Fidelity National Financial (FNF) has reported 60.43 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $223 million in the quarter, compared with $139 million for the same period last year.
Revenue during the quarter grew 9.76 percent to $2,507 million from $2,284 million in the previous year period. Net premium earned for the quarter increased 14.20 percent or $158 million to $1,271 million.
Total expenses move up marginallyBenefits, losses and expenses for the quarter were at $2,145 million, or 168.76 percent of premium earned from $2,060 million or 185.09 percent of premium earned in the last year period. Operating income for the quarter was $362 million, compared with $224 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $412 million compared with $336 million in the prior year period. At the same time, adjusted EBITDA margin improved 172 basis points in the quarter to 16.43 percent from 14.71 percent in the last year period.
Life insurance division has clocked in a premium of $579 million on net basis during the quarter, up 11.13 percent or $58 million. At the same time, net premium received from other insurance division for the quarter was at $692 million, up 16.89 percent or $100 million from year-ago period.
Net investment income was at $33 million for the quarter, up 10 percent or $3 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 12.76 percent or $103 million to $910 million. The company has booked a loss on investments of $7 million in the quarter compared with a gain of $6 million for the previous year period.
"This was a great finish to another strong year for our title insurance business, as we generated fourth quarter adjusted pre-tax title earnings of $292 million and a 15.8% adjusted pre-tax title margin," said chairman William P. Foley, II. "For the full-year 2016, we produced more than $1 billion in adjusted pre-tax title earnings and a 14.7% adjusted pre-tax title margin. We continue to benefit from a solid residential purchase market, as open and closed purchase orders grew by 5% and 10%, respectively, in the fourth quarter. The residential refinance market also finished the year strong, with 13% growth in open refinance orders and 47% growth in closed refinance orders. Total commercial revenue of $285 million was our second highest quarterly figure ever and a 6% decline from the record fourth quarter of 2015. Overall, we are proud of our performance in 2016 and we enter 2017 optimistic that an improving economy will continue to benefit the real estate market and provide the opportunity for another successful year for our title insurance business.
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