Condensed Financial Statements (Parent Company)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

SCHEDULE II

1 OF 5

FIRST AMERICAN FINANCIAL CORPORATION

(Parent Company)

CONDENSED BALANCE SHEETS

(in millions, except par values)

	December 31,
	2024			2023
Assets
Cash and cash equivalents	$	196.2		$	179.3
Dividends receivable		—			10.0
Due from subsidiaries, net		7.6			58.2
Income taxes receivable		61.3			75.7
Investment in subsidiaries		6,529.5			6,152.6
Equity securities		14.6			52.5
Deferred income taxes		43.8			50.1
Other assets		162.1			144.0
	$	7,015.1		$	6,722.4
Liabilities and Equity
Accounts payable and other accrued liabilities	$	32.0		$	35.3
Pension costs and other retirement plans		354.4			355.1
Income taxes payable		27.0			15.9
Deferred income taxes		139.1			63.6
Notes and contracts payable		1,535.6			1,389.7
		2,088.1			1,859.6
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; Authorized—0.5 shares;    Outstanding—none		—			—
Common stock, $0.00001 par value; Authorized—300.0 shares;
Outstanding—103.0 shares and 103.1 shares		—			—
Additional paid-in capital		1,787.6			1,793.3
Retained earnings		3,617.3			3,710.6
Accumulated other comprehensive loss		(496.4	)		(655.8	)
Total stockholders’ equity		4,908.5			4,848.1
Noncontrolling interests		18.5			14.7
Total equity		4,927.0			4,862.8
	$	7,015.1		$	6,722.4

See Notes to Condensed Financial Statements

SCHEDULE II

2 OF 5

FIRST AMERICAN FINANCIAL CORPORATION

(Parent Company)

CONDENSED STATEMENTS OF INCOME

(in millions)

	Year Ended December 31,
	2024			2023			2022
Revenues:
Dividends from subsidiaries	$	172.5		$	411.3		$	732.7
Other income (loss)		20.2			22.5			(22.2	)
Net investment (losses) gains		(37.9	)		12.5			(192.4	)
		154.8			446.3			518.1
Expenses:
Other expenses		88.6			97.8			55.1
Income before income taxes and equity in undistributed earnings of    subsidiaries		66.2			348.5			463.0
Income taxes		13.2			74.8			86.0
Equity in undistributed earnings (losses) of subsidiaries		79.6			(58.2	)		(111.7	)
Net income		132.6			215.5			265.3
Less: Net income (loss) attributable to noncontrolling interests		1.5			(1.3	)		2.3
Net income attributable to the Company	$	131.1		$	216.8		$	263.0

See Notes to Condensed Financial Statements

SCHEDULE II

3 OF 5

FIRST AMERICAN FINANCIAL CORPORATION

(Parent Company)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

	Year Ended December 31,
	2024			2023			2022
Net income	$	132.6		$	215.5		$	265.3
Other comprehensive income (loss), net of tax:
Change in unrealized losses on debt securities		199.9			198.0			(780.9	)
Change in foreign currency translation adjustment		(46.1	)		17.2			(42.2	)
Change in pension benefit adjustment		5.6			(2.1	)		46.6
Total other comprehensive income (loss), net of tax		159.4			213.1			(776.5	)
Comprehensive income (loss)		292.0			428.6			(511.2	)
Less: Comprehensive income (loss) attributable to noncontrolling      interests		1.5			(1.3	)		2.3
Comprehensive income (loss) attributable to the Company	$	290.5		$	429.9		$	(513.5	)

See Notes to Condensed Financial Statements

SCHEDULE II

4 OF 5

FIRST AMERICAN FINANCIAL CORPORATION

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Year Ended December 31,
	2024			2023			2022
Cash flows from operating activities:
Cash provided by operating activities	$	221.8		$	309.0		$	778.7
Cash flows from investing activities:
Acquisitions/dispositions, net of cash acquired/divested		—			(2.5	)		(296.0	)
Net payments to subsidiaries		(70.8	)		(160.8	)		(154.6	)
Purchases of equity securities		—			(25.0	)		—
Proceeds from insurance settlement		4.0			—			—
Cash used for investing activities		(66.8	)		(188.3	)		(450.6	)
Cash flows from financing activities:
Net proceeds from issuance of unsecured senior notes		444.0			—			—
Repayment of senior unsecured notes		(300.0	)		(250.0	)		—
Net activity related to noncontrolling interests		0.2			0.3			—
Net proceeds in connection with share-based    compensation		6.9			0.4			2.5
Repurchases of Company shares		(68.5	)		(72.7	)		(440.7	)
Payments of cash dividends		(220.7	)		(216.6	)		(217.5	)
Cash used for financing activities		(138.1	)		(538.6	)		(655.7	)
Net increase (decrease) in cash and cash equivalents		16.9			(417.9	)		(327.6	)
Cash and cash equivalents—Beginning of period		179.3			597.2			924.8
Cash and cash equivalents—End of period	$	196.2		$	179.3		$	597.2

See Notes to Condensed Financial Statements

SCHEDULE II

5 OF 5

FIRST AMERICAN FINANCIAL CORPORATION

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE 1. Description of the Company:

First American Financial Corporation is a holding company that conducts all of its operations through its subsidiaries. The Parent Company financial statements should be read in connection with the consolidated financial statements and notes thereto included elsewhere in this Form 10-K.

NOTE 2. Dividends Received:

The holding company received cash dividends from subsidiaries of $148.3 million, $355.6 million and $731.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.