Fidelity National Financial ( NYSE: FNF ) stock dipped 2% in Wednesday after-hours trading after the insurer's Q4 earnings and revenue each fell short of Wall Street expectations partly due to a decline in institutional sales during the quarter.
"While our open orders decelerated through the year, we continued to aggressively manage our expense structure much like we have done in previous cycles with a focus on reducing costs," said CEO Mike Nolan.
Q4 adjusted EPS of $1.06, missing the average analyst estimate of $1.16, dropped from $2.34 in the year-ago quarter.
Revenue of $2.55B for the three months ended Dec. 31, 2022, vs. $2.98B consensus, advanced from $4.80B for the three months ended Dec. 31, 2021.
F&G total gross sales were $2.72B, up from $2.20B in Q4 2021, reflecting record retail sales, partially offset by lower institutional sales. F&G assets under management stood at $43.57B versus $36.49B a year before. F&G Annuities & Life ( FG ), a provider of insurance solutions tailored to retail annuity and life customers and funding agreement and pension risk transfer institutional clients, is a majority-owned subsidiary of FNF.
Conference call on Feb. 23 at 11:00 a.m. ET.
Earlier, Fidelity National Financial non-GAAP EPS of $1.06 misses by $0.10, revenue of $2.55B misses by $430M .
For further details see:
Fidelity National Financial Q4 results miss as institutional sales, open orders slide