Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Note 17 – Segment Information

The Company consists of the following reportable segments:

• The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally.  This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services.  The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents.  Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories.  The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, South Korea and various other established and emerging markets.

• The Company’s specialty insurance segment sells home warranty products and issues property and casualty insurance policies.  The home warranty business provides residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period.  This business currently operates in 35 states and the District of Columbia.  The property and casualty insurance business provides insurance coverage to residential homeowners and renters for liability losses and typical hazards such as fire, theft, vandalism and other types of property damage.  The Company is continuing its wind-down of the property and casualty insurance business through the transfer and non-renewal of policies and expects the transfers to be completed by the end of the third quarter of 2022.

• The Company’s corporate segment, which was expanded in 2021 to include its investments in venture-stage companies, also includes certain financing facilities and corporate services that support the Company’s business operations.  In connection with the expansion, the Company reclassified $42 million in net investment gains previously reported in the title insurance and services segment in the first quarter of 2021 to the corporate segment.  

Selected financial information about the Company’s operations, by segment, is as follows:

For the three months ended March 31, 2022:

(in millions)	Revenues			Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	1,998		$	220		$	40	$	49
Specialty Insurance		115			12			1		1
Corporate		(79	)		(102	)		—		—
	$	2,034		$	130		$	41	$	50

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other		Net investment income			Net investment gains (losses)			Total Revenues
Title Insurance and Services	$	666	$	948	$	302	$	53		$	29		$	1,998
Specialty Insurance		108		—		7		1			(1	)		115
Corporate		—		—		—		(8	)		(71	)		(79	)
	$	774	$	948	$	309	$	46		$	(43	)	$	2,034

For the three months ended March 31, 2021:

(in millions)	Revenues			Income (loss) before income taxes		Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	1,844		$	280	$	36	$	30
Specialty Insurance		136			6		2		1
Corporate		47			20		—		—
Eliminations		(1	)		—		—		—
	$	2,026		$	306	$	38	$	31

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other		Net investment income		Net investment gains (losses)		Total Revenues
Title Insurance and Services	$	658	$	845	$	276	$	43	$	22	$	1,844
Specialty Insurance		128		—		3		2		3		136
Corporate		—		—		—		5		42		47
	$	786	$	845	$	279	$	50	$	67	$	2,027