0001564590-22-016226.txt : 20220428 0001564590-22-016226.hdr.sgml : 20220428 20220428064526 ACCESSION NUMBER: 0001564590-22-016226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220428 DATE AS OF CHANGE: 20220428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First American Financial Corp CENTRAL INDEX KEY: 0001472787 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 261911571 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34580 FILM NUMBER: 22862085 BUSINESS ADDRESS: STREET 1: 1 FIRST AMERICAN WAY CITY: SANTA ANA STATE: CA ZIP: 92707 BUSINESS PHONE: 714-250-3000 MAIL ADDRESS: STREET 1: 1 FIRST AMERICAN WAY CITY: SANTA ANA STATE: CA ZIP: 92707 8-K 1 faf-8k_20220428.htm 8-K faf-8k_20220428.htm
false 0001472787 0001472787 2022-04-28 2022-04-28

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2022

 

FIRST AMERICAN FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

001-34580

26-1911571

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

 

 

1 First American Way,

Santa Ana, California

 

92707-5913

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (714) 250-3000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00001 par value

FAF

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2022, First American Financial Corporation issued a press release announcing its financial results for the quarter ended March 31, 2022. The full text of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” in accordance with General Instruction B.2 of Form 8-K. As such, this information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filings with the SEC unless it shall be explicitly so incorporated in such filings.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

 

Description

99.1

 

Press Release, dated April 28, 2022*

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*

Furnished herewith.

 

2

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

FIRST AMERICAN FINANCIAL CORPORATION

 

 

 

 

Date:  April 28, 2022

 

By:

/s/ Lisa W. Cornehl

 

 

 

Name:

Lisa W. Cornehl

 

 

 

Title:

Senior Vice President, Chief Legal Officer

 

 

3

 

 

 EX-99.1 2 faf-ex991_6.htm EX-99.1 faf-ex991_6.htm

Exhibit 99.1

 

NEWS

 FOR

 IMMEDIATE

 RELEASE

 

FIRST AMERICAN FINANCIAL REPORTS first QUARTER 2022 Results

 

SANTA ANA, Calif., April 28, 2022 – 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 first quarter ended March 31, 2022.

Current Quarter Highlights

•

Earnings per diluted share of 88 cents, or $1.17 excluding 29 cents of net investment losses

•

Total revenue of $2.0 billion, unchanged compared with last year

 

-

Average revenue per order up 40 percent, primarily due to higher average deal size in the commercial business and the impact of strong home price appreciation on residential purchase transactions

 

-

Closed title orders down 29 percent, driven by a 62 percent decline in refinance orders

•

Title Insurance and Services segment pretax margin of 11.0 percent

 

-

9.7 percent excluding net investment gains  

•

Commercial revenues of $242 million, up 48 percent compared with last year

•

Specialty Insurance segment pretax margin of 10.4 percent, including a pretax loss of $4 million in the company’s property and casualty business

•

Repurchased 1.6 million shares for a total of $108 million at an average price of $69.04

 

-

In April, repurchased an additional 1.7 million shares for a total of $102 million at an average price of $60.54

•

Debt-to-capital ratio of 29.1 percent, or 23.4 percent excluding secured financings payable of $558 million  

•

In April, named to the 100 Best Companies to Work For list in 2022 by Great Place to Work® and Fortune Magazine for the seventh consecutive year

 

 

Selected Financial Information

($ in millions, except per share data)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Total revenue

 

$

2,034

 

 

$

2,026

 

Income before taxes

 

$

130

 

 

$

306

 

 

 

 

 

 

 

 

 

 

Net income

 

$

98

 

 

$

234

 

Net income per diluted share

 

$

0.88

 

 

$

2.10

 

 

Total revenue for the first quarter of 2022 was $2.0 billion, unchanged relative to the first quarter of 2021. Net income in the current quarter was $98 million, or 88 cents per diluted share, compared with net income of $234 million, or $2.10 per diluted share, in the first quarter of 2021. Net investment losses in the current quarter were $43 million, or 29 cents per diluted share, compared with net investment gains of $67 million, or 46 cents per diluted share, in the first quarter of last year. The net investment losses in the current quarter were primarily due to $71 million in unrealized losses recognized on venture investments that were significantly offset by a $51 million realized gain related to the sale of an

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First American Financial Reports First Quarter 2022 Results

Page 2

investment in a title company, compared with net investment gains in the first quarter of last year that were primarily driven by unrealized gains recognized on venture investments.

“Our title segment delivered a pretax margin of 11.0 percent in the first quarter, a good result in our seasonally slowest period,” said Ken DeGiorgio, chief executive officer at First American Financial Corporation. “Total revenue was unchanged, as continued strength in the commercial and purchase markets offset the sharp decline in refinance activity resulting from the rapid increase in mortgage interest rates during the quarter.

“The market is currently transitioning from record low interest rates to a more normalized environment. Accordingly, we are sharpening our focus on expense management. We will, however, continue to invest in strategic initiatives that drive our company’s operational efficiency and future growth, including through ongoing funding of our title automation and digital closing initiatives, and the expansion and enhancement of the data assets that fuel them.

“We also believe the market reaction to higher interest rates has resulted in our stock being undervalued in recent months and, in response, we aggressively deployed capital by repurchasing 3.25 million shares for a total of $210 million year to date, at an average price of $64.64 per share.

“I'm also proud to once again share that First American has been named to the 100 Best Companies to Work For list by Great Place to Work® and Fortune magazine for the seventh consecutive year. I credit this outstanding accomplishment to our employees and all they do for their colleagues, customers and communities.”

 

Title Insurance and Services

($ in millions, except average revenue per order)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Total revenues

 

$

1,998

 

 

$

1,844

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

220

 

 

$

280

 

Pretax margin

 

 

11.0

%

 

 

15.2

%

 

 

 

 

 

 

 

 

 

Title open orders(1)

 

 

279,000

 

 

 

363,200

 

Title closed orders(1)

 

 

205,100

 

 

 

287,600

 

 

 

 

 

 

 

 

 

 

U.S. Commercial

 

 

 

 

 

 

 

 

   Total revenues

 

$

242

 

 

$

163

 

   Open orders

 

 

35,500

 

 

 

32,700

 

   Closed orders

 

 

18,300

 

 

 

16,600

 

   Average revenue per order

 

$

13,200

 

 

$

9,800

 

(1) U.S. direct title insurance orders only.

 

 

 

 

 

 

 

 

 

Total revenues for the Title Insurance and Services segment during the first quarter were $2.0 billion, up 8 percent compared with the same quarter of 2021. Direct premiums and escrow fees were up 1 percent compared with the first quarter of 2021, driven by a 40 percent increase in the average revenue per direct title order closed that was largely offset by a 29 percent decline in the number of direct title

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First American Financial Reports First Quarter 2022 Results

Page 3

orders closed. The average revenue per direct title order increased to $2,969, primarily attributable to an increase in the average deal size in our commercial business and the impact of strong home price appreciation on residential purchase transactions. Agent premiums, which are recorded on approximately a one-quarter lag relative to direct premiums, were up 12 percent in the current quarter as compared with last year.

Information and other revenues were $302 million during the quarter, up 9 percent compared with the same quarter of last year. The increase was primarily driven by the recent acquisition of ServiceMac.

Investment income was $53 million in the first quarter, up $10 million from the same quarter last year. The increase was primarily related to an increase in interest income from the company’s investment portfolio due to higher average invested balances. Net investment gains totaled $29 million in the current quarter, compared with net investment gains of $22 million in the first quarter of 2021. Net investment gains in the current quarter were primarily due to a $51 million realized gain related to the sale of an investment in a title company, partially offset by losses due to the change in the fair value of marketable equity securities, compared with net investment gains primarily attributable to the change in the fair value of marketable equity securities last year.  

Personnel costs were $583 million in the first quarter, an increase of $79 million, or 16 percent, compared with the same quarter of 2021. This increase was primarily due to the impact of recent acquisitions and higher salary and incentive compensation expense. Salary expense was driven by increased headcount and higher average salaries, while the increase in incentive compensation reflects strong financial performance in our commercial business as well as higher share-based compensation related to last year’s record results.

Other operating expenses were $305 million in the first quarter, up $40 million, or 15 percent, compared with the first quarter of 2021. The increase was primarily due to the impact of recent acquisitions and higher professional services and software expense.  

The provision for policy losses and other claims was $64 million in the first quarter, or 4.0 percent of title premiums and escrow fees, in line with the 4.0 percent loss provision rate in the prior year. The current quarter rate reflects an ultimate loss rate of 4.0 percent for the current policy year with no change in the loss reserve estimates for prior policy years.

Depreciation and amortization expense was $40 million in the first quarter, up $4 million, or 11 percent, compared with the same period last year, due to higher amortization of software and other intangibles related to recent acquisitions.  

Pretax income for the Title Insurance and Services segment was $220 million in the first quarter, compared with $280 million in the first quarter of 2021. Pretax margin was 11.0 percent in the current quarter, compared with 15.2 percent last year. Excluding the impact of net investment gains, the pretax margin was 9.7 percent this year, compared with 14.2 percent last year.

 

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First American Financial Reports First Quarter 2022 Results

Page 4

 

Specialty Insurance

($ in millions)

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Total revenues

 

$

115

 

 

$

136

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

12

 

 

$

6

 

Pretax margin

 

 

10.4

%

 

 

4.4

%

 

Total revenues for the Specialty Insurance segment were $115 million in the first quarter of 2022, a decline of 15 percent compared with the first quarter of 2021. Pretax income for the segment was $12 million, compared with $6 million last year.

Home warranty operating revenues were up 5 percent this quarter to $104 million. The loss rate was 46.5 percent, compared with 53.6 percent last year, driven by lower claim frequency. This quarter, claim frequency, which included the impact of favorable weather, was comparable to pre-pandemic levels. Home warranty’s pretax income was $16 million, compared with $13 million last year.

The wind-down of the property and casualty business remains on track for completion in the third quarter of 2022. At the close of the first quarter, policies-in-force had declined by 88 percent since the wind-down began at the beginning of 2021. The property and casualty business ended the quarter with a pretax loss of $4 million.

Teleconference/Webcast

First American’s first-quarter 2022 results will be discussed in more detail on Thursday, April 28, 2022, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is 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 May 12, 2022, by dialing 201-612-7415 and using the conference ID 13729079. 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 more than 130 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 $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com. 

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First American Financial Reports First Quarter 2022 Results

Page 5

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 the 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, 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 personnel; the company’s use of a global workforce; inability of the company’s subsidiaries to pay dividends or repay funds; and other factors described in the company’s annual report on Form 10-K for the year ended December 31, 2021, 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 earnings per share, and adjusted pretax margins for the company, its title insurance and services segment and its specialty insurance segment. 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.

 

 

 

 

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First American Financial Reports First Quarter 2022 Results

Page 6

 

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

 

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First American Financial Reports First Quarter 2022 Results

Page 7

 

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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Total revenues

 

$

2,034

 

 

$

2,026

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

130

 

 

$

306

 

Income tax expense

 

 

32

 

 

 

72

 

Net income

 

 

98

 

 

 

234

 

Less: Net income attributable to noncontrolling interests

 

 

-

 

 

 

-

 

Net income attributable to the Company

 

$

98

 

 

$

234

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

0.89

 

 

$

2.10

 

Diluted

 

$

0.88

 

 

$

2.10

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.51

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

110.4

 

 

 

111.1

 

Diluted

 

 

110.8

 

 

 

111.4

 

 

 

 

 

 

 

 

 

 

Selected Title Insurance Segment Information

 

 

 

 

 

 

 

 

Title orders opened(1)

 

 

279,000

 

 

 

363,200

 

Title orders closed(1)

 

 

205,100

 

 

 

287,600

 

Paid title claims

 

$

39

 

 

$

40

 

 

 

 

 

 

 

 

 

 

(1) U.S. direct title insurance orders only.

 

 

 

 

 

 

 

 

 

 


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First American Financial Reports First Quarter 2022 Results

Page 8

 

First American Financial Corporation

 

Selected Consolidated Balance Sheet Information

 

(in millions, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

1,704

 

 

$

1,228

 

Investments

 

 

10,087

 

 

 

10,596

 

Goodwill and other intangible assets, net

 

 

1,806

 

 

 

1,806

 

Total assets

 

 

16,527

 

 

 

16,451

 

Reserve for claim losses

 

 

1,301

 

 

 

1,284

 

Notes and contracts payable

 

 

1,647

 

 

 

1,648

 

Total stockholders’ equity

 

$

5,363

 

 

$

5,767

 

 

 


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First American Financial Reports First Quarter 2022 Results

Page 9

 

First American Financial Corporation

 

Segment Information

 

(in millions, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

Title

 

 

Specialty

 

 

Corporate

 

March 31, 2022

 

Consolidated

 

 

Insurance

 

 

Insurance

 

 

(incl. Elims.)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

774

 

 

$

666

 

 

$

108

 

 

$

—

 

Agent premiums

 

 

948

 

 

 

948

 

 

 

—

 

 

 

—

 

Information and other

 

 

309

 

 

 

302

 

 

 

7

 

 

 

—

 

Net investment income

 

 

46

 

 

 

53

 

 

 

1

 

 

 

(8

)

Net investment (losses) gains

 

 

(43

)

 

 

29

 

 

 

(1

)

 

 

(71

)

 

 

 

2,034

 

 

 

1,998

 

 

 

115

 

 

 

(79

)

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

602

 

 

 

583

 

 

 

22

 

 

 

(3

)

Premiums retained by agents

 

 

758

 

 

 

758

 

 

 

—

 

 

 

—

 

Other operating expenses

 

 

337

 

 

 

305

 

 

 

21

 

 

 

11

 

Provision for policy losses and other claims

 

 

122

 

 

 

64

 

 

 

58

 

 

 

—

 

Depreciation and amortization

 

 

41

 

 

 

40

 

 

 

1

 

 

 

—

 

Premium taxes

 

 

24

 

 

 

23

 

 

 

1

 

 

 

—

 

Interest

 

 

20

 

 

 

5

 

 

 

—

 

 

 

15

 

 

 

 

1,904

 

 

 

1,778

 

 

 

103

 

 

 

23

 

Income (loss) before income taxes

 

$

130

 

 

$

220

 

 

$

12

 

 

$

(102

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

Title

 

 

Specialty

 

 

Corporate

 

March 31, 2021

 

Consolidated

 

 

Insurance

 

 

Insurance

 

 

(incl. Elims.)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

786

 

 

$

658

 

 

$

128

 

 

$

—

 

Agent premiums

 

 

845

 

 

 

845

 

 

 

—

 

 

 

—

 

Information and other

 

 

279

 

 

 

276

 

 

 

3

 

 

 

—

 

Net investment income

 

 

49

 

 

 

43

 

 

 

2

 

 

 

4

 

Net investment gains

 

 

67

 

 

 

22

 

 

 

3

 

 

 

42

 

 

 

 

2,026

 

 

 

1,844

 

 

 

136

 

 

 

46

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

535

 

 

 

504

 

 

 

24

 

 

 

7

 

Premiums retained by agents

 

 

671

 

 

 

671

 

 

 

—

 

 

 

—

 

Other operating expenses

 

 

296

 

 

 

265

 

 

 

22

 

 

 

9

 

Provision for policy losses and other claims

 

 

140

 

 

 

60

 

 

 

80

 

 

 

—

 

Depreciation and amortization

 

 

38

 

 

 

36

 

 

 

2

 

 

 

—

 

Premium taxes

 

 

23

 

 

 

21

 

 

 

2

 

 

 

—

 

Interest

 

 

17

 

 

 

7

 

 

 

—

 

 

 

10

 

 

 

 

1,720

 

 

 

1,564

 

 

 

130

 

 

 

26

 

Income before income taxes

 

$

306

 

 

$

280

 

 

$

6

 

 

$

20

 


-more-

First American Financial Reports First Quarter 2022 Results

Page 10

 

 

First American Financial Corporation

 

Reconciliation of Pretax Margins and Earnings per Diluted Share

 

Excluding Net Investment Gains and Losses ("NIG(L)")

 

(in millions, except margin and per share amounts, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Consolidated

 

 

 

 

 

 

 

 

Total revenues

 

$

2,034

 

 

$

2,026

 

Less: NIG(L)

 

 

(43

)

 

 

67

 

Total revenues excluding NIG(L)

 

$

2,077

 

 

$

1,959

 

 

 

 

 

 

 

 

 

 

Pretax income

 

$

130

 

 

$

306

 

Less: NIG(L)

 

 

(43

)

 

 

67

 

Pretax income excluding NIG(L)

 

$

173

 

 

$

239

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

6.4

%

 

 

15.1

%

Less: Pretax margin impact of NIG(L)

 

 

(1.9

)%

 

 

2.9

%

Pretax margin excluding NIG(L)

 

 

8.3

%

 

 

12.2

%

 

 

 

 

 

 

 

 

 

Earnings per diluted share (EPS)

 

$

0.88

 

 

$

2.10

 

Less: EPS impact of NIG(L)

 

 

(0.29

)

 

 

0.46

 

EPS excluding NIG(L)

 

$

1.17

 

 

$

1.64

 

 

 

 

 

 

 

 

 

 

Title Insurance and Services Segment

 

 

 

 

 

 

 

 

Total revenues

 

$

1,998

 

 

$

1,844

 

Less: NIG(L)

 

 

29

 

 

 

22

 

Total revenues excluding NIG(L)

 

$

1,969

 

 

$

1,822

 

 

 

 

 

 

 

 

 

 

Pretax income

 

$

220

 

 

$

280

 

Less: NIG(L)

 

 

29

 

 

 

22

 

Pretax income excluding NIG(L)

 

$

191

 

 

$

258

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

11.0

%

 

 

15.2

%

Less: Pretax margin impact of NIG(L)

 

 

1.3

%

 

 

1.0

%

Pretax margin excluding NIG(L)

 

 

9.7

%

 

 

14.2

%

 

 

 

 

 

 

 

 

 

Specialty Insurance Segment

 

 

 

 

 

 

 

 

Total revenues

 

$

115

 

 

$

136

 

Less: NIG(L)

 

 

(1

)

 

 

3

 

Total revenues excluding NIG(L)

 

$

116

 

 

$

133

 

 

 

 

 

 

 

 

 

 

Pretax income

 

$

12

 

 

$

6

 

Less: NIG(L)

 

 

(1

)

 

 

3

 

Pretax income excluding NIG(L)

 

$

13

 

 

$

3

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

10.4

%

 

 

4.4

%

Less: Pretax margin impact of NIG(L)

 

 

(0.8

)%

 

 

2.1

%

Pretax margin excluding NIG(L)

 

 

11.2

%

 

 

2.3

%

 

 

 

 

 

 

 

 

 

Totals may not sum due to rounding.

 

 

 

 

 

 

 

 

 

 

 

-more-

First American Financial Reports First Quarter 2022 Results

Page 11

 

First American Financial Corporation

 

Expense and Success Ratio Reconciliation

 

Title Insurance and Services Segment

 

($ in millions, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Total revenues

 

$

1,998

 

 

$

1,844

 

Less: Net investment gains

 

 

29

 

 

 

22

 

          Net investment income

 

 

53

 

 

 

43

 

          Premiums retained by agents

 

 

758

 

 

 

671

 

Net operating revenues

 

$

1,158

 

 

$

1,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and other operating expenses

 

$

888

 

 

$

769

 

Ratio (% net operating revenues)

 

 

76.7

%

 

 

69.4

%

Ratio (% total revenues)

 

 

44.4

%

 

 

41.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net operating revenues

 

$

50

 

 

 

 

 

Change in personnel and other operating expenses

 

 

119

 

 

 

 

 

Success Ratio(1)

 

 

238

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Change in personnel and other operating expenses divided by change in net operating revenues.

 

 

-more-

First American Financial Reports First Quarter 2022 Results

Page 12

 

First American Financial Corporation

 

Supplemental Direct Title Insurance Order Information(1)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q122

 

 

Q421

 

 

Q321

 

 

Q221

 

 

Q121

 

Open Orders per Day

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

 

2,098

 

 

 

1,849

 

 

 

2,191

 

 

 

2,381

 

 

 

2,275

 

Refinance

 

 

1,061

 

 

 

1,342

 

 

 

1,771

 

 

 

1,752

 

 

 

2,652

 

Refinance as % of residential orders

 

 

34

%

 

 

42

%

 

 

45

%

 

 

42

%

 

 

54

%

Commercial

 

 

572

 

 

 

539

 

 

 

540

 

 

 

579

 

 

 

537

 

Default and other

 

 

769

 

 

 

520

 

 

 

479

 

 

 

436

 

 

 

491

 

Total open orders per day

 

 

4,500

 

 

 

4,250

 

 

 

4,981

 

 

 

5,148

 

 

 

5,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closed Orders per Day

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

 

1,391

 

 

 

1,687

 

 

 

1,782

 

 

 

1,873

 

 

 

1,495

 

Refinance

 

 

938

 

 

 

1,299

 

 

 

1,435

 

 

 

1,628

 

 

 

2,506

 

Refinance as % of residential orders

 

 

40

%

 

 

44

%

 

 

45

%

 

 

47

%

 

 

63

%

Commercial

 

 

295

 

 

 

379

 

 

 

316

 

 

 

315

 

 

 

272

 

Default and other

 

 

684

 

 

 

495

 

 

 

416

 

 

 

420

 

 

 

442

 

Total closed orders per day

 

 

3,308

 

 

 

3,860

 

 

 

3,948

 

 

 

4,236

 

 

 

4,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Revenue per Order (ARPO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

$

3,252

 

 

$

3,031

 

 

$

3,044

 

 

$

3,001

 

 

$

2,794

 

Refinance

 

 

1,333

 

 

 

1,254

 

 

 

1,246

 

 

 

1,260

 

 

 

1,228

 

Commercial

 

 

13,243

 

 

 

16,070

 

 

 

12,993

 

 

 

11,078

 

 

 

9,838

 

Default and other

 

 

207

 

 

 

120

 

 

 

179

 

 

 

161

 

 

 

128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total ARPO

 

$

2,969

 

 

$

3,339

 

 

$

2,884

 

 

$

2,651

 

 

$

2,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Days

 

 

62

 

 

 

62

 

 

 

64

 

 

 

64

 

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) U.S. operations only.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals may not sum due to rounding.

 

 

###

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Document and Entity Information
Apr. 28, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 28, 2022
Entity Registrant Name FIRST AMERICAN FINANCIAL CORPORATION
Entity Central Index Key 0001472787
Entity Emerging Growth Company false
Entity File Number 001-34580
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 26-1911571
Entity Address, Address Line One 1 First American Way
Entity Address, City or Town Santa Ana
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92707-5913
City Area Code 714
Local Phone Number 250-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.00001 par value
Trading Symbol FAF
Security Exchange Name NYSE
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