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fidelity countrywide financial, inc (FNF) Q2 2021 profits call Transcript

Logo of jester cap with thought bubble.

picture supply: The Motley fool.

constancy country wide fiscal, inc (NYSE:FNF)Q2 2021 income CallAug 4, 2021, 12:00 p.m. ET

Contents:
  • prepared Remarks
  • Questions and solutions
  • name individuals
  • prepared Remarks:

    Operator

    good morning, girls and gentlemen, and welcome to the FNF 2021 2d Quarter revenue name. [Operator Instructions] As a reminder, this convention is being recorded. i'd now want to turn the name over to Jamie Lillis, Investor family members for FNF. Please go ahead, sir.

    Jamie Lillis -- Investor members of the family

    thanks, operator, and decent morning, each person. thank you for joining our 2d quarter 2021 revenue convention call. becoming a member of me nowadays is our CEO, Randy Quirk; President, Mike Nolan; CFO, Tony Park; and F&G's CEO, Chris Blunt. we are going to begin with a brief strategic overview from Randy, Mike will evaluate the title enterprise, Chris will evaluate F&G, and Tony will conclude with a evaluation of the financial highlights. we'll then open the call for your questions and conclude with concluding remarks from Randy. however before we start, i want to remind you that this convention name may additionally include ahead-looking statements that contain a few dangers and uncertainties, in selected, the COVID-19 pandemic.

    there is massive uncertainty about the duration and extent of the affect of this pandemic. Statements that don't seem to be old information, including statements about our expectations, hopes, intentions or ideas regarding the future are ahead-searching statements. forward-looking statements are in response to management's beliefs as well as assumptions made with the aid of and assistance currently obtainable to management on the time of this name. as a result of such statements are based on expectations as to future economic and working outcomes, and are not statements of fact, exact outcomes may additionally differ materially from those projected. We undertake no responsibility to update any ahead-searching remark, whether because of new advice, future activities or in any other case.

    The risks and uncertainties, which ahead-looking statements are field to consist of, however are not constrained to, the risks and other components special in our press liberate dated the previous day and the observation regarding ahead-looking suggestions, possibility factors and different sections of the company's form 10-k and other filings with the SEC. This convention call could be obtainable for replay via webcast at our web page at fnf.com. it is going to even be obtainable via mobilephone replay starting at three:00 p.m. japanese Time these days and thru Wednesday, August eleven. The replay number is (844) 512-2921 and the entry code is 13720504. Let me now turn the call over to our CEO, Randy.

    Mike Nolan -- President

    thank you, Jamie. we are enthusiastic about our 2nd quarter efficiency as our title company continues to produce list effects, and F&G set facts for its retail annuity revenue, while increasing into new institutional channels, further validating our choice to acquire the business just over three hundred and sixty five days in the past. we're building a corporation designed to deliver extra sturdy income and money flow as market conditions change and pastime charges finally upward thrust and pressure our title business, and we can already see the early signals of our success. i need to thank our personnel for his or her complicated work and the sacrifices that they have got made for the reason that the start of the pandemic, whether working from the workplace or working from domestic.

    Their dedication has allowed us to continue to guide the title trade in earnings, income, margins and market share, and produce the top-rated performance in the background of now not simplest the company, however the entire industry. in the 2nd quarter, we generated list adjusted pre-tax title margins of $688 million compared to $378 million within the yr ago quarter and a 22.7% adjusted pre-tax title margin in comparison with 18.4% within the second quarter of 2020. Our margin for the quarter fits our listing surroundings margin completed in the fourth quarter of 2020 and benefited from our investments in technology, operations and automation over the years as we now have worked to enhance our effectivity in our title company and maximize our profitability over market cycles.

    Turning to F&G, when we closed on our acquisition in June of 2020, we anticipated F&G to supply a counterbalance to our earnings, which might be extremely delicate to personal loan hobby costs. We also believe that our acquisition would accelerate F&G's rankings upgrades and open new channels of distribution to increase their income increase. F&G has far exceeded our expectations as we've won gigantic momentum within the bank and broking service-broking channels in the first year of launch, in addition to powerful sales increase in latest channels. whereas delivering list retail revenue, we've maintained fascinating spreads regardless of the low hobby cost atmosphere that we proceed to journey. F&G has additionally entered the institutional market with a $750 million funding settlement-backed be aware issuance, and turned into simply awarded its first pension chance switch deal over the last week.

    F&G ended the 2nd quarter with well-nigh 320 -- three -- $32 billion in ending property under administration, which is a 20% enhance due to the fact the acquisition, and it be smartly on its method towards achieving our intention of doubling assets as income momentum hastens. looking ahead, we are able to proceed to consider our capital allocation method as we continue to be dedicated to long-time period value creation for our shareholders, while additionally specializing in assisting the long run increase of our business. Given our powerful profits and cash flows throughout the first half of the yr, the day gone by we introduced a quarterly cash dividend of $0.forty per share, a rise of eleven% from our previous quarterly dividend and our Board approved a 3-year share repurchase software of as much as 25 million shares.

    on the conclusion of 2020, we introduced a share buyback plan of $500 million, and right through the 2nd quarter, we purchased four million shares for $183 million at an average expense of $45.seventy four per share. considering the fact that saying the buyback plan, we've bought eleven million shares for $452 million at a standard fee of $forty one.09 per share. Let me now turn the name over to Mike Nolan to discuss the title assurance business in more element.

    Raymond R. Quirk -- Chief executive Officer

    thank you, Randy. Randy touched upon our listing 2nd quarter effects as we persevered to benefit from low interest costs, driving strong origination demand, the persevered rebound in industrial precise property activity and the efforts and focal point of our employees in taking care of our valued clientele. For the 2d quarter, we generated adjusted pre-tax title profits of $688 million, an eighty two% raise over the 2d quarter of 2020. Our adjusted pre-tax title margin turned into 22.7%, a 430 basis element raise over the prior yr quarter. We had a 17% raise in direct orders closed, pushed by using a fifty seven% raise in daily buy orders closed and a 65% raise in total industrial orders closed, partly offset by way of a 5% decrease in day by day refinance orders closed.

    complete industrial income changed into a list $347 million compared with the 12 months in the past quarter of $184 million as a result of the sixty five% boost in closed orders and a 14% enhance in total industrial charge per file in comparison with the year ago quarter. For the 2nd quarter, total orders opened averaged 10,900 per day with April at 10,seven-hundred, may at 11,200 and June at 10,700. For July, total orders opened have been eleven,000 per day as we proceed to peer strong demand and buy endeavor, while the refinance market continues to average as in comparison with closing yr's potent ranges. every day purchase orders opened had been up forty one% within the quarter versus the prior 12 months. For July, every day purchase orders opened had been up four% versus the prior year. Refinance orders opened lowered through 25% on a daily groundwork versus the 2nd quarter of 2020. For July, every day refinance orders opened have been down 32% versus the prior 12 months.

    lastly, complete industrial orders opened per day accelerated through fifty eight% over the 2d quarter of 2020. commercial orders opened per day had been at all-time list degrees through the 2nd quarter. For July, total industrial orders opened per day were up 15% over July of 2020. We remain confident that the order volumes we've considered over the remaining a couple of quarters will pressure endured potent industrial performance within the second half of 2021. As Randy mentioned, our powerful results are a clear validation of the investments we've made into technology and how we combine automation all over our operations to enhance efficiencies and enhance client pride. we now have spoken frequently about our center of attention on fee management in real time as open orders upward push and fall.

    however we additionally consider that our longer-term focus on integrating automation has tremendously more desirable our performance and profitability through market cycles. additionally, we continue to boost our inHere journey Platform, which transforms the real property transaction experience via improving the protection and simplicity mandatory to start, song, notarize and shut a true property transaction. all through the quarter, we reached an important milestone, as greater than 1000000 patrons achieved our digital delivery here opening kit, confirming our perception that customers are ready and longing for digital solutions for true estate transactions. remaining week, we announced Notarize inHere, which ensures that the same stage of service, security and integrity our customers demand right through in-person notarial acts is accessible when finishing their most significant fiscal transaction online.

    we're concentrated on enhancing our purchasers' adventure and believe the inHere platform will no longer simplest increase client pride, however will additionally help us to increase our efficiency by way of decreasing the hours spent on a transaction while additionally positioning FNF to take market share. Let me now turn the name over to Chris Blunt to overview F&G's second quarter highlights.

    Christopher Owsley Blunt -- Chief executive Offcer, President & Director

    Thanks, Mike. As Randy outlined, three hundred and sixty five days into our acquisition via FNF, F&G is executing on diversifying our sources of premium, reworking a up to now monoline enterprise into a leading issuer of solutions in both retail and institutional markets in the lifestyles and annuity space. As we grow, we're focused on producing scale benefits by means of expanding property under administration, while leveraging Blackstone's wonderful investment management capabilities to bring consistent spread. additionally, we have now made colossal investments in our operating platform to become a most effective-of-breed carrier company and enabling us to leverage efficiencies as we scale. in the 2d quarter, we had record annuity income in our retail channel of $1.6 billion, up 80% from the 2nd quarter of 2020 and 9% from the sequential quarter.

    We proceed to peer success with core agent distribution and additionally with our two more recent distribution channels, independent broking service-dealers and banks, which generated over $900 million of recent top rate within the first half of 2021 and are on course to quite simply exceed $1.5 billion for the complete 12 months. in the institutional channel, where we market to institutional clients, we have efficiently entered the funding contract-backed notice market and secured our first pension possibility switch transaction over the final week. Let me provide a few brief particulars. In June, F&G issued a $750 million funding settlement-backed notice or FABN, at an attractive coupon of 1.75%. Market reception to our preliminary FABN issuance became extremely powerful, with an order ebook in extra of $2 billion.

    And going forward, we intend to opportunistically execute further FABN issuances. also, we have effectively entered the pension risk switch market, securing our first deal in late July. we can expect approximately $65 million in pension liabilities and provide annuity benefits to over 1,200 retirees in a transaction anticipated to close this month. additionally, we've a extremely powerful pipeline of deals the place we might be bidding on within the third quarter. both channels contributed to top line earnings results that surpassed our expectations, pushed through very strong increase in the retail channels and the launch into two additional institutional channels. complete revenue had been $2.7 billion in the 2nd quarter compared to $1.7 billion in the sequential quarter and $1.1 billion within the second quarter of 2020.

    For the first half of the yr, we done listing income of $4.three billion, well-nigh double the $2.2 billion of total sales in the first half of 2020. With these amazing correct line results, common belongings beneath administration or AAUM, has surpassed the $30 billion milestone driven by using about $1.7 billion of net new company flows within the 2d quarter. subsequent, turning to spread, our outcomes continue to be potent. complete product internet funding unfold became 295 foundation features in the 2d quarter and FIA internet funding spread changed into 335 groundwork features. funding yield, an important driver of product margin, become above expectation, pushed with the aid of onetime objects in the quarter, primarily favorable investment income on CLO redemptions held at a reduction to par.

    Adjusting for those excellent objects although, total product unfold become 255 basis points, in keeping with our old trend and in step with our disciplined approach to pricing. Adjusted internet salary for the 2d quarter were $ninety two million. robust profits were pushed by listing AAUM and powerful and constant unfold outcomes as we now have maintained disciplined pricing actions on each new enterprise as well as our in-drive ebook. net favorable items within the length had been $22 million. Adjusted internet salary, except for these first-rate gadgets have been $70 million, up from $sixty six million within the first quarter. In summary, it be been a defining first half of the year for F&G. Our profitable boom strategy is firing on all cylinders, and we have successfully assorted our sources of premiums, a key strategic center of attention. We continue to be excited concerning the possibility to further make a contribution to the normal FNF approach within the years ahead. With that, i could now turn the name over to Tony Park to evaluation FNF's second quarter economic highlights.

    Anthony J. Park -- Chief financial Officer

    thank you, Chris. We generated $three.9 billion in complete income within the 2d quarter, with the title phase producing $3 billion, F&G producing $802 million and the company phase producing $56 million. second quarter internet salary had been $552 million, which includes internet recognized gains of $232 million versus internet diagnosed positive factors of $162 million within the second quarter of 2020. The net recognized positive aspects and losses in each and every duration are primarily as a result of mark-to-market accounting remedy of equity and favored stock securities, even if the securities were disposed of in the quarter or proceed to be held in our investment portfolio. excluding web identified good points and losses, our complete revenue turned into $three.6 billion as in comparison with $2.3 billion in the 2d quarter of 2020. Adjusted net earnings from carrying on with operations had been $592 million or $2.06 per diluted share.

    The title phase contributed $526 million, F&G contributed $ninety two million and the corporate and different section had an adjusted internet lack of $26 million. including internet recognized losses of $30 million, our title phase generated $3 billion in complete profits for the 2nd quarter in comparison with $2.1 billion in the second quarter of 2020. Direct premiums accelerated through fifty seven% versus the 2nd quarter of 2020, agency premiums grew by means of 60% and escrow, title-linked and different costs increased through 28% versus the prior yr. Personnel charges multiplied by means of 32% and other working costs multiplied by 14%. All in, the title company generated a 22.7% adjusted pre-tax title margin, representing a 430 foundation aspect raise versus the 2d quarter of 2020. hobby and investment profits in the title and corporate segments of $27 million, declined $14 million as compared with the prior year quarter due to decreases in dividends got on usual and preferred stock, decreases in bond hobby and a moderate lessen in revenue from our 1031 exchange company.

    FNF debt impressive become $2.7 billion on June 30 for a debt-to-total capital ratio of 23.2%. Our title claims paid of $56 million were $41 million lessen than our provision of $ninety seven million for the second quarter. The carried reserve for title declare losses is presently $ninety one million or 5.8% above the actuary significant estimate. We proceed to provide for title claims at four.5% of complete title premiums. ultimately, our title and company funding portfolio totaled $6.3 billion at June 30. covered within the $6.three billion are mounted maturity and preferred securities of $2.2 billion, with a normal period of two.9 years and a normal score of A2, fairness securities of $1.2 billion, short-term and other investments of $400 million and cash of $2.5 billion. We ended the quarter with over $1.2 billion in money and brief-time period liquid investments on the keeping business stage. Let me now turn the name again to our operator to permit for any questions.

    Questions and solutions:

    Operator

    thank you. [Operator Instructions] Our first query comes from the line of John Campbell with Stephens. Please proceed with your query.

    John Campbell -- Stephens -- Analyst

    hiya. decent afternoon and congratulations on the quarter. here is James [Holly], stepping in for John Campbell.

    Mike Nolan -- President

    thanks.

    Anthony J. Park -- Chief economic Officer

    thank you.

    John Campbell -- Stephens -- Analyst

    So first one, simply kind of a quick one right here. So on the refi combine and business, can you get away what the mix turned into on the native and national ranges?

    Mike Nolan -- President

    certain. or not it's Mike. Let me get to that. So for the 2d quarter, the national open orders have been up 80% and the native orders had been up 46% and the overall become 58%, as we outlined. On the shut aspect, the countrywide orders were up sixty nine% to the outdated 2nd quarter and the local changed into up 62%. So we're certainly seeing encouraging indications with the country wide and the larger orders sort of coming returned into the combine.

    John Campbell -- Stephens -- Analyst

    okay. sure. thanks. it is effective. after which if i can squeeze an additional in here. i am now not sure if your statistics is granular adequate for this, but can you provide any insights into each day price and the rest this is happening there and your recommendations on fee appreciation going forward?

    Anthony J. Park -- Chief fiscal Officer

    You imply when it comes to the affect on fee per file, I suppose, is where you're going. So I wager, just a degree of reference, if I examine June of 2021, up against June of 2020, we see roughly a little over $3,400 fee per file on a purchase order transaction, which is up about 16% relative to June of the previous yr. Refi is a whole lot closer to $1,000 so as, and that's up about four% June over June.

    John Campbell -- Stephens -- Analyst

    okay. thanks guys for share it..

    Anthony J. Park -- Chief monetary Officer

    thanks.

    Operator

    thank you. Our subsequent question comes from Mark DeVries with Barclays. Please proceed together with your query.

    Mark DeVries -- Barclays -- Analyst

    yes, query for Chris. How significant can this pension risk transfer company be to revenues and salary, peculiarly if you have a high hit expense on some of this massive deal pipeline you observed you could have recognized for the next quarter?

    Christopher Owsley Blunt -- Chief executive Offcer, President & Director

    yes. No, it be large. I believe as you know, it's tens of billions market. I think remaining I noticed, doubtless $25 billion or so market. And we consider growing. So we think it may be quite colossal, actually within the billions over time per yr of income. we will start modestly, to make sure we have now received all the infrastructure in location. however i might say we're off to a extremely decent birth and feeling assured that we are able to compete there.

    Mark DeVries -- Barclays -- Analyst

    okay. And a separate query. if we practice a title distinctive to the title revenue, the market continues to be not actually ascribing a good deal cost to F&G despite -- performance is in fact exceeding everybody's expectations. So changed into drawn to getting your latest options about what, if anything else, you can do here to kind of monetize the price of that business for shareholders?

    Christopher Owsley Blunt -- Chief government Offcer, President & Director

    yes. seem to be, i may start. this is Chris. I feel this comes all the way down to -- it's a timing situation. So the price is there. The value in a business like ours is all the time sitting within the in-drive, where we have bought without difficulty locked in spread on these days, $32 billion of property under management. So this is a query of what is your time frame and your time line. however in the intervening time, the skill for us to gather property, get benefits of scale, extend margins are just enormous. And even with how the market values that distinctive of salary, the value does not go away, even if you monetize that by means of reinsurance or a block deal or whatever thing of that nature. however i'd say presently, we're at an inflection curve, where my own perception is it could be truly untimely to try to free up that versus looking at whatever like that down the highway.

    Mark DeVries -- Barclays -- Analyst

    k. received it. thank you.

    Christopher Owsley Blunt -- Chief govt Offcer, President & Director

    Thanks.

    Operator

    thank you. Our subsequent question comes from Andrew Kligerman with credit Suisse. Please proceed along with your question.

    Andrew Kligerman -- credit Suisse -- Analyst

    hey. good morning. So I also noticed that you had announced a brand new share repurchase authorization of 25 million shares through July of 2024. $1.25 billion of cash on the holdco, so very well capitalized, a lot of liquidity. What -- do you consider you may are looking to take potential of the proportion rate here and do extra buybacks? I imply, may still we see this as variety of a gentle 25 million shares form of very smooth over three years? Or could you speed up it -- and with that, what type of other alternatives are you seeing for the money presently?

    Anthony J. Park -- Chief monetary Officer

    yes, Andrew, good query. here is Tony. might be i could simply run through our money a bit bit. So we begun the quarter at $1.1 billion. We upstreamed from our subsidiaries, a bit over $four hundred million, after which we had a shareholder dividend of a bit over $one hundred million, activity price of about $10 million. after which buybacks of roughly $185 million for the quarter. So we ended the quarter at $1.25 billion roughly. Our buyback authorization did expire on July 31. So what you noticed the day prior to this in that unencumber became a reauthorization of 25 million shares, almost a formality, if you will, versus an announcement. We dedicated remaining 12 months to purchase lower back $500 million in shares over the route of right here 12 months. And we now have essentially exhausted that to this point, we're about $50 million in need of that $500 million commitment. We have not introduced an extra dedication, but i would say we're going to continue to be in the market.

    we now have the authorization and that i consider we will proceed to buy back shares over time. I have no idea if we'll announce a dedication or if we will are attempting to accelerate that, given our share cost, but I totally expect that we are going to be in the market. We also extended or announced a rise in our dividend from $0.36 a quarter, to $0.40 1 / 4, an eleven% raise. And we consider that's a very bullish signal relative to the money circulation generation that we're seeing. So an extended answer to your query, however we certainly have loads of optionality with the cash that we're generating.

    Andrew Kligerman -- credit Suisse -- Analyst

    bought it. And the rest on the M&A front that -- anything huge accessible along these strains?

    Mike Nolan -- President

    here's Mike, Andrew. there is a bunch -- and now we have referred to this earlier than, however a few agent opportunities. We proceed to study these. We do these. We do not always announce them, but we now have achieved those offers continuously and we now have a bunch we're now. after which i'd say, there may well be things that display up in expertise-related areas, as long as it type of pertains to our core business. i'm no longer asserting we've some thing particularly, however we're always taking a look at the way to augment our expertise, perhaps some issues inside the ServiceLink enterprise or different businesses that we have. but that would be it. We don't in fact have, as you be aware of, the massive probability in title, given the concerns that we had with the -- within the Stewart acquisition.

    Andrew Kligerman -- credit score Suisse -- Analyst

    acquired you. And if I might simply soar in with one other. So truly like those numbers you referred to on the orders, with buy up four% in July, industrial up 15%. and that i know we will analyze the entire diverse services, but how are you pondering perhaps the subsequent three months or so? I mean, are these numbers more likely to dwell on that identical trajectory? And with that, can we anticipate that your adjusted pre-tax margin will stay over your previously guided 15% to twenty%?

    Mike Nolan -- President

    well, I believe on the orders -- it be Mike once more. You analyze industrial, we've now had six months in a row, February through July, the place we've opened over 1,000 commercial orders per day and we're averaging over 1,000 per day for the yr. And when I seem to be back to 2019, which turned into our old listing year for opens, so we will take sort of the pandemic year out of it, in 2019, we averaged about 870 orders per day. So we're working in a market this is plenty improved than the optimum market we had in 2019. So we're confident that we will have a really potent industrial 2d half. And on the purchase aspect, we're into that area where we're getting the seasonality in the company like we usually do. In a normal yr, buy opens constantly peak round can also or June after which type of birth falling off 3% to five% or so every month.

    And we're beginning to see that sequentially in July, however we are going to have an excellent purchase closing exercise in the third quarter. what will come out a bit bit should be -- we will have much less refi closings within the third quarter, despite the fact we did see a sequential enhance in refi in July on the open side, it turned into up about 11% to June. but to your margin question, we would expect very robust margins within the third quarter. I can not put a bunch to it, but you have viewed the vigour of the enterprise when we have energetic buy markets and energetic business markets. And so we might predict a great quarter.

    Andrew Kligerman -- credit Suisse -- Analyst

    unbelievable. Thanks.

    Mike Nolan -- President

    thanks

    Operator

    thanks. Our subsequent question comes from Mark Hughes with Truist. Please proceed with your question.

    Mark Hughes -- Truist Securities, Inc -- Analyst

    sure. thank you. Mike, what -- the refi orders per day, you gave the yr-over-12 months, but what -- have been they in absolute phrases for July?

    Mike Nolan -- President

    yes, let me get that. We opened a little over 5,300 orders per day refinanced in July of '21, and that turned into up towards a bit over 7,900 closing July. We had a big enhance ultimate 12 months from June, about a 15% bounce. So the comp got a bit bit tougher. but as I stated, we did have a sequential growth in July, charges came down sub-3% and we had an 11% enhance in opens per day in July versus June of this yr.

    Mark Hughes -- Truist Securities, Inc -- Analyst

    after which the independent channel, Chris, how is that evolving at the present time? you're doing very well in the broker, broker and financial institution channels, how concerning the unbiased channel?

    Christopher Owsley Blunt -- Chief govt Offcer, President & Director

    sure, it truly is doing actually neatly. So we hit a milestone, we moved as much as #2 in FIA earnings within the unbiased channel. So it changed into a big deal for us. So that is cooking alongside at 20% boom for us at this time. and i would say our relationship with our proper IMOs, which power 80% of our business in that channel, is as effective as it's ever been.

    Mark Hughes -- Truist Securities, Inc -- Analyst

    and then in case you could discuss -- simply replace on the capital method with appreciate to F&G. if you do have success right here, how an awful lot are you going to finance that with company capital, reinsurance capital? How are you approaching that?

    Anthony J. Park -- Chief financial Officer

    yes. here's Tony. probably i'll start. Chris can weigh in. I consider at this element, the handiest capital that F&G wants in 2021 is a few debt capital, because they have room in their debt to cap ratio for maybe $four hundred million of intercompany lending. So with us sitting on $1.25 billion in transforming into father or mother company cash, I consider we'll loan that internally at least within the short run. and enable F&G to proceed to develop like they've been transforming into. and then we will seem, as we get additional into this year and into next year about the place we stand on the equity front and whether F&G wants to take out the FNF piece with third-birthday party debt as well. And so we will kind of weigh that as we go. but we actually just like the growth trajectory that F&G is on. And at this factor, do not suppose like we're equipped where we need to utilize a third-birthday celebration strategy.

    Mark Hughes -- Truist Securities, Inc -- Analyst

    thank you.

    Anthony J. Park -- Chief financial Officer

    Thanks.

    Operator

    thanks. [Operator Instructions] Our subsequent question comes from Bose George with KBW. Please proceed along with your query.

    Bose George -- KBW -- Analyst

    whats up guys. respectable morning. definitely first, just to your agent premium cut up, it seems to continually typical around like 23.5% or a bit higher, and it became 22.eight% this quarter. became there anything else bizarre there? Or is that just noise?

    Mike Nolan -- President

    Bose, or not it's Mike. I think it be in fact just geographic efficiency that can trade over time. We had more desirable revenue increase in probably the most markets where you've got higher common splits versus probably the most different markets. So I suppose or not it's effectively that. I do not suppose it's any gigantic fee pressure.

    Bose George -- KBW -- Analyst

    ok. ok. notable. Thanks. after which when it comes to margins, can you just discuss margins for the distinctive segments?

    Anthony J. Park -- Chief fiscal Officer

    yes, I suppose I've bought that someplace, Bose. the place do I are looking to delivery? Direct operations, very robust efficiency at roughly 32% margins, up against 28% in the prior 12 months quarter. agency changed into roughly 10% versus about 9.5%. Our national commercial company was at 35% versus about 22%. take into account, the comps are a little bit off, because we had been really -- we had a very good 2d quarter ultimate yr, nonetheless it became pandemic influenced for sure. ServiceLink, had an exceptional margin, 24% operational margin versus about well-nigh 22% ultimate yr. And our -- specially inside ServiceLink, our centralized refi channel became at forty%, which turned into simply miraculous. So these are -- those i might say are the massive items that support drive a listing 22.7% margin.

    Bose George -- KBW -- Analyst

    k. incredible. Thanks for the breakout. And in fact, one question for Chris. The -- with this -- the brand new, the funding settlement, that enterprise, is asset yield and the funding -- the assets that it be going to be invested in is a similar as every thing else? Or is there any form of restriction? So are the spreads going to be almost the same in this business because it become within the latest company?

    Christopher Owsley Blunt -- Chief government Offcer, President & Director

    sure, i'd say it be related. the primary deal we did changed into 104 basis features return on property. So unfold should be comparable. in case you think about it, or not it's like promoting to an institution of 5-year mounted deferred annuity, 0 optionality. in order that funds is tied up for the term within the case of this issuance for five years. So yes, this is a thrilling new channel for us that should have similar spreads. It additionally occurs to have lessen capital stream. So the return from a return on fairness, return on capital, or not it's in fact bigger than the different organizations.

    Bose George -- KBW -- Analyst

    okay. first rate. Thanks.

    Christopher Owsley Blunt -- Chief executive Offcer, President & Director

    Thanks.

    Operator

    thanks. women and gents, we have reached the end of our query-and-answer session. So i'd like to flow the floor over to Mr. Quirk for any closing comments.

    Raymond R. Quirk -- Chief govt Officer

    thanks. we're very completely happy with our 2nd quarter effects as our title and F&G companies proceed to set information. we're pleased with our group's success, and we're positive in regards to the future. As we proceed to enforce our expertise initiatives in our title business, which will cause more suitable efficiencies and market share over time, whereas F&G is poised to bring powerful asset increase over the medium time period. Taken together, we're building a company that has a financial model designed to deliver powerful income and money circulation as market situations change. lastly, our capital allocation priorities remain focused on deploying capital in a way that greatest maximizes shareholder price via our quarterly dividend, share repurchases and continued investment in our agencies. We seem forward to speaking with you and updating you on our third quarter salary call.

    Operator

    [Operator Closing Remarks]

    length: 38 minutes

    call individuals:

    Jamie Lillis -- Investor relations

    Mike Nolan -- President

    Raymond R. Quirk -- Chief government Officer

    Christopher Owsley Blunt -- Chief govt Offcer, President & Director

    Anthony J. Park -- Chief economic Officer

    John Campbell -- Stephens -- Analyst

    Mark DeVries -- Barclays -- Analyst

    Andrew Kligerman -- credit Suisse -- Analyst

    Mark Hughes -- Truist Securities, Inc -- Analyst

    Bose George -- KBW -- Analyst

    extra FNF analysis

    All revenue call transcripts

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    this text represents the opinion of the creator, who might also disagree with the “respectable” recommendation place of a Motley idiot top class advisory service. We’re motley! Questioning an investing thesis -- even one in all our personal -- helps us all think significantly about investing and make decisions that help us become smarter, happier, and richer.


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