rates improve, We believe residential purchase and refinance activity will accelerate and trend toward historical levels. This recovery represents additional earnings power given the operational leverage that we have built into our model. Beyond a residential volume recovery, the benefits of our continuous investments in technology and AI have the potential to further enhance our business. I want to spend a few minutes on AI what we are doing and what it means for our business. F&F and the title industry hold a unique position in real estate transactions. We do not sit next to the real estate transaction. We sit inside the transactions, orchestrating complex multi-party settlements, safeguarding the movement of funds, and mitigating fraud in every transaction. By embedding AI tools into these workflows, we can drive significant value by enhancing efficiency and our customers' experience, reducing risk, and strengthening fraud prevention across real estate transactions. These gains come from having highly curated, deep sets of transactional data to augment AI. We have built our proprietary data by closing and insuring millions of transactions. It cannot be replicated by simply digitizing public records. regardless of how sophisticated technology becomes. As we build out our AI capabilities, we are leveraging this proprietary data alongside our deep experience and historical knowledge. And this is what sets FNF apart. Usage of AI tools by our employees is growing, with more than half of our workforce using AI tools regularly. And we are deploying customized solutions across our title, and escrow operations, as well as within ServiceLink, loan care, our real estate technology companies, agency operations, and software development. Importantly, we are focused on implementing AI responsibly and compliantly with appropriate governance, human oversight, and risk and regulatory controls in place. We have deliberately avoided a concentrated bet on any single model or platform. Instead, we are deploying AI directly with the data and workflows each team already owns inside or alongside the technology they already use. While we already have a highly automated process for searching county records, we believe AI will have a meaningful benefit to other significant areas of real estate transactions as we integrate AI capabilities end-to-end throughout the entire title and settlement process. We are confident that our scale, our proprietary data, our fully deployed technology, and our financial strength will continue to position FNF as an industry leader and place us at the forefront of shaping changes in our industry in a way that continues to bring value to our customers, shareholders, and employees. Turning now to our F&G segment, F&G's assets under management before reinsurance have grown to nearly $75 billion at March 31st, up 11% over the prior year. On a standalone basis, F&G reported GAAP equity excluding AOCI of $6.2 billion at quarter end and has grown its book value per share excluding AOCI to $46.51, up 70% since the 2020 acquisition. F&G's diversified, self-funding capital model is supported by its annual in-force capital generation and third-party capital through their reinsurance sidecar and strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth and return capital to F&G shareholders through dividends and opportunistic share repurchases. We are very pleased with F&G as they continue to execute on their strategy toward a more fee based, higher margin and less capital intensive business model with a focus on growing the core business and creating long term shareholder value. Before I turn the call over to Tony, I want to take a moment to recognize our employees. I'd like to extend my sincere thanks for their continued dedication to our customers their focus on execution, and their embrace of the innovation and technology that is driving this business forward. They are the foundation of everything we are building. With that, let me now turn the call over to Tony to review FNF's first quarter financial performance and provide additional insights.