Fidelity National Financial Inc., Jacksonville, Fla., reported net earnings of $131 million for the fourth quarter and $370 million for the full year 2010, both showing improvements over the $69 million and $222 million earned in the same periods in 2009.
Its title insurance operations had pre-tax earnings in the fourth quarter of $207 million, up from $111 million one year prior. For all of 2010, the unit had pre-tax earnings of $491 million, compared with $373 million in 2009.
Direct orders opened were 611,300 for the fourth quarter, with 236,700 coming in October and 210,700 in November; there were just 163,900 orders opened in December.
While commercial title orders closed in the fourth quarter were approximately 400 fewer than the previous year, FNF had $99 million in revenue and $7,900 in fees per file from this segment, up from $61 million and $4,700 respectively one year prior.
Earlier this month, FNF increased its holdings in Remy International, an auto parts manufacturer by 9.9 million shares, giving it a total of $14.8 million shares or a 47% stake in the company. William P. Foley, FNF chairman said "we can now turn our focus to a number of strategic alternatives for Remy that could generate meaningful value for FNF shareholders during 2011."
Overall, FNF's investment and portfolio companies generated $145 million in pre-tax gains in 2010. Other companies FNF has an ownership stake in include Ceridian, a human resources and payroll solutions provider; Cascade Timberlands; American Blue Ribbon Holdings; as well as 1.6 million shares of its former subsidiary, FIS.
