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Fidelity National Financial, Inc.

FNF

2025 Q2

Financial Services

2mo

Impact of Elevated Health Claims on Title Margin

The second quarter saw a $12 million increase in health claims, representing a 60 basis point impact on the title margin.
Management expects these elevated health claims to remain for the rest of 2025 before normalizing in 2026.
Despite higher expenses, the core Title and Agency Title businesses performed well, maintaining healthy margins.
The increase was driven by high-cost claimants, with some claims exceeding $100,000, affecting the overall claims reserve.
Management indicated that these claims are a temporary blip and actions will be taken to mitigate future costs, such as plan design adjustments.
The elevated claims impacted personnel costs indirectly through health-related expenses but did not affect operational margins.

Fidelity National Financial, Inc.

FNF

2025 Q2

Financial Services

2mo

28% Increase in Refinance Orders Opened

28% increase

Refinance orders opened were up 28% over the second quarter of 2024 with just a modest movement in mortgage rates.

Arch Capital Group Ltd.

ACGL

2025 Q2

Financial Services

2mo

Impact of MidCorp Acquisition on Underwriting Performance and Margins

The integration of the MidCorp and entertainment units is on track, with nearly complete book rollover.
MidCorp's acquisition increased the current accident year ex-catastrophe combined ratio by 40 basis points, but also lowered operating expenses by 40 basis points.
The acquisition is expected to improve margins over time, with ongoing work to enhance underwriting performance and strategic value.

Essent Group Ltd.

ESNT

2025 Q2

Financial Services

2mo

Impact of Rising Interest Rates on Mortgage Portfolio and Earnings

Management highlighted that higher interest rates have positively influenced investment income and mortgage persistency, contributing to strong earnings despite a slight decline in net income from $204 million to $195 million year-over-year.
The company benefits from a high-quality insured portfolio with embedded equity, which reduces default-to-claim transition probability, providing a buffer against potential credit deterioration.
The second quarter saw a 3% increase in U.S. mortgage insurance in force to $247 billion, with a stable weighted average FICO score of 746, indicating maintained credit quality amid rising rates.
Persistency remained high at 86%, supported by nearly half of the portfolio having a note rate of 5% or lower, which is expected to sustain elevated levels in the near term.
Management emphasized that the macroeconomic environment, including interest rates, is favorable for the company's buy, manage, and distribute operating model, enabling high-quality earnings.

First American Financial Corporation

FAF

2025 Q3

Financial Services

Financial Performance Summary

Adjusted consolidated revenue grew 14% year-over-year.
Adjusted earnings per share (EPS) of $1.70 for Q3 2025, a 27% increase year-over-year.
Commercial revenue increased 29%, with a record average revenue per order of over $16,000.
GAAP earnings per diluted share were $1.84.
Home Warranty pretax income rose 80%, driven by a lower loss rate.
Investment income grew 12% to $153 million, with net investment gains of $6 million compared to losses last year.
Purchase revenue declined 2% due to reduced demand for new homes.
Refinance revenue increased 28%, though it accounted for only 6% of direct revenue.

First Hawaiian, Inc.

FHB

2025 Q2

Financial Services

3mo

Impact of California Tax Law Change on Bank's Financials

The bank experienced a net benefit of $5.1 million due to a change in California tax law.
Management emphasized the significance of this tax law change as a notable, non-recurring positive impact on the second quarter results.

NerdWallet, Inc.

NRDS

2025 Q2

Financial Services

2mo

Impact of Platform Transition on Insurance Revenue

NerdWallet experienced a temporary disruption in its insurance shopping funnel due to transitioning to a new platform partner, which caused a 26% quarter-over-quarter decline in insurance revenue.
The platform transition was completed in mid-July, after which insurance revenue rebounded to levels similar to the previous year, indicating a short-term impact.
Management highlighted that the transition was necessary to improve economics and features, aiming for better long-term growth and efficiency in insurance referrals.

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Impact of Elevated Health Claims on Title Margin

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