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In the second quarter, we generated record adjusted pre-tax title margins of $688 million compared to $378 million in the year ago quarter and a 22.7% adjusted pre-tax title margin compared with 18.4% in the second quarter of 2020.
F&G has also entered the institutional market with a $750 million funding agreement-backed note issuance, and was just awarded its first pension risk transfer deal over the past week.
F&G ended the second quarter with nearly 320 -- three -- $32 billion in ending assets under management, which is a 20% increase since the acquisition, and it's well on its way toward achieving our goal of doubling assets as sales momentum accelerates.
Given our strong earnings and cash flows through the first half of the year, yesterday we announced a quarterly cash dividend of $0.40 per share, an increase of 11% from our previous quarterly dividend and our Board authorized a 3-year share repurchase program of up to 25 million shares.
At the end of 2020, we announced a share buyback plan of $500 million, and during the second quarter, we purchased four million shares for $183 million at an average price of $45.74 per share.
Since announcing the buyback plan, we have purchased 11 million shares for $452 million at an average price of $41.09 per share.
For the second quarter, we generated adjusted pre-tax title earnings of $688 million, an 82% increase over the second quarter of 2020.
Our adjusted pre-tax title margin was 22.7%, a 430 basis point increase over the prior year quarter.
We had a 17% increase in direct orders closed, driven by a 57% increase in daily purchase orders closed and a 65% increase in total commercial orders closed, partially offset by a 5% decrease in daily refinance orders closed.
Total commercial revenue was a record $347 million compared with the year ago quarter of $184 million due to the 65% increase in closed orders and a 14% increase in total commercial fee per file compared with the year ago quarter.
For the second quarter, total orders opened averaged 10,900 per day with April at 10,700, May at 11,200 and June at 10,700.
For July, total orders opened were 11,000 per day as we continue to see strong demand and purchase activity, while the refinance market continues to moderate as compared with last year's robust levels.
Daily purchase orders opened were up 41% in the quarter versus the prior year.
For July, daily purchase orders opened were up 4% versus the prior year.
Refinance orders opened decreased by 25% on a daily basis versus the second quarter of 2020.
For July, daily refinance orders opened were down 32% versus the prior year.
Lastly, total commercial orders opened per day increased by 58% over the second quarter of 2020.
For July, total commercial orders opened per day were up 15% over July of 2020.
In the second quarter, we had record annuity sales in our retail channel of $1.6 billion, up 80% from the second quarter of 2020 and 9% from the sequential quarter.
We continue to see success with core agent distribution and also with our two newer distribution channels, independent broker-dealers and banks, which generated over $900 million of new premium in the first half of 2021 and are on track to comfortably exceed $1.5 billion for the full year.
In June, F&G issued a $750 million funding agreement-backed note or FABN, at an attractive coupon of 1.75%.
Market reception to our initial FABN issuance was extremely strong, with an order book in excess of $2 billion.
We will assume approximately $65 million in pension liabilities and provide annuity benefits to over 1,200 retirees in a transaction expected to close this month.
Total sales were $2.7 billion in the second quarter compared to $1.7 billion in the sequential quarter and $1.1 billion in the second quarter of 2020.
For the first half of the year, we achieved record sales of $4.3 billion, nearly double the $2.2 billion of total sales in the first half of 2020.
With these strong top line results, average assets under management or AAUM, has surpassed the $30 billion milestone driven by approximately $1.7 billion of net new business flows in the second quarter.
Total product net investment spread was 295 basis points in the second quarter and FIA net investment spread was 335 basis points.
Adjusting for those notable items though, total product spread was 255 basis points, in line with our historical trend and consistent with our disciplined approach to pricing.
Adjusted net earnings for the second quarter were $92 million.
Net favorable items in the period were $22 million.
Adjusted net earnings, excluding those notable items were $70 million, up from $66 million in the first quarter.
We generated $3.9 billion in total revenue in the second quarter, with the title segment producing $3 billion, F&G producing $802 million and the corporate segment generating $56 million.
Second quarter net earnings were $552 million, which includes net recognized gains of $232 million versus net recognized gains of $162 million in the second quarter of 2020.
Excluding net recognized gains and losses, our total revenue was $3.6 billion as compared with $2.3 billion in the second quarter of 2020.
Adjusted net earnings from continuing operations were $592 million or $2.06 per diluted share.
The title segment contributed $526 million, F&G contributed $92 million and the Corporate and Other segment had an adjusted net loss of $26 million.
Including net recognized losses of $30 million, our title segment generated $3 billion in total revenue for the second quarter compared with $2.1 billion in the second quarter of 2020.
Direct premiums increased by 57% versus the second quarter of 2020, agency premiums grew by 60% and escrow, title-related and other fees increased by 28% versus the prior year.
Personnel costs increased by 32% and other operating expenses increased by 14%.
All in, the title business generated a 22.7% adjusted pre-tax title margin, representing a 430 basis point increase versus the second quarter of 2020.
Interest and investment income in the title and corporate segments of $27 million, declined $14 million as compared with the prior year quarter due to decreases in dividends received on common and preferred stock, decreases in bond interest and a slight decrease in income from our 1031 exchange business.
FNF debt outstanding was $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 lower than our provision of $97 million for the second quarter.
The carried reserve for title claim losses is currently $91 million or 5.8% above the actuary central estimate.
We continue to provide for title claims at 4.5% of total title premiums.
Finally, our title and corporate investment portfolio totaled $6.3 billion at June 30.
Included in the $6.3 billion are fixed maturity and preferred securities of $2.2 billion, with an average duration of 2.9 years and an average rating of A2, equity 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 cash and short-term liquid investments at the holding company level.

Summary:
In the second quarter, we generated record adjusted pre-tax title margins of $688 million compared to $378 million in the year ago quarter and a 22.7% adjusted pre-tax title margin compared with 18.4% in the second quarter of 2020.
We generated $3.9 billion in total revenue in the second quarter, with the title segment producing $3 billion, F&G producing $802 million and the corporate segment generating $56 million.
Adjusted net earnings from continuing operations were $592 million or $2.06 per diluted share.