Fidelity National Financial, Inc. (NYSE:FNF) Q2 2019 Earnings Conference Call - Final Transcript
Jul 17, 2019 • 11:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the FNF 2019 Second Quarter Earnings Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]
I would now like to turn the conference over to your host, Dan Murphy. Please go ahead.
Daniel Kennedy Murphy
Thank you. Good morning, everyone, and thank you for joining us for our second quarter 2019 earnings conference call. Joining me today are CEO, Randy Quirk; President, Mike Nolan; CFO, Tony Park; and EVP, Brent Bickett. We'll begin with a brief strategic overview from Randy. Mike will review the title business, and Tony will finish with a review of the financial highlights. We'll then open the call for your questions and finish with some concluding remarks from Randy.
This conference call may contain forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our expectations, hopes, intentions or strategies regarding the future, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future financial and operating results, and are not statements of fact, actual results may differ materially from those projected.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties, which forward-looking statements are subject to include, but are not limited to, the risks and other factors detailed in our press release dated yesterday and in the statement regarding forward-looking information, risk factors and other sections of the Company's Form 10-K and other filings with the SEC.
This conference call will be available for replay via webcast at our website at fnf.com. It will also be available through phone replay beginning at 1.00 PM Eastern Time today, through July the 24th. The replay number is 800-475-6701, and the access code is 469222.
Let me now turn the call over to our CEO, Randy Quirk.
Raymond R. Quirk
Thank you, Dan. The second quarter was a very strong performance for our title business, as we generated adjusted pre-tax title earnings of $363 million and a 17.7% adjusted pre-tax title margin, both of which were our best quarter performance since the third quarter of 2003, nearly 16 years ago. I will let Mike go into more detail on the title business. With respect to the acquisition of Stewart Information Services, we recently exercised our second option to extend the closing date of the transaction an additional three months to September 18, 2019. We continue to work with the FTC and the New York State Department of Financial Services to seek approval of the proposed acquisition and we have meetings scheduled with the FTC in both July and August. If the approvals are obtained, we remain confident that the Stewart acquisition can create meaningful long-term value for our shareholders. We are not able to further comment or take