In our Title segment, we achieved record first quarter results, generating adjusted pre-tax title earnings of $512 million compared to $279 million in the year-ago quarter and a 19.9% adjusted pre-tax title margin compared with 14.4% in the first quarter of 2020.
The plan also includes an expected return of capital of $150 million annually from F&G to FNF or roughly 6% of our original investment beginning in 2022.
Yesterday, we announced a quarterly cash dividend of $0.36 per share and at the end of 2020, we announced a share buyback program of $500 million.
During the first quarter, we repurchased 2.8 million shares for $112 million at an average price of $39.95 per share.
And since announcing the buyback plan, we have purchased 6.9 million shares for $264 million at an average price of $38.28 per share.
For the first quarter, we generated adjusted pre-tax title earnings of $512 million, an 84% increase over the first quarter of 2020.
Our adjusted pre-tax title margin was 19.9%, a 550 basis point increase over the prior year quarter with a 58% increase in direct orders closed, driven by a 103% increase in daily refinance orders closed; a 21% increase in daily purchase orders closed; and a 12% increase in total commercial orders closed.
Total commercial revenue was $257 million compared with the year-ago quarter of $245 million due to the 12% increase in closed orders, while total commercial fee per file was down slightly compared to the year-ago quarter.
For the first quarter, total orders opened averaged 12,600 per day with January at 13,500; February at 13,300; and March at 11,400.
For April, total orders opened were over 10,700 per day as we continue to see strong demand in purchase activity, while we have begun to see some decline in the refinance market compared to last year's robust levels.
Daily purchase orders opened were up 18% in the quarter versus the prior year.
For April, daily purchase orders opened were up 90% versus the prior year.
Refinance orders opened increased by 15% on a daily basis versus the first quarter of 2020.
For April, daily refinance orders opened were down 23% versus the prior year.
Lastly, total commercial orders opened per day increased by 12% over the first quarter of 2020.
For April, total commercial orders opened per day were up 72% over April of 2020.
Our fixed indexed annuity or FIA sales in the first quarter were $1 billion, up 11% from the sequential quarter.
Total annuity sales of $1.6 billion in the first quarter were up 16% from the sequential quarter.
The first quarter, total annuity results include $410 million from our newest channel and we expect to comfortably exceed our $1 billion goal for 2021.
With these strong sales results, we grew average assets under management or AAUM to $29 billion, driven by approximately $1.1 billion of net new business flows in the first quarter.
Total product net investment spread was 255 basis points in the quarter and FIA net investment spread was 298 basis points.
Adjusted net earnings for the first quarter were $78 million.
Net favorable items in the period were $12 million, primarily as a result of favorable mortality and investment income on CLO redemptions held at a discount to par.
Adjusted net earnings, excluding notable items, were $66 million, up from $60 million in the fourth quarter, which included $4 million of higher strategic spend for faster than expected launch into new channels.
As of quarter end, the portfolio's net unrealized gain position remains strong at $1.1 billion and there were no credit-related impairments in the quarter.
We generated $3.1 billion in total revenue in the first quarter with the Title segment producing $2.5 billion; F&G producing $539million; and the Corporate segment generating $42 million.
First quarter net earnings were $605 million, which includes net recognized gains of $43 million versus net recognized losses of $320 million in the first quarter of 2020.
Excluding net recognized gains and losses, our total revenue was $3.1 billion as compared with $1.9 billion in the first quarter of 2020.
Adjusted net earnings from continuing operations were $455 million or $1.56 per diluted share.
The Title segment contributed $395 million; F&G contributed $78 million; and the Corporate and Other segment had an adjusted net loss of $18 million.
Excluding net recognized losses of $59 million, our Title segment generated $2.6 billion in total revenue for the first quarter compared with $1.9 billion in the first quarter of 2020.
Direct premiums increased by 37% versus the first quarter of 2020.
Agency revenue grew by 45% and escrow title-related and other fees increased by 22% versus the prior year.
Personnel costs increased by 18% and other operating expenses increased by 7%.
All in, the Title business generated a 19.9% adjusted pre-tax title margin, representing a 550 basis point increase versus the first quarter of 2020.
Interest income in the Title and Corporate segments of $29 million declined to $24 million as compared with the prior year quarter due to reduction of short-term interest rates on our corporate cash balances and our 1031 Exchange business.
FNF debt outstanding was $2.7 billion on March 31 for a debt-to-total capital ratio of 24.6%.
Our title claims paid of $46 million were $35 million lower than our provision of $81 million for the quarter.
The carried reserve for title claim losses is currently $87 million or 5.7% 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 $5.9 billion at March 31.
Included in the $5.9 billion are fixed maturity and preferred securities of $2.3 billion with an average duration of 2.9 years and an average rating of A2; equity securities of $1.3 billion; short-term and other investments of $300 million; and cash of $2 billion.
We ended the quarter with just over $1.1 billion in cash and short-term liquid investments at the holding company level.

Summary:
Excluding net recognized gains and losses, our total revenue was $3.1 billion as compared with $1.9 billion in the first quarter of 2020.
Adjusted net earnings from continuing operations were $455 million or $1.56 per diluted share.
All in, the Title business generated a 19.9% adjusted pre-tax title margin, representing a 550 basis point increase versus the first quarter of 2020.