First American Financial Corporation (NYSE: FAF), a premier
provider of title, settlement and risk solutions for real estate
transactions and the leader in the digital transformation of its
industry, today announced financial results for the second quarter
ended June 30, 2024.
Current Quarter Highlights
- Earnings per diluted share of $1.11, or $1.27 per share on an
adjusted basis
- Total revenue of $1.6 billion, down 2 percent compared with
last year
- Adjusted total revenue of $1.6 billion, down 1 percent compared
with last year
- Title Insurance and Services segment investment income of $126
million, down 11 percent compared with last year
- Title Insurance and Services segment pretax margin of 11.7
percent, or 11.9 percent on an adjusted basis
- Commercial revenues of $177 million, down 1 percent compared
with last year
- 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 at an
average price of $54.14
- Through July 23, repurchased an additional 281,000 shares for a
total of $15 million at an average price of $54.83
- Cash flow from operations of $267 million, compared with $269
million last year
- Successfully launched Sequoia, an ongoing pilot of automated
underwriting for purchase transactions
Selected Financial Information
($ in millions, except per share data)
Three Months Ended
June 30,
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 $1.6 billion,
down 2 percent compared with the second quarter of 2023. Net income
in the current quarter was $116 million, or $1.11 per diluted
share, compared with net income of $139 million, or $1.33 per
diluted share, in the second quarter of 2023. Net investment losses
in the current quarter were $13 million, or 10 cents per diluted
share, compared with net investment gains of $6 million, or 5 cents
per diluted share, in the second quarter of last year. Adjusted net
income in the current quarter was $133 million, or $1.27 per
diluted share, compared with $141 million, or $1.35 per diluted
share, in the second quarter of last year.
“Market conditions remained challenging in the second quarter,
though we benefited from the seasonal pick-up in demand,” said Ken
DeGiorgio, chief executive officer at First American Financial
Corporation. “Our title segment delivered an adjusted pretax margin
of 11.9% this quarter and our home warranty segment again delivered
strong results with an adjusted pretax margin of 15.2%.
"In the quarter, we maintained our focus on managing operating
expenses while investing in long-term strategic initiatives,
including our initiative to automate underwriting for purchase
transactions. We successfully launched an ongoing pilot of this
initiative, which we call Sequoia, in April. Over the long-term, we
expect that Sequoia, together with other strategic initiatives,
will enable us to service our customers faster and more efficiently
than the competition.
“Last quarter, we indicated that we expect modest revenue growth
this year that will enable us to achieve title margins similar to
what we posted in 2023. While we maintain our perspective on our
full-year performance, our results ultimately depend on the
strength of the commercial market in the second half of the year,
and, in particular, the fourth quarter.”
Title Insurance and Services
($ in millions, except average revenue per
order)
Three Months Ended
June 30,
2024
2023
Total revenues
$
1,521.9
$
1,530.7
Income before taxes
$
177.4
$
185.7
Pretax margin
11.7
%
12.1
%
Adjusted pretax margin
11.9
%
12.6
%
Title open orders(1)
169,600
174,600
Title closed orders(1)
124,700
128,300
U.S. Commercial
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) U.S. direct title insurance orders
only.
Total revenues for the Title Insurance and Services segment
during the second quarter were $1.5 billion, down 1 percent
compared with the same quarter of 2023. Direct premiums and escrow
fees increased by 3 percent compared with the second quarter of
last year, driven by a 5 percent increase in the average revenue
per order closed, partly offset by a 3 percent decline in the
number of direct title orders closed in our domestic operations.
The average revenue per direct title order increased to $3,818,
primarily attributable to a shift in the mix from lower premium
default transactions to higher premium commercial transactions and
an increase in the average revenue per order for purchase
transactions. Agent premiums, which are recorded on approximately a
one-quarter lag relative to direct premiums, declined 1 percent
compared with last year.
Information and other revenues were $241 million during the
quarter, down $3 million, or 1 percent, compared with last year.
This decline was primarily due to an increase in the capture rate
of title premiums from an affiliated title agent, which caused a
decline in information and other revenue and a comparable increase
in direct premiums and escrow fees.
Investment income was $126 million in the second quarter, down
$16 million compared with the same quarter last year. The decline
was primarily driven by lower average interest-bearing escrow and
tax-deferred property exchange balances, partly offset by higher
interest income from the company's warehouse lending business. Net
investment gains totaled $6 million in the current quarter,
compared with net investment gains of $3 million in the second
quarter of 2023. Net investment gains in both periods were
primarily attributable to a favorable change in the fair value of
marketable equity securities, partly offset by losses recognized on
the sale of fixed-income securities.
Personnel costs were $486 million in the second quarter, up $1
million, compared with the same quarter of 2023. The increase in
personnel costs was primarily due to higher incentive compensation
expense and payroll taxes largely offset by lower employee benefit
expenses.
Other operating expenses of $244 million in the current quarter
were up $1 million, compared with the second quarter of 2023.
The provision for policy losses and other claims was $35 million
in the second quarter, or 3.0 percent of title premiums and escrow
fees, down from the 3.5 percent loss provision rate in the prior
year. The second quarter rate reflects an ultimate loss rate of
3.75 percent for the current policy year and a net decrease of $9
million in the loss reserve estimate for prior policy years.
Depreciation and amortization expense was $51 million in the
second quarter, up $6 million, or 14 percent, compared with the
same period last year, due to higher amortization of capitalized
software from recently deployed digital settlement products.
Interest expense was $23 million in the current quarter, up $2
million, or 9 percent compared with last year primarily due to
higher interest expense in the company's warehouse lending
business.
Pretax income for the Title Insurance and Services segment was
$177 million in the second quarter, compared with $186 million in
the second quarter of 2023. Pretax margin was 11.7 percent in the
current quarter, compared with 12.1 percent last year. Adjusted
pretax margin was 11.9 percent in the current period, compared with
12.6 percent last year.
Home Warranty
($ in millions)
Three Months Ended
June 30,
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 $107 million
in the second quarter, unchanged compared with last year. The
segment posted pretax income of $17 million this quarter, compared
with $14 million last year. The claim loss rate was 45.8 percent in
the second quarter, compared with 49.2 percent last year, due to
lower claim severity that was partially offset by higher claim
frequency. Home Warranty’s pretax margin was 15.4 percent this
quarter, compared with 13.4 percent last year. Adjusted pretax
margin was 15.2 percent this quarter, compared with 12.9 percent
last year.
Corporate
Net investment income was $4 million this quarter, down $4
million from the prior year, primarily attributable to changes in
the value of investments associated with the company’s deferred
compensation program. This amount was offset by lower personnel
expense reflecting returns on the plan participants’
investments.
Net recognized investment losses were $20 million this quarter,
compared with gains of $3 million last year. Excluding these net
recognized losses and gains, the Corporate pretax loss was $23
million this quarter, compared with a $25 million pretax loss in
the second quarter of last year.
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 United States may dial
+1-201-689-8349.
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 $6.0 billion in 2023, the company offers its products
and services directly and through its agents throughout the United
States and abroad. In 2024, First American was named one of the 100
Best Companies to Work For by Great Place to Work® and Fortune
Magazine for the ninth consecutive year. The company was named one
of the 100 Best Workplaces for Innovators by Fast Company in 2023.
More information about the company can be found at
www.firstam.com.
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 U.S. direct title insurance
operations, which are posted approximately 10 to 12 days after the
end of each month.
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
Summary of Consolidated
Financial Results and Selected Information
(in millions, except per share
amounts and title orders, unaudited)
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
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
Net income per share attributable to
stockholders:
Basic
$
1.11
$
1.33
$
1.56
$
1.77
Diluted
$
1.11
$
1.33
$
1.56
$
1.76
Cash dividends declared per share
$
0.53
$
0.52
$
1.06
$
1.04
Weighted average common shares
outstanding:
Basic
104.1
104.3
104.1
104.4
Diluted
104.3
104.5
104.4
104.6
Selected Title Insurance Segment
Information
Title orders opened(1)
169,600
174,600
325,100
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
(1) U.S. direct title insurance orders
only.
First American Financial
Corporation
Selected Consolidated Balance
Sheet Information
(in millions,
unaudited)
June 30,
December 31,
2024
2023
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
Segment Information
(in millions,
unaudited)
Three Months Ended
Title
Home
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) U.S. operations only.
(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
Grafico Azioni First American (NYSE:FAF)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni First American (NYSE:FAF)
Storico
Da Dic 2023 a Dic 2024
