For the fourth quarter, we generated record adjusted pre-tax title earnings of $624 million compared with $355 million in the year ago quarter and a record 22.7% adjusted pre-tax title margin compared with 16.3% in the fourth quarter of 2019.
F&G continues to execute on its growth strategy, generating retail sales growth of over 40% in the fourth quarter.
F&G is gaining momentum in the newly entered bank and broker-dealer channel, generating $500 million of channel sales since our launch on July 1.
Last week, we announced a quarterly cash dividend of $0.36 per share, reflecting the fourth quarter dividend increase of 9%.
Additionally, in October, we announced a 12-month $500 million share repurchase target.
And since that announcement, we have repurchased 3.8 million shares for approximately $140 million.
And for 2020 in total, we repurchased 7.5 million shares for approximately $244 million.
For the fourth quarter, we generated adjusted pre-tax title earnings of $624 million, a 76% increase over the fourth quarter of 2019.
Our adjusted pre-tax title margin was 22.7%, a 640 basis point increase over the prior year quarter.
We had a 40% increase in direct orders closed -- 48% increase in direct orders closed, driven by an 86% increase in daily refinance orders closed, an 18% increase in daily purchase orders closed and a 1% increase in total commercial orders closed.
Total commercial revenue was $322 million compared with the year ago quarter of $321 million due to the 1% increase in closed orders.
For the fourth quarter, total orders opened averaged 11,600 per day, with October at 11,800 and November at 11,900 in December at 11,000.
For January, total orders opened were over 13,400 per day and through the first three weeks of February were over 13,500 per day as we continue to see strong demand and purchase activity and continued strength in the refinance market.
Daily purchase orders opened were up 14% in the quarter versus the prior year.
For January, daily purchase orders opened were up 15% and versus the prior year.
And through the first three weeks of February were up 4% versus the prior year.
Refinance orders opened increased by 90% on a daily basis versus the fourth quarter of 2019.
For January, daily refinance orders opened were up 96% versus the prior year and, through the first three weeks of February, were up 40% versus the prior year.
Lastly, total commercial orders opened increased by 3% over the fourth quarter of 2019.
For January, total commercial orders opened per day were up 5% over January 2020 and were up 2% through the first three weeks of February versus the prior year.
Total retail annuity sales of $1.3 billion in the fourth quarter were up 42% from the prior year, and core FIA sales were $947 million, up 19% from the prior year.
Since then, we've generated over $500 million in new annuity sales in the channel to date, including $322 million in the fourth quarter alone.
With these solid sales results, we grew average assets under management, or AAUM, to $28 billion, driven by approximately $900 million of net new business flows in the fourth quarter.
Total product net investment spread was 255 basis points in the fourth quarter, and FIA net investment spread was 302 basis points.
Adjusted net earnings for the fourth quarter were $128 million.
Net favorable items in the period were $68 million, primarily as a result of this tax benefit.
Adjusted net earnings, excluding notable items, were $60 million, down from $64 million in the third quarter due to $4 million of higher strategic spend due to our faster-than-expected launch into new channels.
In contrast to many of our peers, F&G has minimal exposure to traditional life products at only 6% of GAAP reserves after reinsurance.
In addition, as of year-end, the portfolio's net unrealized gain position grew to $2 billion, a sharp reversal from the net unrealized loss position experienced early in 2020 due to the pandemic.
As expected, we ended the year with an estimated RBC ratio of over 400% for our primary insurance operating subsidiary.
We generated approximately $3.8 billion in total revenue in the fourth quarter, with the title segment producing approximately $3 billion, F&G producing $667 million and the corporate segment generating $60 million.
Fourth quarter net earnings were $801 million, which includes net recognized gains of $573 million versus net recognized gains of $131 million in the fourth quarter of 2019.
Excluding net recognized gains, our total revenue was $3.2 billion as compared with $2.2 billion in the fourth quarter of 2019.
Adjusted net earnings from continuing operations were $588 million or $2.01 per diluted share.
The title segment contributed $498 million.
F&G contributed $128 million, and the corporate and other segment had an adjusted net loss of $38 million.
Excluding net recognized gains of $290 million, our title segment generated $2.8 billion in total revenue for the fourth quarter compared with $2.2 billion in the fourth quarter of 2019.
Direct premiums increased by 29% versus the fourth quarter of 2019.
Agency revenue grew by 33%, and escrow title-related and other fees increased by 21% versus the prior year.
Personnel costs increased by 15%, and other operating expenses decreased by 7%.
All in, the title business generated a 22.7% adjusted pre-tax title margin, representing a 640 basis point increase versus the fourth quarter of 2019.
Interest income in the title and corporate segments of $32 million declined $23 million as compared with the prior year quarter due to the reduction of short-term interest rates on our corporate cash balances and our 1031 exchange business.
FNF debt outstanding was $2.7 billion on December 31 for a debt-to-total capital ratio of 24.2%.
Our title claims paid of $54 million were $33 million lower than our provision rate of $87 million for the fourth quarter.
The carried title reserve for claim losses is currently $62 million or 4.1% above the actuary central estimate.
We continued to provide for title claims at 4.5% of total title premiums.
Finally, our title and corporate investment portfolio totaled $5.7 billion at December 31.
Included in the $5.7 billion are fixed maturity and preferred securities of $2.5 billion with an average duration of three years and an average rating of A2, equity securities of $900 million, short-term and other investments of $500 million and cash of $1.8 billion.
We ended the quarter with just under $1 billion in cash and short-term liquid investments at the holding company level.

Summary:
For the fourth quarter, we generated record adjusted pre-tax title earnings of $624 million compared with $355 million in the year ago quarter and a record 22.7% adjusted pre-tax title margin compared with 16.3% in the fourth quarter of 2019.
And since that announcement, we have repurchased 3.8 million shares for approximately $140 million.
We generated approximately $3.8 billion in total revenue in the fourth quarter, with the title segment producing approximately $3 billion, F&G producing $667 million and the corporate segment generating $60 million.
Adjusted net earnings from continuing operations were $588 million or $2.01 per diluted share.