Industry News

Fidelity National Financial profits down further on restructuring

Title insurance, mortgage loan processing now separate companies

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Profits were down at Fidelity National Financial in 2006 as the company completed a restructuring that separates the company's title insurance and mortgage loan processing divisions into separate companies. The reorganization eliminated a holding company structure, with Fidelity National Title assuming the name and stock market ticker symbol (FNF) of its former parent, Fidelity National Financial. FNF's mortgage loan processing division, Fidelity National Information Services Inc., is now a separate company, trading as FIS. At $71.2 million, or 34 cents per share, fourth-quarter earnings at Fidelity National Financial were down 38 percent from the $115.2 million posted in the fourth quarter of 2005. Earnings for the year were $437.8 million, or $2.39 per share, down from $964.1 million, or $5.43 per share, in 2005. Those results, however, include only results of FNF's former subsidiary, Fidelity National Information Services, through Oct. 23. Costs related to the reorganization w...