Fidelity National Financial (FNF) Barclays 24th Annual Global Financial Services Conference summary

Third quarter trends and outlook

• Purchase open orders outperformed last year every month through August, with August showing 6% year-over-year growth.

• Refinance volumes declined sharply in Q3, with August seeing a mid-30% decrease.

• Commercial segment remained strong, with total opens up 6% through August and 8% in August alone.

• Outlook for 2026-2027 depends on interest rates; easing rates could drive meaningful increases in home buying and refinancing.

Commercial sector performance

• Commercial activity is broad-based across industrial, multifamily, energy, affordable housing, retail, and hospitality, with office as the only weak segment.

• National revenue and fee growth outpaced local, driven by larger deal sizes.

• 29 deals over $1 million in premiums closed in Q2, spanning diverse sectors including data centers and energy.

• Data center transactions remain robust, with forecasts suggesting continued activity for 3-4 years despite some community pushback.

Margins, recruiting, and technology

• Title margin was 15.7% in H1; recruiting expenses may pressure Q3 margins, but volume and operational response are key drivers.

• Long-term margin improvement expected from technology and AI-driven efficiencies.

• Recruiting is ongoing and opportunistic, with recent quarters showing strong talent acquisition.

• In a normalized market, margins are expected at the upper end of the 15%-20% range, with potential to exceed 20% as technology and AI benefits compound.