Title insurance giant Fidelity National Financial, Jacksonville, Fla., earned $83.2 million in the third quarter, a 14% rise from the same period a year ago, citing strong business inflows thanks to rising refinancings.
"This was another solid quarter for our title insurance business," said company chairman William P. Foley. "In particular, refinance order volumes showed strength throughout the quarter, moving from 10,500 orders a day in July to more than 11,400 open orders per day in both August and September."
Pre-tax profits in its title insurance group rose 13%. Total company revenue fell slightly during the quarter to $4.13 billion.
Foley noted that the current foreclosure crisis should not have a "material adverse impact" on the firm's title business.
Besides being a title insurance provider, Fidelity offers specialty coverage including flood insurance and home warranties.
