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28 February, 2024 17:35 IST
Fidelity National Financial first-quarter earnings decline by 2.70 percent on a YOY basis
Source: IRIS | 13 Jun, 2017, 12.30PM

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 Fidelity National Financial, Inc. (FNF) has reported a 2.70 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $72 million in the quarter, compared with $74 million for the same period last year.    

Revenue during the quarter grew 8.25 percent to $2,217 million from $2,048 million in the previous year period. Net premium earned for the quarter increased 10.08 percent or $96 million to $1,048 million.

Total expenses move up
Benefits, losses and expenses for the quarter were at $2,056 million, or 196.18 percent of premium earned from $1,917 million or 201.37 percent of premium earned in the last year period. Operating income for the quarter was $161 million, compared with $131 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $295 million compared with $251 million in the prior year period. At the same time, adjusted EBITDA margin improved 105 basis points in the quarter to 13.31 percent from 12.26 percent in the last year period.

Life insurance division has clocked in a premium of $465 million on net basis during the quarter, up 10.19 percent or $43 million. At the same time, net premium received from other insurance division for the quarter was at $583 million, up 10 percent or $53 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 11.42 percent or $89 million to $868 million. The company has booked a loss on investments of $1 million in the quarter compared with a loss of $6 million for the previous year period.

 

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