US-based property insurer Fidelity National Financial has reported a net income of $172.7m, or $0.78 diluted earnings per share, for the fourth quarter of 2011, compared to $130.8m, or $0.58 diluted earnings per share, for the same period in 2010.
The total revenues for the fourth quarter of 2011 decreased to $1.27bn, compared to $1.53bn for the same period in the prior year.
Commercial revenue increased 2% to $103.8m, compared to $102.1m for the same period in the previous year.
Total title premiums declined 19% to $873m, compared to $1.07bn for the same period in the last year.
Fidelity National CEO George Scanlon said that despite a 14% decline in total title operating revenue associated with a decline in closed orders and an 8% reduction in our agent count, they strengthened the pre-tax title margin, excluding realized gains and losses, to 11.7% versus 11.2% in the fourth quarter of 2010.