First American Financial Reports Second Quarter 2024 Results
First American Financial (NYSE: FAF) reported its Q2 2024 financial results. Key highlights include:
- Earnings per diluted share of $1.11, or $1.27 adjusted
- Total revenue of $1.6 billion, down 2% year-over-year
- Title Insurance and Services segment pretax margin of 11.7%, or 11.9% adjusted
- Commercial revenues of $177 million, down 1% year-over-year
- Home Warranty segment pretax margin of 15.4%, or 15.2% adjusted
- Repurchased 752,000 shares for $41 million at an average price of $54.14
The company faced challenging market conditions but benefited from seasonal demand. It maintained focus on managing operating expenses while investing in strategic initiatives, including the launch of Sequoia, an automated underwriting pilot for purchase transactions.
First American Financial (NYSE: FAF) ha riportato i risultati finanziari per il secondo trimestre del 2024. Punti salienti includono:
- Utile per azione diluita di $1,11, o $1,27 rettificato
- Ricavi totali di $1,6 miliardi, in calo del 2% rispetto all'anno precedente
- Margine ante-imposte del settore Assicurazione Titoli e Servizi dell'11,7%, o 11,9% rettificato
- Ricavi commerciali di $177 milioni, in calo dell'1% rispetto all'anno precedente
- Margine ante-imposte del segmento Garanzia Casa del 15,4%, o 15,2% rettificato
- Riacquisto di 752.000 azioni per $41 milioni a un prezzo medio di $54,14
L'azienda ha affrontato condizioni di mercato difficili ma ha beneficiato della domanda stagionale. Ha mantenuto l'attenzione sulla gestione delle spese operative investendo in iniziative strategiche, inclusa la lanciata di Sequoia, un progetto pilota di sottoscrizione automatizzata per transazioni d'acquisto.
First American Financial (NYSE: FAF) reportó sus resultados financieros del segundo trimestre de 2024. Aspectos clave incluyen:
- Ganancias por acción diluida de $1.11, o $1.27 ajustado
- Ingresos totales de $1.6 mil millones, una disminución del 2% interanual
- Margen antes de impuestos del segmento de Seguros de Títulos y Servicios del 11.7%, o 11.9% ajustado
- Ingresos comerciales de $177 millones, una disminución del 1% interanual
- Margen antes de impuestos del segmento de Garantía de Hogar del 15.4%, o 15.2% ajustado
- Recompra de 752,000 acciones por $41 millones a un precio promedio de $54.14
La empresa enfrentó condiciones de mercado desafiantes pero se benefició de la demanda estacional. Mantuvo su enfoque en la gestión de los gastos operativos mientras invertía en iniciativas estratégicas, incluida el lanzamiento de Sequoia, un piloto de suscripción automatizada para transacciones de compra.
퍼스트 아메리칸 파이낸셜(뉴욕증권거래소: FAF)이 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 희석주당 이익 $1.11, 조정 후 $1.27
- 총 수익 $16억 달러, 전년 대비 2% 감소
- 타이틀 보험 및 서비스 부문 세전 마진 11.7%, 조정 후 11.9%
- 상업 수익 $1억 7천7백만 달러, 전년 대비 1% 감소
- 주택 보증 부문 세전 마진 15.4%, 조정 후 15.2%
- 752,000주를 $4,100만에 재매입, 평균 가격 $54.14
회사는 어려운 시장 조건에 직면했지만 계절 수요의 혜택을 보았습니다. 운영 비용 관리에 집중하는 동시에, 구매 거래를 위한 자동화된 언더라이터링 파일럿 프로그램인 세쿼이아 출범과 같은 전략적 이니셔티브에 투자했습니다.
First American Financial (NYSE: FAF) a publié ses résultats financiers pour le deuxième trimestre de 2024. Les points clés incluent :
- Bénéfice par action diluée de 1,11 $, ou 1,27 $ ajusté
- Chiffre d'affaires total de 1,6 milliard de dollars, en baisse de 2 % par rapport à l'année précédente
- Marge avant impôts du segment Assurance titres et services de 11,7 %, ou 11,9 % ajustée
- Revenus commerciaux de 177 millions de dollars, en baisse de 1 % par rapport à l'année précédente
- Marge avant impôts du segment Garantie habitation de 15,4 %, ou 15,2 % ajustée
- Rachat de 752 000 actions pour 41 millions de dollars à un prix moyen de 54,14 $
L'entreprise a été confrontée à des conditions de marché difficiles mais a bénéficié d'une demande saisonnière. Elle a maintenu son attention sur la gestion des dépenses d'exploitation tout en investissant dans des initiatives stratégiques, y compris le lancement de Sequoia, un projet pilote d'underwriting automatisé pour les transactions d'achat.
First American Financial (NYSE: FAF) hat die finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Wichtige Highlights sind:
- Ergebnis je verwässerter Aktie von 1,11 $, oder 1,27 $ bereinigt
- Gesamtumsatz von 1,6 Milliarden $, ein Rückgang um 2 % im Vergleich zum Vorjahr
- Vorsteuer-Marge des Segments Titelversicherung und Dienstleistungen von 11,7 %, oder 11,9 % bereinigt
- Gewerbliche Einnahmen von 177 Millionen $, ein Rückgang um 1 % im Vergleich zum Vorjahr
- Vorsteuer-Marge des Haushaltsgarantiesegments von 15,4 %, oder 15,2 % bereinigt
- Rückkauf von 752.000 Aktien für 41 Millionen $ zu einem Durchschnittspreis von 54,14 $
Das Unternehmen sah sich schwierigen Marktbedingungen gegenüber, profitierte jedoch von saisonaler Nachfrage. Es behielt den Fokus auf der Verwaltung der Betriebsausgaben bei und investierte gleichzeitig in strategische Initiativen, darunter den Start von Sequoia, einem automatisierten Underwriting-Pilotprojekt für Kauftransaktionen.
- Adjusted earnings per share of $1.27, showing profitability
- Home Warranty segment pretax margin improved to 15.4% from 13.4% last year
- Successful launch of Sequoia, an automated underwriting pilot for purchase transactions
- Share repurchase program continuing, with 752,000 shares bought for $41 million
- Total revenue decreased by 2% year-over-year to $1.6 billion
- Net income declined to $116 million from $139 million in Q2 2023
- Title Insurance and Services segment pretax margin decreased to 11.7% from 12.1% last year
- Investment income in Title Insurance segment down 11% to $126 million
Insights
First American Financial 's Q2 2024 results present a mixed picture, with some resilience in a challenging market environment. The company reported
Key points to consider:
- The Title Insurance and Services segment, which is the company's core business, showed an adjusted pretax margin of
11.9% , down from12.6% in Q2 2023. This suggests some pressure on profitability, likely due to market conditions. - Commercial revenues of
$177 million were down only1% year-over-year, indicating relative stability in this segment despite broader market challenges. - The Home Warranty segment performed well, with an adjusted pretax margin of
15.2% , up from12.9% last year. This diversification helps offset some weakness in the title insurance business. - The company's focus on cost management and strategic initiatives, particularly the Sequoia automated underwriting pilot, could potentially improve efficiency and competitiveness in the long term.
While the company maintains its perspective on full-year performance, it acknowledges that results will depend heavily on the strength of the commercial market in the second half of the year. Investors should monitor this segment closely, as it could significantly impact overall performance.
First American Financial's Q2 results reflect the ongoing challenges in the real estate market, but also highlight the company's efforts to adapt and innovate. Several market trends are evident:
- The
3% increase in direct premiums and escrow fees, despite a3% decline in the number of direct title orders closed, suggests a shift towards higher-value transactions. This could indicate a market where fewer but more expensive properties are changing hands. - The increase in average revenue per direct title order to
$3,818 further supports this trend, with a shift from lower premium default transactions to higher premium commercial transactions. - The decline in investment income due to lower average interest-bearing escrow and tax-deferred property exchange balances may indicate a slowdown in real estate transaction volumes.
- The company's focus on automating underwriting for purchase transactions through the Sequoia pilot program is a response to the need for increased efficiency in a competitive market.
The company's performance in the second half of 2024 will likely be influenced by broader economic factors such as interest rates, inflation and overall economic growth. The strength of the commercial real estate market will be particularly crucial. Investors should keep an eye on these macroeconomic indicators and their potential impact on First American's business segments.
Current Quarter Highlights
-
Earnings per diluted share of
$1.11 $1.27 -
Total revenue of
$1.6 billion -
Adjusted total revenue of
$1.6 billion
-
Adjusted total revenue of
-
Title Insurance and Services segment investment income of
$126 million - Title Insurance and Services segment pretax margin of 11.7 percent, or 11.9 percent on an adjusted basis
-
Commercial revenues of
$177 million - Home Warranty segment pretax margin of 15.4 percent, or 15.2 percent on an adjusted basis
-
Debt-to-capital ratio of 29.7 percent, or 22.5 percent excluding secured financings payable of
$642 million -
Repurchased 752,000 shares for a total of
$41 million $54.14 -
Through July 23, repurchased an additional 281,000 shares for a total of
$15 million $54.83
-
Through July 23, repurchased an additional 281,000 shares for a total of
-
Cash flow from operations of
$267 million $269 million - Successfully launched Sequoia, an ongoing pilot of automated underwriting for purchase transactions
Selected Financial Information ($ in millions, except per share data) |
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Three Months Ended |
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June 30, |
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2024 |
|
|
2023 |
|
||
Total revenue |
|
$ |
1,612.3 |
|
|
$ |
1,646.9 |
|
Income before taxes |
|
$ |
151.6 |
|
|
$ |
178.1 |
|
|
|
|
|
|
|
|
||
Net income |
|
$ |
116.0 |
|
|
$ |
138.5 |
|
Net income per diluted share |
|
$ |
1.11 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
||
Adjusted net income |
|
$ |
132.5 |
|
|
$ |
140.9 |
|
Adjusted net income per diluted share |
|
$ |
1.27 |
|
|
$ |
1.35 |
|
Total revenue for the second quarter of 2024 was
“Market conditions remained challenging in the second quarter, though we benefited from the seasonal pick-up in demand,” said Ken DeGiorgio, chief executive officer at First American Financial Corporation. “Our title segment delivered an adjusted pretax margin of
"In the quarter, we maintained our focus on managing operating expenses while investing in long-term strategic initiatives, including our initiative to automate underwriting for purchase transactions. We successfully launched an ongoing pilot of this initiative, which we call Sequoia, in April. Over the long-term, we expect that Sequoia, together with other strategic initiatives, will enable us to service our customers faster and more efficiently than the competition.
“Last quarter, we indicated that we expect modest revenue growth this year that will enable us to achieve title margins similar to what we posted in 2023. While we maintain our perspective on our full-year performance, our results ultimately depend on the strength of the commercial market in the second half of the year, and, in particular, the fourth quarter.”
Title Insurance and Services ($ in millions, except average revenue per order) |
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Three Months Ended |
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June 30, |
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2024 |
|
|
2023 |
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||
Total revenues |
|
$ |
1,521.9 |
|
|
$ |
1,530.7 |
|
|
|
|
|
|
|
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Income before taxes |
|
$ |
177.4 |
|
|
$ |
185.7 |
|
Pretax margin |
|
|
11.7 |
% |
|
|
12.1 |
% |
Adjusted pretax margin |
|
|
11.9 |
% |
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|
12.6 |
% |
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Title open orders(1) |
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|
169,600 |
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|
|
174,600 |
|
Title closed orders(1) |
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|
124,700 |
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|
|
128,300 |
|
|
|
|
|
|
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||
|
|
|
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|
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||
Total revenues |
|
$ |
176.7 |
|
|
$ |
177.9 |
|
Open orders |
|
|
25,300 |
|
|
|
25,700 |
|
Closed orders |
|
|
15,100 |
|
|
|
15,300 |
|
Average revenue per order |
|
$ |
11,700 |
|
|
$ |
11,600 |
|
(1) |
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Total revenues for the Title Insurance and Services segment during the second quarter were
Information and other revenues were
Investment income was
Personnel costs were
Other operating expenses of
The provision for policy losses and other claims was
Depreciation and amortization expense was
Interest expense was
Pretax income for the Title Insurance and Services segment was
Home Warranty ($ in millions) |
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Three Months Ended |
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June 30, |
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|||||
|
|
2024 |
|
|
2023 |
|
||
Total revenues |
|
$ |
106.8 |
|
|
$ |
106.5 |
|
|
|
|
|
|
|
|
||
Income before taxes |
|
$ |
16.5 |
|
|
$ |
14.3 |
|
Pretax margin |
|
|
15.4 |
% |
|
|
13.4 |
% |
Adjusted pretax margin |
|
|
15.2 |
% |
|
|
12.9 |
% |
Total revenues for the Home Warranty segment were
Corporate
Net investment income was
Net recognized investment losses were
Teleconference/Webcast
First American’s second quarter 2024 results will be discussed in more detail on Thursday, July 25, 2024, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is +1-877-407-8293. Callers from outside
The live audio webcast of the call will be available on First American’s website at www.firstam.com/investor. An audio replay of the conference call will be available through August 7, 2024, by dialing +1-201-612-7415 and using the conference ID 13747727. An audio archive of the call will also be available on First American’s investor website.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of
Website Disclosure
First American posts information of interest to investors at www.firstam.com/investor. This includes opened and closed title insurance order counts for its
Forward-Looking Statements
Certain statements made in this press release and the related management commentary contain, and responses to investor questions may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” These forward-looking statements include, without limitation, statements regarding future operations, performance, financial condition, prospects, plans and strategies. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation: interest rate fluctuations; changes in conditions of the real estate markets; volatility in the capital markets; unfavorable economic conditions; impairments in the company’s goodwill or other intangible assets; failures at financial institutions where the company deposits funds; regulatory oversight and changes in applicable laws and government regulations, including privacy and data protection laws; heightened scrutiny by legislators and regulators of the company’s title insurance and services segment and certain other of the company’s businesses; regulation of title insurance rates; limitations on access to public records and other data; climate change, health crises, terrorist attacks, severe weather conditions and other catastrophe events; changes in relationships with large mortgage lenders and government-sponsored enterprises; changes in measures of the strength of the company’s title insurance underwriters, including ratings and statutory capital and surplus; losses in the company’s investment portfolio or venture investment portfolio; material variance between actual and expected claims experience; defalcations, increased claims or other costs and expenses attributable to the company’s use of title agents; any inadequacy in the company’s risk management framework or use of models; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; innovation efforts of the company and other industry participants and any related market disruption; errors and fraud involving the transfer of funds; failures to recruit and retain qualified employees; the company’s use of a global workforce; inability of the company to fulfill parent company obligations and/or pay dividends; inability to realize anticipated synergies or produce returns that justify investment in acquired businesses; a reduction in the deposits at the company’s federal savings bank subsidiary; claims of infringement or inability to adequately protect the company’s intellectual property; and other factors described in the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Use of Non-GAAP Financial Measures
This news release and related management commentary contain certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including an adjusted debt to capitalization ratio, personnel and other operating expense ratios, success ratios, net operating revenues; and adjusted revenues, adjusted pretax income, adjusted pretax margin, adjusted net income, and adjusted earnings per share. The company is presenting these non-GAAP financial measures because they provide the company’s management and investors with additional insight into the financial leverage, operational efficiency and performance of the company relative to earlier periods and relative to the company’s competitors. The company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this news release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.
First American Financial Corporation |
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Summary of Consolidated Financial Results and Selected Information |
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(in millions, except per share amounts and title orders, unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2024 |
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2023 |
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|
2024 |
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|
2023 |
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Total revenues |
|
$ |
1,612.3 |
|
|
$ |
1,646.9 |
|
|
$ |
3,036.9 |
|
|
$ |
3,093.0 |
|
|
|
|
|
|
|
|
|
|
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|
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Income before income taxes |
|
$ |
151.6 |
|
|
$ |
178.1 |
|
|
$ |
209.9 |
|
|
$ |
237.7 |
|
Income tax expense |
|
|
35.2 |
|
|
|
41.7 |
|
|
|
46.8 |
|
|
|
55.3 |
|
Net income |
|
|
116.4 |
|
|
|
136.4 |
|
|
|
163.1 |
|
|
|
182.4 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
|
0.4 |
|
|
|
(2.1 |
) |
|
|
0.4 |
|
|
|
(2.0 |
) |
Net income attributable to the Company |
|
$ |
116.0 |
|
|
$ |
138.5 |
|
|
$ |
162.7 |
|
|
$ |
184.4 |
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Net income per share attributable to stockholders: |
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Basic |
|
$ |
1.11 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
|
$ |
1.77 |
|
Diluted |
|
$ |
1.11 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
|
$ |
1.76 |
|
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Cash dividends declared per share |
|
$ |
0.53 |
|
|
$ |
0.52 |
|
|
$ |
1.06 |
|
|
$ |
1.04 |
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Weighted average common shares outstanding: |
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|
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|
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Basic |
|
|
104.1 |
|
|
|
104.3 |
|
|
|
104.1 |
|
|
|
104.4 |
|
Diluted |
|
|
104.3 |
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|
|
104.5 |
|
|
|
104.4 |
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|
104.6 |
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Selected Title Insurance Segment Information |
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Title orders opened(1) |
|
|
169,600 |
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|
174,600 |
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|
325,100 |
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|
347,200 |
|
Title orders closed(1) |
|
|
124,700 |
|
|
|
128,300 |
|
|
|
227,400 |
|
|
|
234,900 |
|
Paid title claims |
|
$ |
45.9 |
|
|
$ |
34.9 |
|
|
$ |
94.0 |
|
|
$ |
77.6 |
|
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(1) |
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First American Financial Corporation |
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Selected Consolidated Balance Sheet Information |
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(in millions, unaudited) |
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June 30, |
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December 31, |
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|
2024 |
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2023 |
|
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Cash and cash equivalents |
|
$ |
2,048.6 |
|
|
$ |
3,605.3 |
|
Investments |
|
|
7,847.2 |
|
|
|
7,948.9 |
|
Goodwill and other intangible assets, net |
|
|
1,945.7 |
|
|
|
1,961.3 |
|
Total assets |
|
|
15,157.3 |
|
|
|
16,802.8 |
|
Reserve for claim losses |
|
|
1,252.2 |
|
|
|
1,282.4 |
|
Notes and contracts payable |
|
|
1,399.7 |
|
|
|
1,393.9 |
|
Total stockholders’ equity |
|
$ |
4,813.6 |
|
|
$ |
4,848.1 |
|
First American Financial Corporation |
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Segment Information |
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(in millions, unaudited) |
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Three Months Ended |
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Title |
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Home |
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|
Corporate |
|
||||
June 30, 2024 |
|
Consolidated |
|
|
Insurance |
|
|
Warranty |
|
|
(incl. Elims.) |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct premiums and escrow fees |
|
$ |
632.7 |
|
|
$ |
533.0 |
|
|
$ |
99.6 |
|
|
$ |
0.1 |
|
Agent premiums |
|
|
616.3 |
|
|
|
616.3 |
|
|
|
— |
|
|
|
— |
|
Information and other |
|
|
246.6 |
|
|
|
240.9 |
|
|
|
5.8 |
|
|
|
(0.1 |
) |
Net investment income |
|
|
129.9 |
|
|
|
125.7 |
|
|
|
1.1 |
|
|
|
3.1 |
|
Net investment (losses) gains |
|
|
(13.2 |
) |
|
|
6.0 |
|
|
|
0.3 |
|
|
|
(19.5 |
) |
|
|
|
1,612.3 |
|
|
|
1,521.9 |
|
|
|
106.8 |
|
|
|
(16.4 |
) |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel costs |
|
|
509.0 |
|
|
|
485.6 |
|
|
|
20.8 |
|
|
|
2.6 |
|
Premiums retained by agents |
|
|
492.2 |
|
|
|
492.2 |
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
|
277.0 |
|
|
|
243.6 |
|
|
|
21.6 |
|
|
|
11.8 |
|
Provision for policy losses and other claims |
|
|
79.5 |
|
|
|
34.5 |
|
|
|
45.6 |
|
|
|
(0.6 |
) |
Depreciation and amortization |
|
|
52.1 |
|
|
|
50.9 |
|
|
|
1.1 |
|
|
|
0.1 |
|
Premium taxes |
|
|
15.5 |
|
|
|
14.3 |
|
|
|
1.2 |
|
|
|
(0.0 |
) |
Interest |
|
|
35.4 |
|
|
|
23.4 |
|
|
|
— |
|
|
|
12.0 |
|
|
|
|
1,460.7 |
|
|
|
1,344.5 |
|
|
|
90.3 |
|
|
|
25.9 |
|
Income (loss) before income taxes |
|
$ |
151.6 |
|
|
$ |
177.4 |
|
|
$ |
16.5 |
|
|
$ |
(42.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended |
|
|
|
|
Title |
|
|
Home |
|
|
Corporate |
|
||||
June 30, 2023 |
|
Consolidated |
|
|
Insurance |
|
|
Warranty |
|
|
(incl. Elims.) |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct premiums and escrow fees |
|
$ |
615.3 |
|
|
$ |
516.8 |
|
|
$ |
98.5 |
|
|
$ |
0.0 |
|
Agent premiums |
|
|
624.7 |
|
|
|
624.7 |
|
|
|
— |
|
|
|
— |
|
Information and other |
|
|
250.3 |
|
|
|
244.4 |
|
|
|
5.9 |
|
|
|
(0.0 |
) |
Net investment income |
|
|
150.3 |
|
|
|
141.9 |
|
|
|
1.4 |
|
|
|
7.0 |
|
Net investment gains |
|
|
6.3 |
|
|
|
2.9 |
|
|
|
0.7 |
|
|
|
2.7 |
|
|
|
|
1,646.9 |
|
|
|
1,530.7 |
|
|
|
106.5 |
|
|
|
9.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel costs |
|
|
514.5 |
|
|
|
485.0 |
|
|
|
20.5 |
|
|
|
9.0 |
|
Premiums retained by agents |
|
|
496.4 |
|
|
|
496.4 |
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
|
272.5 |
|
|
|
243.1 |
|
|
|
20.9 |
|
|
|
8.5 |
|
Provision for policy losses and other claims |
|
|
89.5 |
|
|
|
39.9 |
|
|
|
48.5 |
|
|
|
1.1 |
|
Depreciation and amortization |
|
|
46.1 |
|
|
|
44.8 |
|
|
|
1.1 |
|
|
|
0.2 |
|
Premium taxes |
|
|
15.5 |
|
|
|
14.3 |
|
|
|
1.2 |
|
|
|
(0.0 |
) |
Interest |
|
|
34.3 |
|
|
|
21.5 |
|
|
|
— |
|
|
|
12.8 |
|
|
|
|
1,468.8 |
|
|
|
1,345.0 |
|
|
|
92.2 |
|
|
|
31.6 |
|
Income (loss) before income taxes |
|
$ |
178.1 |
|
|
$ |
185.7 |
|
|
$ |
14.3 |
|
|
$ |
(21.9 |
) |
First American Financial Corporation |
|
|||||||||||||||
Segment Information |
|
|||||||||||||||
(in millions, unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Six Months Ended |
|
|
|
|
Title |
|
|
Home |
|
|
Corporate |
|
||||
June 30, 2024 |
|
Consolidated |
|
|
Insurance |
|
|
Warranty |
|
|
(incl. Elims.) |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct premiums and escrow fees |
|
$ |
1,133.6 |
|
|
$ |
936.2 |
|
|
$ |
197.3 |
|
|
$ |
0.1 |
|
Agent premiums |
|
|
1,180.1 |
|
|
|
1,180.1 |
|
|
|
— |
|
|
|
— |
|
Information and other |
|
|
469.6 |
|
|
|
458.1 |
|
|
|
11.7 |
|
|
|
(0.2 |
) |
Net investment income |
|
|
257.8 |
|
|
|
242.4 |
|
|
|
2.0 |
|
|
|
13.4 |
|
Net investment (losses) gains |
|
|
(4.2 |
) |
|
|
24.9 |
|
|
|
1.0 |
|
|
|
(30.1 |
) |
|
|
|
3,036.9 |
|
|
|
2,841.7 |
|
|
|
212.0 |
|
|
|
(16.8 |
) |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel costs |
|
|
993.9 |
|
|
|
938.1 |
|
|
|
40.6 |
|
|
|
15.2 |
|
Premiums retained by agents |
|
|
940.0 |
|
|
|
940.0 |
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
|
542.8 |
|
|
|
477.3 |
|
|
|
43.7 |
|
|
|
21.8 |
|
Provision for policy losses and other claims |
|
|
149.0 |
|
|
|
63.5 |
|
|
|
86.3 |
|
|
|
(0.8 |
) |
Depreciation and amortization |
|
|
102.2 |
|
|
|
99.7 |
|
|
|
2.4 |
|
|
|
0.1 |
|
Premium taxes |
|
|
29.4 |
|
|
|
27.2 |
|
|
|
2.2 |
|
|
|
(0.0 |
) |
Interest |
|
|
69.7 |
|
|
|
45.8 |
|
|
|
— |
|
|
|
23.9 |
|
|
|
|
2,827.0 |
|
|
|
2,591.6 |
|
|
|
175.2 |
|
|
|
60.2 |
|
Income (loss) before income taxes |
|
$ |
209.9 |
|
|
$ |
250.1 |
|
|
$ |
36.8 |
|
|
$ |
(77.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Six Months Ended |
|
|
|
|
Title |
|
|
Home |
|
|
Corporate |
|
||||
June 30, 2023 |
|
Consolidated |
|
|
Insurance |
|
|
Warranty |
|
|
(incl. Elims.) |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct premiums and escrow fees |
|
$ |
1,117.5 |
|
|
$ |
922.4 |
|
|
$ |
195.1 |
|
|
$ |
0.0 |
|
Agent premiums |
|
|
1,215.1 |
|
|
|
1,215.1 |
|
|
|
— |
|
|
|
— |
|
Information and other |
|
|
477.2 |
|
|
|
465.9 |
|
|
|
11.4 |
|
|
|
(0.1 |
) |
Net investment income |
|
|
284.3 |
|
|
|
266.5 |
|
|
|
2.8 |
|
|
|
15.0 |
|
Net investment (losses) gains |
|
|
(1.1 |
) |
|
|
9.4 |
|
|
|
0.9 |
|
|
|
(11.4 |
) |
|
|
|
3,093.0 |
|
|
|
2,879.3 |
|
|
|
210.2 |
|
|
|
3.5 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel costs |
|
|
1,002.1 |
|
|
|
943.8 |
|
|
|
39.7 |
|
|
|
18.6 |
|
Premiums retained by agents |
|
|
965.4 |
|
|
|
965.4 |
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
|
531.0 |
|
|
|
467.2 |
|
|
|
41.5 |
|
|
|
22.3 |
|
Provision for policy losses and other claims |
|
|
171.8 |
|
|
|
74.8 |
|
|
|
94.2 |
|
|
|
2.8 |
|
Depreciation and amortization |
|
|
91.6 |
|
|
|
89.0 |
|
|
|
2.4 |
|
|
|
0.2 |
|
Premium taxes |
|
|
30.0 |
|
|
|
27.8 |
|
|
|
2.2 |
|
|
|
(0.0 |
) |
Interest |
|
|
63.4 |
|
|
|
37.4 |
|
|
|
— |
|
|
|
26.0 |
|
|
|
|
2,855.3 |
|
|
|
2,605.4 |
|
|
|
180.0 |
|
|
|
69.9 |
|
Income (loss) before income taxes |
|
$ |
237.7 |
|
|
$ |
273.9 |
|
|
$ |
30.2 |
|
|
$ |
(66.4 |
) |
First American Financial Corporation |
|
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|
|||||||||||||||
(in millions, except margin and per share amounts, unaudited) |
|
|||||||||||||||
Consolidated |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
1,612.3 |
|
|
$ |
1,646.9 |
|
|
$ |
3,036.9 |
|
|
$ |
3,093.0 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment (losses) gains |
|
|
(13.2 |
) |
|
|
6.3 |
|
|
|
(4.2 |
) |
|
|
(1.1 |
) |
Adjusted total revenues |
|
$ |
1,625.5 |
|
|
$ |
1,640.6 |
|
|
$ |
3,041.1 |
|
|
$ |
3,094.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax income |
|
$ |
151.6 |
|
|
$ |
178.1 |
|
|
$ |
209.9 |
|
|
$ |
237.7 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment (losses) gains |
|
|
(13.2 |
) |
|
|
6.3 |
|
|
|
(4.2 |
) |
|
|
(1.1 |
) |
Plus: Purchase-related intangible amortization |
|
|
8.4 |
|
|
|
9.4 |
|
|
|
17.7 |
|
|
|
19.3 |
|
Adjusted pretax income |
|
$ |
173.2 |
|
|
$ |
181.2 |
|
|
$ |
231.8 |
|
|
$ |
258.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax margin |
|
|
9.4 |
% |
|
|
10.8 |
% |
|
|
6.9 |
% |
|
|
7.7 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment (losses) gains |
|
|
(0.7 |
)% |
|
|
0.3 |
% |
|
|
(0.1 |
)% |
|
|
(0.0 |
)% |
Plus: Purchase-related intangible amortization |
|
|
0.6 |
% |
|
|
0.5 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
Adjusted pretax margin |
|
|
10.7 |
% |
|
|
11.0 |
% |
|
|
7.6 |
% |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
116.0 |
|
|
$ |
138.5 |
|
|
$ |
162.7 |
|
|
$ |
184.4 |
|
Non-GAAP adjustments, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment (losses) gains |
|
|
(10.1 |
) |
|
|
4.8 |
|
|
|
(3.3 |
) |
|
|
(0.8 |
) |
Plus: Purchase-related intangible amortization |
|
|
6.4 |
|
|
|
7.2 |
|
|
|
13.8 |
|
|
|
14.8 |
|
Adjusted net income |
|
$ |
132.5 |
|
|
$ |
140.9 |
|
|
$ |
179.8 |
|
|
$ |
200.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per diluted share (EPS) |
|
$ |
1.11 |
|
|
$ |
1.33 |
|
|
$ |
1.56 |
|
|
$ |
1.76 |
|
Non-GAAP adjustments, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment (losses) gains |
|
|
(0.10 |
) |
|
|
0.05 |
|
|
|
(0.03 |
) |
|
|
(0.01 |
) |
Plus: Purchase-related intangible amortization |
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.13 |
|
|
|
0.14 |
|
Adjusted EPS |
|
$ |
1.27 |
|
|
$ |
1.35 |
|
|
$ |
1.72 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase-related intangible amortization includes amortization of noncompete agreements, |
|
|||||||||||||||
customer relationships, and trademarks acquired in business combinations. |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Totals may not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|||||||||||||||
First American Financial Corporation |
|
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|
|||||||||||||||
(in millions except margin, unaudited) |
|
|||||||||||||||
By Segment |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Title Insurance and Services Segment |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
1,521.9 |
|
|
$ |
1,530.7 |
|
|
$ |
2,841.7 |
|
|
$ |
2,879.3 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
6.0 |
|
|
|
2.9 |
|
|
|
24.9 |
|
|
|
9.4 |
|
Adjusted total revenues |
|
$ |
1,515.9 |
|
|
$ |
1,527.8 |
|
|
$ |
2,816.8 |
|
|
$ |
2,869.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax income |
|
$ |
177.4 |
|
|
$ |
185.7 |
|
|
$ |
250.1 |
|
|
$ |
273.9 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
6.0 |
|
|
|
2.9 |
|
|
|
24.9 |
|
|
|
9.4 |
|
Plus: Purchase-related intangible amortization |
|
|
8.4 |
|
|
|
9.3 |
|
|
|
17.6 |
|
|
|
19.2 |
|
Adjusted pretax income |
|
$ |
179.8 |
|
|
$ |
192.1 |
|
|
$ |
242.8 |
|
|
$ |
283.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax margin |
|
|
11.7 |
% |
|
|
12.1 |
% |
|
|
8.8 |
% |
|
|
9.5 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
0.4 |
% |
|
|
0.1 |
% |
|
|
0.8 |
% |
|
|
0.3 |
% |
Plus: Purchase-related intangible amortization |
|
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.7 |
% |
Adjusted pretax margin |
|
|
11.9 |
% |
|
|
12.6 |
% |
|
|
8.6 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Home Warranty Segment |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
106.8 |
|
|
$ |
106.5 |
|
|
$ |
212.0 |
|
|
$ |
210.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
0.3 |
|
|
|
0.7 |
|
|
|
1.0 |
|
|
|
0.9 |
|
Adjusted total revenues |
|
$ |
106.5 |
|
|
$ |
105.8 |
|
|
$ |
211.0 |
|
|
$ |
209.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax income |
|
$ |
16.5 |
|
|
$ |
14.3 |
|
|
$ |
36.8 |
|
|
$ |
30.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
0.3 |
|
|
|
0.7 |
|
|
|
1.0 |
|
|
|
0.9 |
|
Adjusted pretax income |
|
$ |
16.2 |
|
|
$ |
13.6 |
|
|
$ |
35.8 |
|
|
$ |
29.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pretax margin |
|
|
15.4 |
% |
|
|
13.4 |
% |
|
|
17.4 |
% |
|
|
14.4 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Net investment gains |
|
|
0.2 |
% |
|
|
0.5 |
% |
|
|
0.4 |
% |
|
|
0.4 |
% |
Adjusted pretax margin |
|
|
15.2 |
% |
|
|
12.9 |
% |
|
|
17.0 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase-related intangible amortization includes amortization of noncompete agreements, |
|
|||||||||||||||
customer relationships, and trademarks acquired in business combinations. |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Totals may not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
||||
First American Financial Corporation |
|
|||||||||||||||
Expense and Success Ratio Reconciliation |
|
|||||||||||||||
Title Insurance and Services Segment |
|
|||||||||||||||
($ in millions, unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Total revenues |
|
$ |
1,521.9 |
|
|
$ |
1,530.7 |
|
|
$ |
2,841.7 |
|
|
$ |
2,879.3 |
|
Less: Net investment gains |
|
|
6.0 |
|
|
|
2.9 |
|
|
|
24.9 |
|
|
|
9.4 |
|
Net investment income |
|
|
125.7 |
|
|
|
141.9 |
|
|
|
242.4 |
|
|
|
266.5 |
|
Premiums retained by agents |
|
|
492.2 |
|
|
|
496.4 |
|
|
|
940.0 |
|
|
|
965.4 |
|
Net operating revenues |
|
$ |
898.0 |
|
|
$ |
889.5 |
|
|
$ |
1,634.4 |
|
|
$ |
1,638.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel and other operating expenses |
|
$ |
729.2 |
|
|
$ |
728.1 |
|
|
$ |
1,415.4 |
|
|
$ |
1,411.0 |
|
Ratio (% net operating revenues) |
|
|
81.2 |
% |
|
|
81.9 |
% |
|
|
86.6 |
% |
|
|
86.1 |
% |
Ratio (% total revenues) |
|
|
47.9 |
% |
|
|
47.6 |
% |
|
|
49.8 |
% |
|
|
49.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in net operating revenues |
|
$ |
8.5 |
|
|
|
|
|
$ |
(3.6 |
) |
|
|
|
||
Change in personnel and other operating expenses |
|
|
1.1 |
|
|
|
|
|
|
4.4 |
|
|
|
|
||
Success Ratio(1) |
|
|
13 |
% |
|
|
|
|
|
-122 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Change in personnel and other operating expenses divided by change in net operating revenues. |
|
|||||||||||||||
First American Financial Corporation |
|
|||||||||||||||||||
Supplemental Direct Title Insurance Order Information(1) |
|
|||||||||||||||||||
(unaudited) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Q224 |
|
|
Q124 |
|
|
Q423 |
|
|
Q323 |
|
|
Q223 |
|
|||||
Open Orders per Day |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchase |
|
|
1,592 |
|
|
|
1,498 |
|
|
|
1,105 |
|
|
|
1,461 |
|
|
|
1,584 |
|
Refinance |
|
|
378 |
|
|
|
332 |
|
|
|
325 |
|
|
|
356 |
|
|
|
355 |
|
Refinance as % of residential orders |
|
|
19 |
% |
|
|
18 |
% |
|
|
23 |
% |
|
|
20 |
% |
|
|
18 |
% |
Commercial |
|
|
395 |
|
|
|
416 |
|
|
|
349 |
|
|
|
399 |
|
|
|
402 |
|
Default and other |
|
|
286 |
|
|
|
263 |
|
|
|
231 |
|
|
|
280 |
|
|
|
387 |
|
Total open orders per day |
|
|
2,650 |
|
|
|
2,508 |
|
|
|
2,010 |
|
|
|
2,497 |
|
|
|
2,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Closed Orders per Day |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchase |
|
|
1,177 |
|
|
|
939 |
|
|
|
930 |
|
|
|
1,141 |
|
|
|
1,171 |
|
Refinance |
|
|
265 |
|
|
|
240 |
|
|
|
221 |
|
|
|
280 |
|
|
|
279 |
|
Refinance as % of residential orders |
|
|
18 |
% |
|
|
20 |
% |
|
|
19 |
% |
|
|
20 |
% |
|
|
19 |
% |
Commercial |
|
|
236 |
|
|
|
231 |
|
|
|
252 |
|
|
|
236 |
|
|
|
239 |
|
Default and other |
|
|
271 |
|
|
|
247 |
|
|
|
219 |
|
|
|
249 |
|
|
|
315 |
|
Total closed orders per day |
|
|
1,948 |
|
|
|
1,656 |
|
|
|
1,623 |
|
|
|
1,905 |
|
|
|
2,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Revenue per Order (ARPO)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase |
|
$ |
3,605 |
|
|
$ |
3,360 |
|
|
$ |
3,421 |
|
|
$ |
3,474 |
|
|
$ |
3,472 |
|
Refinance |
|
|
1,206 |
|
|
|
1,151 |
|
|
|
1,284 |
|
|
|
1,227 |
|
|
|
1,258 |
|
Commercial |
|
|
11,720 |
|
|
|
9,989 |
|
|
|
11,001 |
|
|
|
10,763 |
|
|
|
11,614 |
|
Default and other |
|
|
433 |
|
|
|
363 |
|
|
|
421 |
|
|
|
469 |
|
|
|
314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total ARPO |
|
$ |
3,818 |
|
|
$ |
3,516 |
|
|
$ |
3,899 |
|
|
$ |
3,653 |
|
|
$ |
3,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Business Days |
|
|
64 |
|
|
|
62 |
|
|
|
62 |
|
|
|
63 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) |
|
|||||||||||||||||||
(2) Average revenue per order (ARPO) defined as direct premiums and escrow fees divided by closed title orders. |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Totals may not sum due to rounding. |
|
|||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724555904/en/
Media Contact:
Marcus Ginnaty
Corporate Communications
First American Financial Corporation
714-250-3298
Investor Contact:
Craig Barberio
Investor Relations
First American Financial Corporation
714-250-5214
Source: First American Financial Corporation
FAQ
What was First American Financial's (FAF) earnings per share in Q2 2024?
How did First American Financial's (FAF) total revenue change in Q2 2024 compared to the previous year?
What was the performance of First American Financial's (FAF) Title Insurance and Services segment in Q2 2024?
How many shares did First American Financial (FAF) repurchase in Q2 2024?
