First American Financial Corp

Listed Company

FAFCIK 0001472787NYSELarge AcceleratedTitle InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$7.45B

Net Income

$621.80M

Total Assets

$16.23B

Equity

$5.50B

Shares Out

101.90M

Op. Cash Flow

$950.80M

+ 13F Filer

Business

First American Financial Corporation provides title insurance, settlement services and complementary financial and risk solutions through its subsidiaries. It offers title insurance policies, closing and escrow services, title plant data and analytics, risk-mitigation products, banking, trust and wealth management, mortgage subservicing and home warranty contracts. The company operates through three primary segments: title insurance and services, a home warranty segment, and a corporate segment that includes financing, venture investments and legacy property and casualty operations. It distributes products through direct operations and independent agents across the United States and in Canada, the United Kingdom, Australia, New Zealand, South Korea and other international markets.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Direct premiums and escrow fees	2,763	2,446	2,252	3,085	3,598
Agent premiums	2,959	2,562	2,449	3,548	3,757
Information and other	1,088	961	939	1,149	1,215
Net investment income	621	561	570	340	215
Net investment gains (losses) (realized of $(11.4), $(335.1), $(80.9))	21	−402	−206	−516	436
Total revenues	7,452	6,128	6,004	7,605	9,221
Personnel costs	2,260	2,059	1,989	2,340	2,350
Premiums retained by agents	2,374	2,045	1,952	2,830	2,987
Other operating expenses	1,211	1,113	1,067	1,272	1,323
Provision for policy losses and other claims	327	320	336	486	589
Depreciation and amortization	216	207	189	168	158
Premium taxes	82	68	64	91	100
Interest	157	150	133	93	72
Total expenses	6,626	5,963	5,729	7,280	7,580
Income before income taxes	826	165	274	326	1,641
Income taxes	201	33	59	60	392
Net income	625	133	216	265	1,249
Less: Net income (loss) attributable to noncontrolling interests	3	2	−1	2	8
Net income attributable to the Company	622	131	217	263	1,241
Basic (per share)	6.02	1.26	2.08	2.46	11.18
Diluted (per share)	6	1.26	2.07	2.45	11.14
Cash dividends per share	2.18	2.14	2.1	2.06	1.94
Basic (shares)	103	104	104	107	111
Diluted (shares)	104	104	105	107	111

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,387	1,718	3,605	1,224	1,228
Accounts and accrued income receivable, less allowances for credit losses of $23.9 and $21.5	433	375	509	367	441
Income taxes receivable	65	61	76	22	11
Deposits with banks	79	85	56	63	58
Debt securities (amortized cost of $8,656.7 and $7,730.9; pledged of $170.3 and $92.4)	8,467	7,266	7,158	8,170	9,362
Equity securities	849	691	736	754	1,176
Investments, Total	9,394	8,043	7,949	8,987	10,596
Secured financings receivable	986	690	637	423	565
Property and equipment, net	682	745	750	637	506
Operating lease assets	206	215	229	248	249
Title plants and other indexes	687	674	652	640	587
Deferred income taxes	9	44	50	55	14
Goodwill	1,819	1,804	1,808	1,798	1,588
Other intangible assets, net	100	125	154	194	218
Other assets	460	415	384	362	448
Total assets	16,229	14,909	16,803	14,955	16,451
Deposits	5,293	5,048	7,308	5,520	5,069
Accounts payable	48	67	63	51	87
Personnel costs	318	278	257	299	376
Pension costs and other retirement plans	445	425	399	391	494
Other	193	173	160	184	305
Accounts payable and accrued liabilities	1,003	943	880	925	1,262
Deferred revenue	214	210	197	197	224
Reserve for known and incurred but not reported claims	1,170	1,193	1,282	1,325	1,284
Income taxes payable	43	27	16	10	24
Deferred income taxes	313	139	64	16	345
Operating lease liabilities	218	230	247	269	274
Secured financings payable	907	644	553	366	538
Notes and contracts payable	1,545	1,547	1,394	1,646	1,648
Total liabilities	10,705	9,982	11,940	10,274	10,668
Commitments and contingencies (Note 21)	—	—	—	—	—
Preferred stock, $0.00001 par value; Authorized0.5 shares; Outstandingnone	0	0	0	0	0
Common stock, $0.00001 par value; Authorized-300.0 shares; Outstanding-102.0 shares and 103.0 shares	0	0	0	0	0
Additional paid-in capital	1,744	1,788	1,793	1,812	2,179
Retained earnings	4,012	3,617	3,711	3,714	3,680
Accumulated other comprehensive loss	−257	−496	−656	−869	−92
Total stockholders equity	5,500	4,909	4,848	4,658	5,767
Noncontrolling interests	25	19	15	23	16
Total equity	5,524	4,927	4,863	4,681	5,776
Total liabilities and equity	16,229	14,909	16,803	14,955	16,451

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums and accretion of discounts on debt securities, net	−45	−3	9	19	47
Share-based compensation	68	52	49	67	54
Equity in earnings of affiliates, net	−7	−7	−5	−11	−7
Dividends from equity method investments	10	6	7	11	12
Claims paid, including assets acquired, net of recoveries	−358	−398	−382	−434	−482
Net change in income tax accounts	150	35	−61	−130	53
(Increase) decrease in accounts and accrued income receivable	−57	126	−159	83	−48
Increase (decrease) in accounts payable and accrued liabilities	75	46	−52	−266	115
Increase (decrease) in deferred revenue	3	14	−100,000	−28	−47
Other, net	−34	−35	3	32	−37
Cash provided by operating activities	951	898	354	778	1,220
Acquisitions/dispositions, net of cash acquired/divested	−3	−16	−25	−278	−187
Net decrease (increase) in deposits with banks	10	−35	8	−8	−15
Purchases of debt securities	−2,858	−6,299	−1,288	−2,980	−6,138
Proceeds from sales of debt securities	1,300	5,500	1,700	1,800	1,100
Proceeds from maturities of debt securities	688	676	812	1,171	1,864
Purchases of equity securities	−115	−45	−171	−157	−198
Proceeds from sales of equity securities	51	69	71	241	172
Net change in other investments	−11	−8	−12	−7	−12
Advances under secured financing agreements	−45,342	−29,164	−13,310	−15,658	−25,926
Collections of secured financings receivable	45,046	29,114	13,097	15,778	26,109
Capital expenditures	−188	−218	−263	−260	−161
Proceeds from sales of property and equipment	600,000	600,000	100,000	7	18
Proceeds from insurance settlement	3	4	2	3	10
Cash (used for) provided by investing activities	−1,456	−459	600	−393	−3,393
Net change in deposits	245	−2,260	1,788	451	1,792
Borrowings under secured financing agreements	44,062	28,408	13,384	15,533	24,602
Repayments of secured financings payable	−43,800	−28,318	−13,197	−15,695	−24,593
Net proceeds from issuance of unsecured senior notes	0	444	0	0	642
Repayment of senior unsecured notes	0	−300	−250	0	—
Repayments of other notes and contracts payable	−4	−4	−6	−7	−6
Net activity related to noncontrolling interests	−3	3	−7	−2	−4
Net proceeds in connection with share-based compensation	7	7	400,000	3	6
Repurchases of Company shares	−122	−69	−73	−441	−99
Payments of cash dividends	−223	−221	−217	−218	−213
Cash provided by (used for) financing activities	161	−2,309	1,423	−376	2,126
Effect of exchange rate changes on cash	13	−17	5	−13	−400,000
Net (decrease) increase in cash and cash equivalents	−331	−1,887	2,382	−5	−48
Interest	152	151	124	87	64
Premium taxes	74	57	84	113	86
Income taxes paid	67	22	121	191	—
Income tax refunds	−16	−24	−1	−2	—

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 3 positions

Reported AUM

$373.38M

Holdings

Top sector

$373.38M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$373.38M	100.0%

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