FNF Regains Profitability in 2009

Fidelity National Financial Inc., Jacksonville, Fla., has reported a net profit of $69 million for the fourth quarter 2009 and a net profit of $222 million for the full year. This is a turnaround from losses of $15 million and $179 million for the same periods in 2008 respectively. Direct orders opened in the fourth quarter 2009 were 550,600 (up from 428,000 one year prior) and 2.6 million for the full year 2009, up from 1.86 million for 2008. However, actual title claims paid in the fourth quarter 2009 were $149 million, vs. $50 million for the fourth quarter 2008. There were $388 million in actual title claims paid for all of 2009, compared with $278 million in 2008. Among the highlights of 2009, said FNF chairman William P. Foley II, was the return to profitability of the former LandAmerica units, Lawyers Title and Commonwealth Title, and the completion of their integration into the company during the second quarter, with a cost reduction of $265 million. Also in 2009, FNF reduced its outstanding debt by $490 million, while raising $460 million in equity.