Fidelity National Financial, Inc. (FNF) has reported 18.18 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $156 million in the quarter, compared with $132 million for the same period last year.
Revenue during the quarter grew 5.23 percent to $2,517 million from $2,392 million in the previous year period. Net premium earned for the quarter increased 8.37 percent or $98 million to $1,269 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $2,246 million, or 176.99 percent of premium earned from $2,154 million or 183.95 percent of premium earned in the last year period. Operating income for the quarter was $271 million, compared with $238 million in the previous year period.
Life insurance division has clocked in a premium of $556 million on net basis during the quarter, up 6.11 percent or $32 million. At the same time, net premium received from other insurance division for the quarter was at $713 million, up 10.20 percent or $66 million from year-ago period.
Net investment income was at $29 million for the quarter, down 3.33 percent or $1 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 11.50 percent or $98 million to $950 million. The company has booked a loss on investments of $4 million in the quarter compared with a loss of $10 million for the previous year period.
"This was another strong quarter in our title insurance business, as we generated adjusted pre-tax title earnings of $295 million and a 15.8% adjusted pre-tax title margin," said chairman William P. Foley, II. "We benefited from the continued mid-single digit growth in the residential purchase market and the strength of the residential refinance market. However, we did experience a slowdown in commercial revenue in the third quarter, primarily driven by a decrease in the fee per file."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
