Fidelity National Financial Inc (FNF) 2026 Q1 法說會逐字稿

Good morning and welcome to FNF's first-quarter 2026 earnings call. (Operator Instructions)

早安，歡迎參加 FNF 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

現在我想把電話交給投資人與對外關係資深副總裁 Lisa Foxworthy-Parker。請開始。

Thanks, operator, and welcome, everyone. I'm joined today by Mike Nolan, CEO; and Tony Park, CFO. We look forward to addressing your questions following our prepared remarks. F&G's management team, including Chris Blunt, CEO; and Conor Murphy, President and CFO, will also be available for Q&A.

謝謝，接線員，也歡迎各位。今天與我一同出席的有執行長 Mike Nolan，以及財務長 Tony Park。在我們的準備講稿之後，我們期待回答各位的問題。F&G 的管理團隊也將出席問答，包括執行長 Chris Blunt，以及總裁兼財務長 Conor Murphy。

Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied.

今天的財報電話會議可能包含依據《私人證券訴訟改革法》所作的前瞻性陳述與預測，該等陳述不保證未來事件或績效。我們不承擔任何義務修訂或更新此類陳述，以反映新資訊、後續事件或策略變更。有關可能導致實際結果與明示或暗示內容出現重大差異的重要因素，請參閱我們最近的季度與年度報告及其他向 SEC 提交的文件。

This morning's discussion also includes non-GAAP measures, which management believes are relevant in assessing the financial performance of the business. Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company's investor website.

今天上午的討論亦包含非 GAAP 指標，管理層認為這些指標有助於評估本業務的財務表現。依 SEC 規則之要求，非 GAAP 指標已在公司投資人網站所提供的財報資料中，於需要時與 GAAP 進行調節。

Please note that today's call is being recorded and will be available for webcast replay.

請注意，今天的電話會議將被錄音，並提供網路重播。

And with that, I'll hand the call over to Mike Nolan.

接下來，我把電話交給 Mike Nolan。

Thank you, Lisa, and good morning. Our combined business continued to deliver outstanding financial results through the first quarter. Starting with Title, we delivered adjusted pre-tax Title earnings of $268 million, up 27% over the first quarter of 2025. This generated an industry-leading adjusted pre-tax Title margin of 13.1% for the first quarter, an increase of 140 basis points over 11.7% in the first quarter of 2025.

謝謝你，Lisa，早安。我們的合併業務在第一季持續交出亮眼的財務成果。先從產權保險（Title）來看，我們第一季調整後稅前 Title 盈利為 2.68 億美元，較 2025 年第一季成長 27%。這帶動第一季業界領先的調整後稅前 Title 利潤率達 13.1%，較 2025 年第一季的 11.7% 提升 140 個基點。

Our first quarter results reflect continued strong performance across the business, highlighted by strength in our direct commercial, refinance, and agency businesses. Additionally, our disciplined expense management drove strong incremental margins.

我們第一季的結果反映業務各面向持續強勁的表現，亮點包括直營商業、不動產再融資，以及代理業務的強勢。此外，我們嚴謹的費用管理也帶動強勁的增量利潤率。

Looking at our Title results more closely, on the purchase front, we saw typical first quarter seasonality with sequential improvement coming off the fourth quarter. While existing home sales remain well below the historical average. Our daily purchase orders opened were up 2% over the first quarter of 2025, up 25% over the fourth quarter of 2025, and up 4% for the month of April versus the prior year.

更深入看 Title 的表現，在購屋端，我們看到典型的第一季季節性，較第四季呈現連續改善。雖然成屋銷售仍遠低於歷史平均。我們每日新開立的購屋訂單較 2025 年第一季增加 2%，較 2025 年第四季增加 25%，且 4 月份較去年同期增加 4%。

Our refinance volumes continue to be responsive to 30-year mortgage rates. This boosted refinance orders open to $2,000 per day in the first quarter as mortgage rates moved into the low 6% level. Volumes subsequently moderated to $1,600 per day in the month of April as mortgage rates moved higher. Our refinance orders open per day were up 52% over the first quarter of 2025, up 16% over the fourth quarter of 2025, and up 13% for the month of April versus the prior year.

我們的再融資量持續對 30 年期房貸利率變動保持敏感。當房貸利率降至 6% 出頭時，第一季每日未結再融資訂單提升至 2,000 筆。隨後因房貸利率走高，4 月份的量回落至每日 1,600 筆。我們每日未結再融資訂單較 2025 年第一季增加 52%，較 2025 年第四季增加 16%，且 4 月份較去年同期增加 13%。

For commercial, volumes continued to be strong, with direct commercial revenue of $338 million in the first quarter, up 15% over $293 million in the first quarter of 2025. This was driven by a 22% increase in national revenues and an 8% increase in local revenues.

在商業端，量能持續強勁，第一季直營商業收入為 3.38 億美元，較 2025 年第一季的 2.93 億美元成長 15%。這主要來自全國性收入成長 22%，以及地方性收入成長 8%。

We continue to see growth in both national and local market daily orders opened, with each up 5% over the first quarter of 2025. Total commercial orders opened were 906 per day, up 5% over the first quarter of 2025, up 11% over the fourth quarter of 2025, and up 9% for the month of April versus the prior year.

我們持續看到全國與地方市場每日新開立訂單均成長，各自較 2025 年第一季增加 5%。商業訂單新開立總量為每日 906 筆，較 2025 年第一季增加 5%，較 2025 年第四季增加 11%，且 4 月份較去年同期增加 9%。

We also have a strong inventory of commercial deals slated to close, diversified across a broad set of asset classes, including industrial, data centers, multifamily, affordable housing, retail, and energy. To bring it all together, total orders opened averaged $6,400 per day in the first quarter, with January at $5,900, February at $6,500, and March at $6,600. For the month of April, total orders opened were 6,200 per day, which was up 7% over the prior year.

我們也擁有強勁的待結案商業交易庫存，並分散於多元資產類別，包括工業、資料中心、多戶住宅、平價住宅、零售與能源。綜合來看，第一季每日新開立訂單平均為 6,400 筆，其中 1 月為 5,900 筆、2 月為 6,500 筆、3 月為 6,600 筆。4 月份每日新開立訂單為 6,200 筆，較去年同期增加 7%。

As we enter the second quarter, I want to address a question we hear frequently. How do we think about our 15% to 20% targeted annual range for adjusted pre-tax Title margin? Let me start with what we've already demonstrated.

進入第二季之際，我想回應一個我們經常被問到的問題。我們如何看待調整後稅前 Title 利潤率每年 15% 至 20% 的目標區間？我先從我們已經證明的成果談起。

Existing home sales have been near 4 million units for more than three consecutive years. Among the lowest levels in three decades, while mortgage rates have remained elevated. And yet, we've delivered an industry-leading full-year 2025 adjusted pre-tax Title margin of 15.9%. That is the direct result of our scale, decades of investment in technology and automation, and our disciplined operating model that have continued to strengthen the earnings power of this business.

成屋銷售量已連續三年多維持在約 400 萬戶。在過去三十年中屬於最低水準之一，同時房貸利率仍維持在高檔。然而，我們仍交出 2025 年全年業界領先的調整後稅前 Title 利潤率 15.9%。這是我們規模優勢、數十年在科技與自動化上的投資，以及嚴謹的營運模式所帶來的直接成果，並持續強化此業務的獲利能力。

We are confident that we can continue to deliver within our 15% to 20% annual range, even if total residential volumes remain at current levels over the near term. Once mortgage rates improve, we believe residential purchase and refinance activity will accelerate and trend toward historical levels.

我們有信心，即使短期內整體住宅量能維持在目前水準，我們仍能持續達成每年 15% 至 20% 的區間目標。一旦房貸利率改善，我們相信住宅購屋與再融資活動將加速，並朝歷史水準回升。

This recovery represents additional earnings power, given the operational leverage that we have built into our model. Beyond a residential volume recovery, the benefits of our continuous investments in technology and AI have the potential to further enhance our business.

鑑於我們在模型中建立的營運槓桿，這波復甦將代表額外的獲利動能。除了住宅量能回升之外，我們持續在科技與 AI 的投資所帶來的效益，也有機會進一步提升我們的業務表現。

I want to spend a few minutes on AI, what we are doing, and what it means for our business. FNF and the Title industry hold a unique position in real estate transactions. We do not sit next to the real estate transaction. We sit inside the transactions, orchestrating complex multi-party settlements, safeguarding the movement of funds, and mitigating fraud in every transaction.

我想花幾分鐘談談 AI：我們正在做什麼，以及這對我們的業務意味著什麼。FNF 與 Title 產業在不動產交易中擁有獨特的定位。我們不是坐在不動產交易旁邊。我們是在交易之中，協調複雜的多方結算、守護資金流動，並在每一筆交易中降低詐欺風險。

By embedding AI tools into these workflows, we can drive significant value by enhancing efficiency and our customers' experience, reducing risk, and strengthening fraud prevention across real estate transactions. These gains come from having highly curated, deep sets of transactional data to augment AI.

透過將 AI 工具嵌入這些工作流程，我們能藉由提升效率與客戶體驗、降低風險，並強化不動產交易中的防詐能力，創造顯著價值。這些效益來自我們擁有高度精選且深度的交易資料集，用以強化 AI。

We have built our proprietary data by closing and ensuring millions of transactions. It cannot be replicated by simply digitizing public records, regardless of how sophisticated technology becomes. As we build out our AI capabilities, we are leveraging this proprietary data alongside our deep experience and historical knowledge, and this is what sets FNF apart.

我們透過完成並承保數百萬筆交易，建立了專有資料。無論科技變得多麼先進，僅靠數位化公開紀錄都無法複製這些資料。在建構 AI 能力的同時，我們正運用這些專有資料，結合我們深厚的經驗與歷史知識，而這正是 FNF 的差異化所在。

Usage of AI tools by our employees is growing, with more than half of our workforce using AI tools regularly, and we are deploying customized solutions across our Title and escrow operations, as well as within ServiceLink, LoanCare, our real estate technology companies, agency operations, and software development.

員工使用 AI 工具的情況正在成長，超過一半的員工定期使用 AI 工具；我們也在 Title 與代管（escrow）營運中，以及在 ServiceLink、LoanCare、我們的不動產科技公司、代理營運與軟體開發等領域，部署客製化解決方案。

Importantly, we are focused on implementing AI responsibly and compliantly with appropriate governance, human oversight, and risk and regulatory controls in place. We have deliberately avoided a concentrated bet on any single model or platform. Instead, we are deploying AI directly with the data and workflows each team already owns. Inside or alongside the technology they already use.

重要的是，我們專注於以負責且合規的方式導入 AI，並建立適當的治理架構、人為監督，以及風險與法規控制。我們刻意避免把賭注集中在任何單一模型或平台上。相反地，我們直接在各團隊既有掌握的資料與工作流程中部署 AI。在他們已使用的技術之內或其旁。

While we already have a highly automated process for searching county records, we believe AI will have a meaningful benefit to other significant areas of real estate transactions as we integrate AI capabilities end-to-end throughout the entire Title and settlement process.

雖然我們已擁有高度自動化的縣級紀錄查詢流程，但我們相信，隨著我們在整個產權（Title）與結算（settlement）流程中端到端整合 AI 能力，AI 將在不動產交易的其他重要領域帶來顯著效益。

We are confident that our scale, our proprietary data, our fully deployed technology, and our financial strength will continue to position FNF as an industry leader and place us at the forefront of shaping changes in our industry in a way that continues to bring value to our customers, shareholders, and employees.

我們有信心，憑藉我們的規模、專有數據、全面部署的技術以及財務實力，將持續使 FNF 保持產業領導地位，並站在引領產業變革的最前線，以持續為我們的客戶、股東與員工創造價值。

Turning now to our F&G segment, F&G's assets under management before reinsurance have grown to nearly $75 billion at March 31, up 11% over the prior year. On a standalone basis, F&G reported GAAP equity, excluding AOCI, of $6.2 billion at quarter end and has grown its book value per share, excluding AOCI, to $46.51, up 70% since the 2020 acquisition.

接著談到我們的 F&G 事業部門，F&G 在再保險前的資產管理規模（AUM）截至 3 月 31 日已成長至接近 750 億美元，較去年同期成長 11%。以單體口徑計算，F&G 於季末的 GAAP 股東權益（不含 AOCI）為 62 億美元，且其每股帳面價值（不含 AOCI）已提升至 46.51 美元，自 2020 年收購以來成長 70%。

F&G's diversified self-funding capital model is supported by its annual in-force capital generation and third-party capital through their reinsurance sidecar and strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth and return capital to F&G shareholders through dividends and opportunistic share repurchases.

F&G 多元化的自籌資本模式，係由其每年在保（in-force）資本生成，以及透過其再保險 sidecar 與策略性流量再保險（flow reinsurance）合作夥伴所提供的第三方資本所支持。合計而言，這些資本來源提供財務實力與彈性，使其得以投資成長，並透過股利與機會性庫藏股回購向 F&G 股東返還資本。

We are very pleased with F&G as they continue to execute on their strategy toward a more fee-based, higher-margin, and less capital-intensive business model with a focus on growing the core business and creating long-term shareholder value.

我們對 F&G 的表現感到非常滿意；他們持續執行其策略，朝向更以費用為基礎（fee-based）、更高利潤率、且資本占用較低的商業模式邁進，並聚焦於核心業務成長與創造長期股東價值。

Before I turn the call over to Tony, I want to take a moment to recognize our employees. I'd like to extend my sincere thanks for their continued dedication to our customers, their focus on execution, and their embrace of the innovation and technology that is driving this business forward. They are the foundation of everything we are building.

在我把電話會議交給 Tony 之前，我想花點時間表揚我們的員工。我想對他們持續投入服務客戶、專注於執行力，以及擁抱推動本業向前的創新與科技，致上誠摯的感謝。他們是我們所打造一切的基石。

With that, let me now turn the call over to Tony to review FNF's first quarter financial performance and provide additional insights.

接下來，我把電話會議交給 Tony，請他回顧 FNF 第一季的財務表現並提供更多洞見。

Thank you, Mike. Starting with our consolidated results, we generated first quarter total revenue of $3.2 billion. Excluding net recognized gains and losses, our total revenue was $3.3 billion as compared with $3 billion in the first quarter of 2025.

謝謝你，Mike。先從合併業績來看，我們第一季創造總營收 32 億美元。若排除已認列的淨損益（net recognized gains and losses），我們的總營收為 33 億美元，相較於 2025 年第一季的 30 億美元。

We reported first quarter net earnings of $243 million, including net recognized losses of $78 million, compared with net earnings of $83 million, including net recognized losses of $287 million in the first quarter of 2025.

我們第一季淨利為 2.43 億美元，其中包含已認列的淨損失 7,800 萬美元；相較之下，2025 年第一季淨利為 8,300 萬美元，其中包含已認列的淨損失 2.87 億美元。

Adjusted net earnings were $249 million or $0.93 per diluted share, compared with $213 million or $0.78 per share in the first quarter of 2025. The Title segment contributed $197 million, the F&G segment contributed $80 million and the corporate segment adjusted net earnings were zero before eliminating $28 million of dividend income from F&G in the consolidated financial statements.

調整後淨利為 2.49 億美元，或稀釋後每股 0.93 美元；相較於 2025 年第一季的 2.13 億美元，或每股 0.78 美元。其中，Title 事業部門貢獻 1.97 億美元，F&G 事業部門貢獻 8,000 萬美元，而公司部門的調整後淨利在合併財報中扣除來自 F&G 的 2,800 萬美元股利收入前為零。

Turning to first quarter financial highlights specific to the Title segment, our Title segment generated $2.1 billion in total revenue in the first quarter, excluding net recognized losses of $46 million, compared with $1.8 billion in the first quarter of 2025.

接著看第一季 Title 事業部門的財務重點：Title 事業部門第一季總營收為 21 億美元（不含已認列的淨損失 4,600 萬美元），相較於 2025 年第一季的 18 億美元。

Direct premiums increased 14% over the prior year, agency premiums increased 16%, and escrow, Title-related, and other fees increased 12%. Personnel costs increased 11%, and other operating expenses increased 9%. All in, the Title business generated adjusted pre-tax Title earnings. Of $268 million, up 27% over $211 million in the first quarter of 2025 and a 13.1% adjusted pre-tax Title margin in the quarter versus 11.7% in the prior year quarter.

直接保費較去年同期成長 14%，代理保費成長 16%，而代管（escrow）、與 Title 相關及其他費用成長 12%。人事成本增加 11%，其他營運費用增加 9%。整體而言，Title 業務產生調整後稅前 Title 盈利。為 2.68 億美元，較 2025 年第一季的 2.11 億美元成長 27%；本季調整後稅前 Title 利潤率為 13.1%，相較去年同期為 11.7%。

Our Title and corporate investment portfolio totaled $4.8 billion at March 31. Interest and investment income in the Title and corporate segments was $99 million, excluding income from F&G dividends to the holding company.

截至 3 月 31 日，我們的 Title 與公司投資組合合計為 48 億美元。Title 與公司部門的利息及投資收益為 9,900 萬美元（不含 F&G 向控股公司發放股利所帶來的收入）。

For the remainder of 2026, we expect a range of $90 million to $95 million in interest and investment income per quarter during 2026, assuming no Fed rate cuts in the remainder of the year and stable cash balances. In addition, we expect approximately $28 million per quarter of common and preferred dividend income from F&G to the corporate segment.

對於 2026 年剩餘期間，我們預期 2026 年每季利息及投資收益約在 9,000 萬至 9,500 萬美元區間，假設今年剩餘時間聯準會不降息且現金餘額維持穩定。此外，我們預期 F&G 向公司部門提供的普通股與特別股股利收入每季約 2,800 萬美元。

Our Title claims paid of $57 million were $5 million lower than our provision of $62 million for the first quarter. The carried reserve for Title claim losses is approximately $31 million or 2% above the actuary's central estimate. We continue to provide for Title claims at 4.5% of total Title premiums.

我們第一季支付的 Title 理賠金為 5,700 萬美元，較第一季提列的 6,200 萬美元準備金少 500 萬美元。Title 理賠損失的已提列準備金約為 3,100 萬美元，或較精算師的中位估計高出約 2%。我們仍以 Title 總保費的 4.5% 來提列 Title 理賠準備。

Next, turning to financial highlights specific to the F&G segment. Since F&G hosted its earnings call earlier this morning and provided a thorough update, I will provide a few key highlights. F&G's AUM before reinsurance increased to $74.5 billion at March 31, up 11% over the prior year. This includes retained assets under management of $56.4 billion, up 3% over the prior year. F&G reported gross sales of $3.2 billion for the first quarter, as compared with $2.9 billion in the first quarter of 2025.

接下來看 F&G 事業部門的財務重點。由於 F&G 今天稍早已舉行其法說會並提供完整更新，我將補充幾項關鍵重點。F&G 在再保險前的 AUM 截至 3 月 31 日增加至 745 億美元，較去年同期成長 11%。其中包含保留的資產管理規模（retained AUM）564 億美元，較去年同期成長 3%。F&G 第一季總銷售額為 32 億美元，相較於 2025 年第一季的 29 億美元。

This reflects core sales of $2 billion for the first quarter, which includes indexed annuities, indexed life, and pension risk transfer, as well as $1.2 billion of funding agreements and multi-year guaranteed annuities. Two products we view as opportunistic, depending on economics and market opportunity.

這反映第一季核心銷售額為 20 億美元，包含指數型年金（indexed annuities）、指數型壽險（indexed life）以及退休金風險移轉（pension risk transfer），另有 12 億美元的資金協議（funding agreements）與多年期保證年金（multi-year guaranteed annuities）。我們將後兩項產品視為機會型產品，取決於經濟條件與市場機會。

F&G's net sales were $2.2 billion in the first quarter. This reflects slow reinsurance in line with capital targets for multi-year guaranteed annuities and fixed indexed annuities. Adjusted net earnings for the F&G segment were $80 million for the first quarter. Reflecting our approximate 70% ownership stake, compared with $80 million in the first quarter of 2025, which reflected our approximate 84% ownership stake.

F&G 第一季淨銷售額為 22 億美元。這反映多年期保證年金與固定指數型年金（fixed indexed annuities）的再保險步調較慢，並與資本目標一致。F&G 事業部門第一季調整後淨利為 8,000 萬美元。以我們約 70% 的持股比例計算，相較於 2025 年第一季同為 8,000 萬美元（當時反映我們約 84% 的持股比例）。

F&G's operating performance from their underlying spread-based and fee-based businesses continues to be strong. F&G continues to provide an important complement to our Title business. The F&G segment contributed 32% of FNF's adjusted net earnings for the first quarter, as compared with 38% in the first quarter of 2025.

F&G 以利差為基礎（spread-based）與以費用為基礎（fee-based）的底層業務之營運表現持續強勁。F&G 也持續成為我們 Title 業務的重要互補。F&G 事業部門第一季貢獻 FNF 調整後淨利的 32%，相較於 2025 年第一季的 38%。

From a capital and liquidity perspective, FNF continues to maintain a strong balance sheet and balanced capital allocation strategy. Our track record has generated a steady level of free cash flow, allowing us to continue to invest in our business through attractive acquisitions and technology as we manage the business and continue to build for the long-term.

就資本與流動性而言，FNF 持續維持強健的資產負債表與均衡的資本配置策略。我們的歷史紀錄帶來穩定的自由現金流，使我們在管理業務並持續為長期建設的同時，得以透過具吸引力的併購與科技投資，持續投入我們的業務。

FNF has returned approximately $222 million of capital to our shareholders in the first quarter, as compared with $161 million in the first quarter of 2025. This reflects $140 million of common stock dividends and $82 million of share repurchases in the current period. We have remained active with share repurchases in the second quarter. From a capital allocation perspective, we ended 2025 with $659 million in cash and short-term liquid investments at the holding company.

FNF 第一季向股東返還資本約 2.22 億美元，相較於 2025 年第一季的 1.61 億美元。其中包含本期普通股股利 1.40 億美元，以及股票回購 8,200 萬美元。我們在第二季仍持續積極進行股票回購。就資本配置而言，我們於 2025 年底在控股公司層級持有 6.59 億美元的現金與短期流動投資。

During the first quarter, our cash position and cash generation funded $140 million of common dividends paid, $25 million of holding company interest expense, and $82 million in share repurchases, all while keeping pace with wage inflation and funding the continued higher spend in risk and technology required in today's landscape. We ended the first quarter with $495 million in cash and short-term liquid investments at the holding company.

第一季期間，我們的現金部位與現金創造能力支應了已支付的 1.40 億美元普通股股利、2,500 萬美元控股公司利息費用，以及 8,200 萬美元的股票回購，同時仍能跟上薪資通膨，並支應在當前環境下風險管理與科技所需的持續較高投入。我們第一季結束時，控股公司層級持有 4.95 億美元的現金與短期流動投資。

This concludes our prepared remarks, and let me now turn the call back to our operator for questions.

以上為我們預先準備的發言內容，現在我把電話交回給接線員，進入提問環節。

(Operator Instructions) Mark DeVries, Deutsche Bank.

(接線員指示) 德意志銀行 Mark DeVries。

Yes, thank you. Good morning. First question, maybe for Tony. How are FG's earnings tracking your expectations? And are there any disconnects that you guys observed between your expectations and where we in the analyst community have been modeling FG's earnings?

是的，謝謝。早安。第一個問題可能給 Tony。F&G 的獲利表現與你們的預期相比如何？另外，你們是否觀察到你們的預期與我們分析師社群對 F&G 獲利的模型假設之間有任何落差？

Yeah, thanks for the question. I'm probably going to turn that over to the F&G guys because, yes, it's been a bit of a frustration that the analysts' expectations seem to assume a return on alternative investments. And yet, when we report, they're maybe not picking up that piece. And so there seems to be a larger delta than. What we see, which is actually earnings that were pretty close to in line with what we thought the consensus was. But maybe, Chris and Conor, you can weigh in a little bit here.

好的，謝謝你的問題。我可能會把這題交給 F&G 團隊，因為，是的，分析師的預期似乎假設另類投資會有報酬，這點確實有點令人挫折。但當我們公布時，他們可能沒有把那一塊納入。所以看起來落差更大。而我們看到的其實是獲利與我們認為的市場共識相當接近。不過也許 Chris 和 Conor 你們可以補充一下。

Yeah, this is Chris. I'd say Tony hit it. Other than there's usually a little bit of first quarter. Seasonality we were actually pleased with the results i think they were on expectation as far as what we were expecting and i do think the disconnect is around alternatives which is have obviously underperformed industry standard is to normalize for that so i think in some cases it's either being normalized too high or not normalized at all and i think our outlook there has been fairly consistent we we have.

是的，我是 Chris。我想 Tony 說到重點了。除了第一季通常會有一點季節性因素。我們其實對結果感到滿意，我認為大致符合我們的預期；我也確實認為落差在於另類投資，因為它顯然低於產業標準，而業界慣例是把它常態化處理，所以我想在某些情況下，不是常態化得太高，就是完全沒有常態化；而我們在這方面的展望一直相當一致，我們也已經。

Redefined alts to be focused on what people actually think of with alternatives, private equity, interest, anything equity-related, that's about $4 billion. So it's really not that hard to model. If you look at your long-term expectation, I think we gave a range of 12% to 14% of what you think over time that should kick in from an earnings perspective. But in terms of base spread, own distribution, reinsurance.

我們重新定義了另類投資，聚焦在大家真正認為的另類投資：私募股權、利息、任何與股權相關的項目，約 40 億美元。所以其實不難建模。如果你看長期預期，我想我們給過一個區間：從獲利角度來看，隨時間推進，你認為應該會貢獻 12% 到 14%。但就基礎利差、自有通路、再保而言。

Operating leverage of driving down expenses, it's been consistent and growing. We had a little bit of noise this quarter of fixed income yield was down, probably two-thirds of that was more timing and one-offs as opposed to anything, any permanent degradation there.

透過降低費用來帶動的營運槓桿，一直都很一致且持續成長。本季固定收益殖利率下滑帶來一些雜訊，其中大約三分之二比較像是時點與一次性因素，而不是任何永久性的惡化。

Okay, got it. And then we have a question from Mike. Technology. I know you're optimistic this could term, but how often could be some margin lift over the next couple of years, even if the market size holds at current levels?

好的，了解。接著我們有 Mike 的問題。關於科技。我知道你們對這個領域很樂觀，但在未來幾年，即使市場規模維持在目前水準，這能多常、或能帶來多少毛利率提升？

Yeah, Mark, you did cut out a little bit, but I think the question is what benefits we expect to see from AI on the margin side, even if the market stays flat, was that it?

好的，Mark，你剛剛有一點斷訊，但我想問題是：即使市場持平，我們預期 AI 在毛利率面能帶來哪些效益，是這個意思嗎？

Yes.

是的。

Yes, thank you. I can't cite a number, but we absolutely expect margin improvement in the same size environment over time with technology tooling like AI. Just like we've seen that with Title automation that we've implemented over the last couple of decades, that's been a big driver behind our margin improvement and the fact that we can get the margins we're getting now in low transactional. Requirements.

是的，謝謝。我無法提出一個具體數字，但我們絕對預期在市場規模不變的環境下，隨時間推進，透過像 AI 這類科技工具能改善毛利率。就像過去幾十年我們推動產權（Title）自動化一樣，那一直是我們毛利率改善的重要推動力，也讓我們在交易量偏低的情況下，仍能達到目前的毛利率水準。需求。

But I can't give you a number. I think that will become more apparent as we go through the balance of the year and probably see smaller wins with AI investments and AI tooling and then bigger wins as we move into '27 and get more advantage out of really embedded tooling in the more full settlement process.

但我無法給你一個數字。我想隨著今年剩餘時間的推進會更明朗：我們可能會先看到 AI 投資與 AI 工具帶來一些較小的成果，然後在 2027 年左右，當工具更深度嵌入更完整的結算流程時，會看到更大的成果。

Okay, are there specific tools that you're building on that you have more optimistic, you're more optimistic about that can more meaningfully move the needle that are worth calling out?

了解。有沒有你們正在打造、且你們更看好的特定工具，能更有意義地帶動成效，值得特別點名的？

Yeah, I don't know that I'll get into specific tools, but maybe as I think of parts of the business, we said from the beginning a four-part process for us relative to AI. The first begins with really building out a risk and governance framework, which we've done and worked on for the past really year and a half. I think that's very important to have in place given the.

是的，我不確定我會不會談到特定工具；但如果從業務環節來看，我們一開始就說過，我們在 AI 上有四個步驟。第一步是建立風險與治理框架；我們已經做了，並在過去大約一年半持續推進。我認為這非常重要，因為。

Both the opportunities for AI, but the risks that come with AI tooling. Second is building literacy and diffusing the tools across the entire company. As we talked about, more than half of our employees are now using these tools regularly.

AI 既有機會，也伴隨著使用 AI 工具的風險。第二步是建立素養，並把工具擴散到全公司。如我們所說，目前已有超過一半的員工定期使用這些工具。

Third are individual solutions inside service link, loan care, etc. As we talked about on the call. And then the fourth is really the area that I think will have the biggest impact. And that's when you embed tools into workflows like SoftPro and in here that we have built at scale that no one else has. And we'll get more benefit on the settlement side where you really have more of your labor and your. Your cost in terms of the process inside the business.

第三步是在 ServiceLink、LoanCare 等內部推出個別解決方案，如同我們在電話會議中提到的。第四步則是我認為影響最大的領域。也就是把工具嵌入到工作流程中，例如 SoftPro，以及我們在此建立、且規模化到其他人做不到的系統。我們會在結算端獲得更多效益，因為那裡才是你們真正投入較多勞力與。你們在業務流程中的成本所在。

Got it. Thank you. Thanks.

了解。謝謝。謝謝。

Bose George, KBW.

KBW 的 Bose George。

Actually, just sticking to the margin discussion, can you go through margins by segment and just curious how the commercial margins look, especially compared to like previous weeks?

其實延續毛利率的討論，你能按部門說明一下毛利率嗎？也想了解商業（commercial）端的毛利率表現如何，尤其是相較於例如前幾週？

Thanks, Bose. This is Tony. As we reported 13.1% pre-tax Title margin up against 11.7%. If you break that down into our various what I'll call operations or divisions, our direct ops had roughly a 20% margin, up about 100 basis points. Agency, about a 7% margin on gross, up about 100 basis points. Our national commercial units, so this is just the 20 or so large operations that handle exclusively commercial transactions, a 27% margin in the quarter, up against 24% in the prior year.

謝謝你，Bose。我是 Tony。如我們所公布，稅前 Title 毛利率為 13.1%，相較於 11.7%。如果把它拆分到我們各個（我稱之為）營運或事業部，我們的直營營運（direct ops）毛利率約 20%，提升約 100 個基點。代理（Agency）在總額（gross）基礎上約 7% 毛利率，也提升約 100 個基點。我們的全國商業單位（national commercial units）——也就是大約 20 個左右、專門處理商業交易的大型營運據點——本季毛利率 27%，相較去年同期 24%。

Our loan sub-servicing was down a little bit, but still had a 20% margin in that business. Our home warranty business had a 16% margin versus 14% in the prior year. And our service link business, which is centralized, refinance, and default, had a 23% margin, up against 18% in the prior year quarter. So really, almost to a unit positive improvement over the prior year quarter?

我們的貸款次級代管服務（loan sub-servicing）略有下滑，但該業務毛利率仍有 20%。我們的房屋保固（home warranty）業務毛利率為 16%，相較去年同期 14%。而我們的 ServiceLink 業務（涵蓋集中化、再融資與違約）毛利率為 23%，相較去年同期 18%。所以基本上，幾乎各單位相較去年同期都有正向改善？

Add one thing to that, Bose, in our centralized refi business inside Service Link, the margin lift, it just shows the power we have in the model. We had a 23% first quarter margin, up against 9% last year. So a little bit of extra volume can go a long way inside the efficient model that we've built for the centralized platform.

Bose，我再補充一點：在 ServiceLink 裡的集中化再融資（centralized refi）業務，毛利率的提升顯示了我們這個模式的威力。我們第一季毛利率 23%，相較去年 9%。所以在我們打造的高效率集中化平台中，只要多一點點量，就能帶來很大的效果。

Okay, great. That's a great color, thanks. And then actually, I wanted to just ask about the buybacks. You know that it's, I guess, in April, it remains strong. Just curious how you should think about that, maybe relative to what you guys did last year or just ways to think about a range this year?

好的，很棒。這些說明很有幫助，謝謝。另外我也想問一下庫藏股回購。你知道，我想在四月仍然很強勁。想請教我們應該如何看待這件事，可能相對於你們去年做的，或是今年可以怎麼思考一個區間？

Yeah, thanks, Bo. It's hard to know exactly where we'll land in terms of buybacks. I did say that we remain active and we will remain active. I firmly believe that. We bought $82 million of shares back in the first quarter, almost 2 million shares.

是的，謝謝你，Bo。很難確切知道我們在庫藏股回購方面最終會落在哪個水準。我確實說過我們仍然在積極進行，而且我們也會持續積極進行。我堅信如此。我們在第一季回購了8,200萬美元的股票，接近200萬股。

Certainly, if we see signs of weakness, we're more active. But I would expect that once blackout windows lift, we'll be back in the market on a regular cadence. Last year's second quarter, we came in really strong.

當然，如果我們看到疲弱的跡象，我們會更積極。但我預期一旦禁售期（blackout windows）解除，我們就會以規律的節奏回到市場。去年第二季我們的回購力道非常強。

I wouldn't necessarily expect that. That might have been to the tune of about $250 million. But having said that, I do expect that we're going to be active throughout the year.

我不一定會預期會重現那樣的情況。那可能大約是2.5億美元的規模。不過話說回來，我確實預期我們全年都會保持積極。

Mark Hughes, Truist Securities.

Truist Securities 的 Mark Hughes。

Yeah. Thank you. Good morning. On F&G, the question about returns and we had chatted about this on the conference call earlier, but I just wanted to make sure I'm on the right track.

是的。謝謝。早安。關於 F&G，我想問報酬率的問題；我們先前在電話會議上也聊過，但我只是想確認我的理解方向是否正確。

The return on asset in the quarter, return on asset, 76 dips, if you take into account the unusual items or the underperformance on the alts, you get up to about 110 dips. When we model that on a go-forward basis, would it just make more sense at this point to model it more at the 80 basis point level and factor that into the FNF earnings rather than, I think, the longer-term target, which was 110, but it's been dampened here recently, just wanted to get your sense on the best approach.

本季的資產報酬率（return on asset），資產報酬率是76個基點；如果把一些非經常性項目或另類投資（alts）的表現不如預期納入考量，則大概會到110個基點。我們在做前瞻模型時，現階段是否更合理把它建模在約80個基點的水準，並把它納入 FNF 的獲利，而不是用我理解的長期目標110個基點；但最近被壓抑了，所以想聽聽你對最佳做法的看法。

Yes, Mark, this is Chris. I think that would be very conservative way to model it, but I don't know inappropriate way to model it. So yeah, I think 80 bps, probably a little low as a jumping-off point, but if you said that's a jumping-off point for just pure spread income at current ALTS levels, then yeah, you're more likely to have tailwind coming from ALTS as opposed to, we've been normalizing, and yeah, it's been five years since we've seen meaningful realizations, and every year we come in expectant that it's going to be the year of the IPO. And then something happens externally.

是的，Mark，我是 Chris。我認為那會是一種非常保守的建模方式，但我不覺得是不恰當的方式。所以是的，我認為80個基點作為起點可能偏低一些；但如果你說那是以目前另類投資水準下、僅就純利差收入（spread income）作為起點，那麼是的，你更可能從另類投資得到順風，而不是——我們一直在做常態化；而且，是的，距離我們看到有意義的實現收益（realizations）已經五年了，每一年我們都抱著期待，覺得會是 IPO 的一年。然後外部就會發生一些事情。

So I think we're still confident that we will see that when things normalize. But yeah, I don't think that's an unreasonable way to think about it. It would just be a conservative way, I believe, to model it. I don't know, Conor, if you agree with that.

所以我認為我們仍然有信心，當情況回歸常態時，我們會看到那樣的表現。但我不認為那樣的思考方式不合理。我相信那只會是一種保守的建模方式。Conor，我不知道你是否同意。

Yeah, I think that's fair. And as we talked about some of the things that happened this quarter, there were some temporary elements this quarter. It's probably about 10 basis points that we don't expect to continue, aside from the else differential.And just to be clear, it's been that difference between the 34 basis points this quarter is the difference in what leads to some misinterpretation or volatility, perhaps, thinking back to the earlier question.

是的，我覺得這樣說很公平。而且如同我們談到本季發生的一些事情，本季有一些暫時性的因素。大概有10個基點是我們不預期會延續的，除了其他差異之外。為了說清楚，本季34個基點之間的差異，正是導致某些誤讀或波動的原因，或許回想一下先前那個問題。

Yeah, I think what Conor is saying is there was probably 10 bps of some other one-time effects, but if you look at it overtime time, quarter by quarter, alters the big, that's the disconnect of how do you think about that normalization? And my guess is neither stock gives a whole lot of credit for it, given how long it's been since we've had realizations. But again, still optimistic that if we do start to see transaction activity pick up, that should actually become a tailwind for us.

是的，我想 Conor 的意思是，可能有大約10個基點來自其他一次性影響；但如果你拉長時間、逐季來看，另類投資才是大的——關鍵落差在於你要如何看待那個常態化？而我猜測，鑑於我們已經很久沒有實現收益，市場對此兩檔股票都不會給太多信用。但再次強調，我們仍然樂觀：如果我們開始看到交易活動回升，這實際上應該會成為我們的順風。

When we think about the purchase business, moving on to Title, the growth in open orders in Q1 and 4% for April, if I heard properly. It sounds like FNF, at least relative to the public peers, is doing a little bit better. Is that a geographic issue, an execution issue? It may just be a few points here and there, but I'm curious if there's any driver to that a little better.

當我們思考購屋（purchase）業務、轉到產權保險（Title）時，第一季未結訂單（open orders）的成長，以及如果我沒聽錯的話，4月成長4%。聽起來 FNF 至少相較於上市同業表現稍微好一些。這是地理分布的因素、執行面的因素嗎？可能只是多幾個百分點，但我很好奇是否有任何驅動因素讓表現稍好。

It's hard to know, but we were very pleased to see a 25% sequential improvement in the first quarter, that's above historical averages, even though we're still in an overall low environment, the 4% up in April.

很難說，但我們很高興看到第一季較前一季改善25%，這高於歷史平均；即使整體環境仍偏低迷，4月也成長了4%。

So I don't know if it's a geographic issue or not, I do know that our recruiting has been incredibly strong, and it was very strong last year. We just had a phenomenal first quarter recruiting effort, maybe our best ever.

所以我不知道是否是地理因素，但我知道我們的招募非常強勁，而且去年就很強。我們第一季的招募表現非常出色，可能是史上最好的一次。

And, we're attracting a lot of talented people to the company, and they bring volume with them. So whether that's playing into those numbers, I can't say for sure, but I'm very pleased with what the field's doing in terms of just building more talent inside this organization.

而且，我們吸引了很多優秀人才加入公司，他們也會帶來業務量。所以這是否反映在那些數字上，我無法確定，但我對前線團隊在這個組織內持續建立更多人才這件事感到非常滿意。

Is there a structural reason for that, maybe in a softer market, people want to be in a bigger organization or is there any or is it just more company-specific? I'm curious on that.

這背後有結構性的原因嗎？例如在較疲弱的市場中，人們想待在更大的組織？還是有任何——或者只是更偏公司自身的因素？我對此很好奇。

Yeah, again, it's hard to know. I would say our recruiting is broad-based. It's across a lot of other players in the industry. Perhaps, people see that we continue to invest in the business. Consistently regardless of the macro environment, building technology, creating good marketing tools, digital transaction platform. I think we're doing a lot of things that lead this industry and hopefully people in other organizations see that and want to be a part of it.

是的，同樣地，很難說。我會說我們的招募是廣泛性的。涵蓋了產業內許多其他業者。或許人們看到我們不論總體環境如何，都持續投資於業務。建置科技、打造良好的行銷工具、數位交易平台。我認為我們正在做很多引領這個產業的事情，希望其他組織的人看到後也想成為其中一份子。

If I could just squeeze in one more, there's a discussion about maybe a process to look at a way to optimize value in the owned distribution within F&G. I was curious if there was any sense of timing on the process when we might hear more about that?

如果我可以再塞一個問題，有提到可能會啟動一個流程，來檢視如何在 F&G 的自有通路（owned distribution）中最佳化價值。我想了解這個流程在時間上是否有任何概念，我們大概何時會聽到更多消息？

Yeah, this is Chris. It's probably premature to comment on the exact timing, but again, to just go back to the rationale, we've invested about $700 million in owned distribution. We see substantial opportunity to grow what we already have and make more investments. And so, yeah, really just an exercise of what's the best way to fund.

是的，我是 Chris。現在評論確切時程可能還太早；但回到背後的理由，我們在自有通路上已投資約7億美元。我們看到很大的機會去擴大既有規模並進一步投資。所以，是的，這其實是在評估用什麼方式籌資最合適。

That growth opportunity. Is it still underneath FG? Is it consolidated, deconsolidated? So that's just the exercise we're going through. But yes, I'd imagine the next couple of quarters, we would probably have a bit of an update for you there.

來支持那個成長機會。它是否仍放在 FG 之下？是要合併（consolidated）還是除併（deconsolidated）？這就是我們正在進行的評估。不過是的，我想接下來幾個季度，我們大概會就此給你一些更新。

Thank you very much.

非常感謝。

(Operator Instructions) Oscar Nieves, Stephens Inc.

（接線員指示）Stephens Inc. 的 Oscar Nieves。

Hey, good morning. My first one is on F&G. In mid-March, F&G announced the $100 million buyback program, which was right after, sorry, December distribution of F&G shares to F&X shareholders. And I think during the F&G earnings calls today, it was mentioned that $29 million of the program was deployed in 1Q.

嗨，早安。我的第一個問題是關於 F&G。在3月中旬，F&G 宣布了1億美元的回購計畫，這是在——抱歉——12月將 F&G 股票分配給 F&X 股東之後不久。而且我想在今天的 F&G 法說會上有提到，該計畫中有2,900萬美元在第一季已執行。

So one would think that if FNF has no plans to sell shares in the open market, the buyback could increase FNF's ownership stake in F&G, so how should we be thinking about this?

所以一般會認為，如果FNF沒有計畫在公開市場出售股份，這次回購可能會提高FNF在F&G的持股比例，那我們應該如何看待這件事？

Yeah, it's a good question, Oscar. I mean, clearly, the reason for the distribution back in December was to get more float out into the marketplace. And so we went from an 82%, roughly, ownership down to a 70% ownership.

是的，這是個好問題，Oscar。我的意思是，很明顯，去年12月那次分配的原因，是為了讓市場上有更多流通股。因此我們的持股比例大約從82%降到70%。

But F&G shares were under pressure, and the float wasn't really helping, at least in the early phases of having those shares out there. I think F&G saw an opportunity to buy back their shares at a discount, a real significant discount, almost a silly discount. And so FNF doesn't have -- doesn't take a position that we need to own X number of shares. We're just trying to really have.

但F&G股價承壓，而流通股增加並沒有真正帶來幫助，至少在這些股份剛釋出到市場的初期是如此。我認為F&G看到了以折價回購自家股票的機會，而且是非常顯著的折價，幾乎是便宜到不合理的折價。因此FNF並沒有——也不會採取立場說我們必須持有X股。我們只是想真正地把價值。

Value out there for the respective shareholder basis. And so if that means that we close that gap from 70 to 80 or wherever it might be, that's very possible. But again, there's no target necessarily for where FNF might end up in that ownership percentage.

把價值回饋給各自的股東基礎。所以如果這代表我們把持股比例從70%拉回到80%或其他水準，那是很有可能的。但再說一次，FNF最終要落在多少持股比例，並沒有一個必然的目標。

All right. That's very helpful. And then turning to Title, starting with the fee per file, what can you share on what you're seeing in terms of the trajectory of fee per file for both Presidential and commercial?

了解。這很有幫助。接著談到Title（產權）業務，先從每件案件的費用（fee per file）開始，你能分享一下你們看到的住宅與商業案件在每件費用走勢上是如何嗎？

Yeah, it's Mike. Thanks for the question. I would say that the residential fee per file has been pretty consistent year over year, almost, well, it's actually flat with the first quarter of last year. And I think we've seen pricing moderate to the most extent over the past few years, so we're seeing a little bit more stability there.

好的，我是Mike。謝謝你的提問。我會說住宅每件費用年對年一直相當一致，幾乎——其實與去年第一季持平。而且我認為過去幾年定價已經在很大程度上趨於溫和，所以我們看到那邊更穩定一些。

But again, a strong, particularly national commercial fee-per-file in the first quarter, up almost $1,000 over the first quarter of last year.

不過再說一次，第一季商業（尤其是全國性商業）每件費用表現強勁，較去年第一季增加了將近1,000美元。

Local was up a bit as well, maybe about $500 on the fee-per-file basis. So I would say fairly stable in residential and still upside in commercial.

本地端也有小幅上升，以每件費用來看大概增加約500美元。所以我會說住宅相當穩定，而商業仍有上行空間。

Thank you. And just one last one on the outlook. Looking at the residential outlook since the last earnings call, the MBA and Finally May have revised their forecast down, and they're now calling for existing home sales to be between $4.1 million and $4.2 million. Seasonally adjusted for the year in '26 and around $4.5 million, what's your take on that? Do you view those assumptions as conservative or are they too aggressive?

謝謝。最後一個關於展望的問題。從上次財報電話會議以來的住宅展望來看，MBA和Fannie Mae已下修其預測，現在預估既有成屋銷售量在2026年經季節調整後約為410萬到420萬戶，並在約450萬戶左右，你怎麼看？你認為這些假設偏保守，還是過於積極？

Yeah, I don't think they're aggressive. But our base case, as we came into the year for residential, was really upside in purchase and refi with the fact that we had lower, more stable rates to start to the year. And then the macro environment, as we got into March and into April, upset the apple cart a little bit. And that's probably when Fannie and MBA revisors down, because their 27 forecast now, Oscar, as you pointed out, looks a lot like their 26 forecast that they had 60 days ago.

是的，我不認為那是積極的。但我們在今年初對住宅的基本情境，主要是基於年初利率較低且更穩定，因此購屋與再融資會有上行空間。然而宏觀環境在3月到4月之間有些變化，打亂了原本的節奏。這大概也是Fannie和MBA下修的時點，因為他們現在的2027年預測，如你所指出的Oscar，看起來很像他們60天前對2026年的預測。

So it's just hard to say. What we do see, though, is, and I've commented on this before, just more sensitivity to lower rate movements than we probably have seen in prior vintages.

所以這真的很難說。不過我們確實看到——我之前也提過——相較於以往的批次（vintages），市場對利率下行的敏感度更高。

I think it really comes down to if rates, if things stabilize, the macro environment gets a little calmer and rates stabilize maybe in the lower six environment, we're going to have upside in the back half of the year in residential, and if they don't, we'll probably continue on this current trajectory. I'm very pleased we had a.

我認為關鍵在於利率：如果情勢穩定下來、宏觀環境更平靜一些，而利率也穩定在6%出頭的區間，那麼今年下半年住宅業務會有上行空間；如果沒有，我們可能就會沿著目前的軌跡走下去。我對我們有一個。

4% increase in purchase opens in April, and we're still driving, we think, really strong margins. I mean, our first-quarter margin, absent the 3% mortgage years, is really one of the best first quarters we've ever had. And so we'll perform well regardless of the environment, and we'll manage the business to whatever order environment we have, but we're very confident in our position.

4月購屋開案量（purchase opens）成長4%感到非常滿意，而且我們仍在推動、我們認為非常強勁的利潤率。我的意思是，我們第一季的利潤率，若排除3%房貸利率那幾年，基本上是我們歷來表現最好的第一季之一。因此無論環境如何我們都會表現良好，我們也會依據實際的訂單環境來管理業務，但我們對自身的定位非常有信心。

And if I can squeeze just one last point on capital allocation, what are you seeing in the M&A pipeline and has there been any notable shifts in activity since last quarter?

如果我可以再擠一個關於資本配置的最後問題，你們在併購（M&A）管線上看到什麼？自上季以來活動是否有任何顯著變化？

Yeah, thanks, Oscar. I'll turn it over to Mike. But my impression is, even though we haven't made many acquisitions really over the course of the last 15 months or so.

好的，謝謝，Oscar。我把這題交給Mike。但我的印象是，儘管過去大約15個月我們其實沒有做太多收購。

I get the sense there's more opportunities, especially on the Title agent side. I just feel like we're hearing a lot more about it. We're having more discussions, and I would expect that we have more activity this year and next than we've seen in the last two years. I don't know.

我感覺機會變多了，尤其是在Title代理商那一端。我只是覺得我們聽到的消息多了很多。我們有更多討論，我也預期今年和明年的活動會比過去兩年更多。我不知道。

Yeah, I would agree with that, Tony. I think there's more conversations. I think there's more opportunities, but you never know if you're going to strike a deal. And I would say just stay tuned on how that plays out over the next couple of quarters.

是的，我同意，Tony。我認為對話更多了。我認為機會更多了，但你永遠不知道能不能談成交易。我會說接下來幾季就拭目以待，看事情如何發展。

Great. Thank you so much.

很好。非常感謝。

Thanks.

謝謝。

And this will conclude our question-and-answer session. I will now turn the conference over to CEO Mike Nolan for closing remarks.

以上為問答環節。接下來我將把會議交給執行長Mike Nolan作結語。

Thanks for joining our call this morning. We delivered strong first quarter results with our complementary businesses executing well in a dynamic environment. The Title segment is performing well in what remains a low transactional environment and is capitalizing on stronger commercial activity.

感謝各位今天早上參與我們的電話會議。在多變的環境中，我們互補的業務運作良好，帶來強勁的第一季成果。在交易量仍偏低的環境下，Title（產權）部門表現良好，並受惠於更強勁的商業活動。

We are delivering industry-leading margins and remain well-positioned to benefit from a recovery in residential volumes should mortgage rates move lower. Our focus on technology and AI is contributing to our performance today, and we see potential to further enhance our business.

我們提供業界領先的利潤率，且若房貸利率走低、住宅交易量回升，我們仍處於有利位置可望受惠。我們對科技與AI的投入正在為當前表現做出貢獻，我們也看到進一步提升業務的潛力。

Likewise, F&G is executing on its strategy that is focused on balancing continued growth in its spread-based business alongside the fee-based flow reinsurance, middle-market life insurance, and owned distribution strategies as they focus on delivering long-term shareholder value.

同樣地，F&G也在執行其策略，重點是在持續擴張其利差型（spread-based）業務的同時，平衡發展手續費型的流量再保險（fee-based flow reinsurance）、中型市場壽險，以及自有通路策略，並以創造長期股東價值為目標。

Thanks for your time this morning. We appreciate your interest in FNF and look forward to updating you on our second-quarter earnings call.

感謝各位今天早上的時間。我們感謝各位對FNF的關注，並期待在第二季財報電話會議上向各位更新。

Thank you for attending today's presentation, and the conference call has concluded. You may now disconnect.

感謝各位參與今天的簡報，本次電話會議到此結束。您現在可以中斷連線。