First American Financial (FAF) 8-K First American Financial Corporation Reports

Exhibit 99.2

First American Financial Corporation

Quarterly Summary of Consolidated Financial Results

(in thousands, except per share amounts)

(unaudited)

	Q310			Q210		Q110			Q409			Q309		Q209			Q109
Revenues
Direct premiums and escrow fees	$	426,041		$	428,210	$	360,586		$	425,825		$	446,568	$	487,385		$	403,498
Agent premiums		397,389			366,003		376,047			441,544			450,829		351,047			298,319
Premiums and escrow fees		823,430			794,213		736,633			867,369			897,397		838,432			701,817
Information and other		153,220			153,452		144,668			142,604			172,166		179,766			152,255
Investment income		27,309			19,095		24,876			31,086			26,160		30,122			32,880
Net realized investment (losses) gains		(436	)		3,164		2,249			(8,267	)		4,858		(23,235	)		1,423
		1,003,523			969,924		908,426			1,032,792			1,100,581		1,025,085			888,375
Expenses
Salaries and other personnel costs		308,046			300,783		283,561			305,272			302,484		313,111			297,325
Premiums retained by agents		320,398			294,069		302,508			355,995			363,408		278,604			239,559
Other operating expenses		200,258			202,289		195,430			195,113			244,294		238,222			223,610
Provision for policy losses and other claims		86,450			83,004		70,981			80,970			86,684		96,004			83,056
Depreciation and amortization		18,559			19,685		19,820			21,818			19,862		19,985			20,810
Premium taxes		9,767			9,258		9,264			9,719			10,349		8,650			7,766
Interest		4,057			3,841		2,322			2,761			4,979		5,974			6,105
		947,535			912,929		883,886			971,648			1,032,060		960,550			878,231
Income before income taxes		55,988			56,995		24,540			61,144			68,521		64,535			10,144
Income taxes		22,645			22,855		10,811			8,542			27,608		31,143			2,775
Net income		33,343			34,140		13,729			52,602			40,913		33,392			7,369
Less: Net income (loss) attributable to noncontrolling interests		210			307		(40	)		2,533			2,088		4,800			2,467
Net income attributable to the Company	$	33,133		$	33,833	$	13,769		$	50,069		$	38,825	$	28,592		$	4,902
Net income per share attributable to stockholders:
Basic	$	0.32		$	0.33	$	0.13		$	0.48		$	0.37	$	0.27		$	0.05
Diluted	$	0.31		$	0.32	$	0.13		$	0.48		$	0.37	$	0.27		$	0.05
Cash dividends per share	$	0.06		$	0.06	$	—		$	—		$	—	$	—		$	—
Weighted average common shares outstanding:
Basic		104,173			104,014		104,006			104,006			104,006		104,006			104,006
Diluted		106,112			106,128		104,006			104,006			104,006		104,006			104,006

Note: The sum of quarterly amounts may not equal reported year-to-date amounts due to rounding.

First American Financial Corporation

Quarterly Summary of Title Insurance and Services Segment

(in thousands, except percentages, order information and commercial revenues)

(unaudited)

	Q310			Q210			Q110			Q409			Q309			Q209			Q109
Revenues
Direct premiums and escrow fees	$	356,804		$	360,153		$	295,150		$	358,919		$	378,285		$	420,034		$	336,406
Agent premiums		397,389			366,003			376,047			441,544			450,829			351,047			298,319
Premiums and escrow fees		754,193			726,156			671,197			800,463			829,114			771,081			634,725
Information and other		153,220			153,452			144,668			142,604			172,166			179,766			152,255
Investment income		19,962			19,780			20,673			27,875			21,931			26,556			28,188
Net realized investment (losses) gains		(2,517	)		3,566			2,690			(9,949	)		5,461			(15,524	)		1,479
		924,858			902,954			839,228			960,993			1,028,672			961,879			816,647
Expenses
Salaries and other personnel costs		285,643			285,591			261,601			289,105			286,380			293,725			278,330
Premiums retained by agents		320,398			294,069			302,508			355,995			363,408			278,604			239,559
Other operating expenses		182,301			183,373			179,513			179,784			230,130			223,354			208,137
Provision for policy losses and other claims		49,546			49,276			39,372			46,959			49,377			60,020			49,462
Depreciation and amortization		16,562			17,834			17,474			19,800			16,974			18,404			19,142
Premium taxes		8,609			8,149			8,299			8,732			9,133			7,593			6,681
Interest		1,805			2,644			1,860			2,172			3,297			4,190			4,679
		864,864			840,936			810,627			902,547			958,699			885,890			805,990
Income before income taxes	$	59,994		$	62,018		$	28,601		$	58,446		$	69,973		$	75,989		$	10,657
Selected Title Information
Pretax margin (GAAP)		6.5	%		6.9	%		3.4	%		6.1	%		6.8	%		7.9	%		1.3	%
Adjusted pretax margin (Non-GAAP)*		6.7	%		6.5	%		3.1	%		7.0	%		6.3	%		9.4	%		1.1	%
Title orders opened		414,800			358,900			339,600			365,500			394,600			503,000			505,900
Title orders closed		272,900			260,400			241,200			286,800			313,700			382,500			321,900
Avg revenue per order	$	1,307		$	1,383		$	1,224		$	1,251		$	1,206		$	1,098		$	1,045
Agent retention		80.6	%		80.3	%		80.4	%		80.6	%		80.6	%		79.4	%		80.3	%
Title claims provision rate (% of premiums and escrow fees)		6.6	%		6.8	%		5.9	%		5.9	%		6.0	%		7.8	%		7.8	%
Paid title claims	$	78,581		$	87,319		$	69,647		$	79,219		$	78,409		$	78,173		$	70,735
Commercial Title (NCS only)
$ in millions
Direct premium and escrow	$	59.7		$	54.5		$	39.8		$	49.2		$	38.3		$	35.0		$	31.5
Information and other		13.2			11.7			10.2			16.3			14.1			17.3			11.0
Total Revenues	$	72.9		$	66.2		$	50.0		$	65.5		$	52.4		$	52.3		$	42.5
Orders opened		16,510			15,534			15,548			14,274			14,616			14,401			13,463
Orders closed		7,798			8,066			6,886			8,133			7,527			7,058			6,739
Avg revenue per order	$	7,700		$	6,800		$	5,800		$	6,000		$	5,100		$	5,000		$	4,700

* GAAP reconciliation: Adjusted pretax margin (Non-GAAP) excludes net realized investment gains and (losses) that impacted pretax margin (GAAP) by (0.2)%, 0.4%, 0.3%, (0.9)%, 0.5%, (1.5)%, 0.2% for the third quarter 2010 through the first quarter of 2009 respectively.

Note: The sum of quarterly amounts may not equal reported year-to-date amounts due to rounding.

First American Financial Corporation

Quarterly Summary of Specialty Insurance Segment

(in thousands, except percentages)

(unaudited)

	Q310			Q210			Q110			Q409			Q309			Q209			Q109
Revenues
Direct premiums and escrow fees	$	69,237		$	68,057		$	65,436		$	66,906		$	68,283		$	67,351		$	67,092
Agent premiums		—			—			—			—			—			—			—
Premiums and escrow fees		69,237			68,057			65,436			66,906			68,283			67,351			67,092
Information and other		—			—			—			—			—			—			—
Investment income		2,974			3,037			3,144			3,218			3,337			3,348			3,527
Net realized investment gains (losses)		2,174			(408	)		(6	)		1,709			(533	)		(6,296	)		(403	)
		74,385			70,686			68,574			71,833			71,087			64,403			70,216
Expenses
Salaries and other personnel costs		12,576			13,444			13,381			12,642			14,291			14,213			13,760
Premiums retained by agents		—			—			—			—			—			—			—
Other operating expenses		10,414			10,362			11,344			10,075			9,200			10,288			12,038
Provision for policy losses and other claims		36,904			33,728			31,609			34,011			37,307			35,984			33,594
Depreciation and amortization		1,053			1,437			1,699			1,511			944			865			955
Premium taxes		1,158			1,109			965			987			1,216			1,057			1,085
Interest		4			5			5			7			7			10			—
		62,109			60,085			59,003			59,233			62,965			62,417			61,432
Income before income taxes	$	12,276		$	10,601		$	9,571		$	12,600		$	8,122		$	1,986		$	8,784
Pretax margin		16.5	%		15.0	%		14.0	%		17.5	%		11.4	%		3.1	%		12.5	%
Claim loss ratio		53.3	%		49.6	%		48.3	%		50.8	%		54.6	%		53.4	%		50.1	%

Note: The sum of quarterly amounts may not equal reported year-to-date amounts due to rounding.

First American Financial Corporation

Quarterly Summary of Corporate and Eliminations Segments

($ in thousands)

(unaudited)

	Q310			Q210			Q110			Q409			Q309			Q209			Q109
Revenues
Direct premiums and escrow fees	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Agent premiums		—			—			—			—			—			—			—
Premiums and escrow fees		—			—			—			—			—			—			—
Information and other		—			—			—			—			—			—			—
Investment income		4,373			(3,722	)		1,059			(7	)		892			218			1,165
Net realized investment (losses) gains		(93	)		6			(435	)		(27	)		(70	)		(1,415	)		347
		4,280			(3,716	)		624			(34	)		822			(1,197	)		1,512
Expenses
Salaries and other personnel costs		9,827			1,748			8,579			3,525			1,813			5,173			5,235
Premiums retained by agents		—			—			—			—			—			—			—
Other operating expenses		7,543			8,554			4,573			5,254			4,964			4,580			3,435
Provision for policy losses and other claims		—			—			—			—			—			—			—
Depreciation and amortization		944			414			647			507			1,944			716			713
Premium taxes		—			—			—			—			—			—			—
Interest		2,248			1,192			457			582			1,675			1,774			1,426
		20,562			11,908			14,256			9,868			10,396			12,243			10,809
Loss before income taxes	$	(16,282	)	$	(15,624	)	$	(13,632	)	$	(9,902	)	$	(9,574	)	$	(13,440	)	$	(9,297	)

Note: The sum of quarterly amounts may not equal reported year-to-date amounts due to rounding.

First American Financial Corporation

Yearly Summary of Consolidated Financial Results

(in thousands, except per share amounts)

(unaudited)

	YTD10		FY09			FY08			FY07				FY06
Revenues
Direct premiums and escrow fees	$	1,214,838	$	1,763,276		$	1,875,290		$	2,504,227			$	2,738,660
Agent premiums		1,139,439		1,541,739			1,729,440			2,637,105				3,008,088
Premiums and escrow fees		2,354,277		3,305,015			3,604,730			5,141,332				5,746,748
Information and other		451,339		646,792			702,215			756,303		��		729,217
Investment income		71,280		120,248			151,603			256,355				210,216
Net realized investment gains (losses)		4,976		(25,221	)		(90,823	)		(77,858	)			(594	)
		2,881,872		4,046,834			4,367,725			6,076,132				6,685,587
Expenses
Salaries and other personnel costs		892,390		1,218,192			1,388,175			1,822,627				1,889,678
Premiums retained by agents		916,975		1,237,566			1,374,452			2,111,798				2,404,893
Other operating expenses		597,975		901,239			1,042,627			1,271,542				1,186,225
Provision for policy losses and other claims		240,436		346,714			509,563			875,855				638,356
Depreciation and amortization		58,064		82,475			95,242			94,816				91,115
Premium taxes		28,289		36,484			46,366			65,720				71,759
Interest		10,220		19,819			27,215			42,607				31,968
		2,744,349		3,842,489			4,483,640			6,284,965				6,313,994
Income (loss) before income taxes		137,523		204,345			(115,915	)		(208,833	)			371,593
Income taxes		56,311		70,068			(43,433	)		(86,387	)			157,901
Net income (loss)		81,212		134,277			(72,482	)		(122,446	)			213,692
Less: Net income attributable to noncontrolling interests		477		11,888			11,523			20,537				23,875
Net income (loss) attributable to the Company	$	80,735	$	122,389		$	(84,005	)	$	(142,983	)		$	189,817
Net income (loss) per share attributable to stockholders:
Basic	$	0.78	$	1.18		$	(0.81	)	$	(1.37	)		$	1.83
Diluted	$	0.76	$	1.18		$	(0.81	)	$	(1.37	)		$	1.83
Cash dividends per share	$	0.12	$	—		$	—		$	—			$	—
Weighted average common shares outstanding:
Basic		104,064		104,006			104,006			104,006				104,006
Diluted		106,010		104,006			104,006			104,006				104,006

First American Financial Corporation

Yearly Summary of Title Insurance and Services Segment

(in thousands, except percentages and order information)

(unaudited)

	YTD10			FY09			FY08			FY07			FY06
Revenues
Direct premiums and escrow fees	$	1,012,108		$	1,493,645		$	1,588,969		$	2,201,405		$	2,429,399
Agent premiums		1,139,439			1,541,739			1,729,440			2,637,105			3,008,088
Premiums and escrow fees		2,151,547			3,035,384			3,318,409			4,838,510			5,437,487
Information and other		451,339			646,792			702,215			756,303			729,217
Investment income		60,416			104,550			136,108			235,350			189,658
Net realized investment gains (losses)		3,736			(18,534	)		(84,515	)		(77,091	)		(2,364	)
		2,667,038			3,768,192			4,072,217			5,753,072			6,353,998
Expenses
Salaries and other personnel costs		832,834			1,147,538			1,314,905			1,719,704			1,796,107
Premiums retained by agents		916,975			1,237,566			1,374,452			2,111,798			2,404,893
Other operating expenses		545,186			841,402			975,498			1,178,637			1,089,033
Provision for policy losses and other claims		138,196			205,819			343,559			710,663			483,550
Depreciation and amortization		51,870			74,320			86,962			88,511			79,926
Premium taxes		25,056			32,138			42,000			60,944			66,608
Interest		6,308			14,337			24,739			42,600			31,085
		2,516,425			3,553,120			4,162,115			5,912,857			5,951,202
Income (loss) before income taxes	$	150,613		$	215,072		$	(89,898	)	$	(159,785	)	$	402,796
Selected Title Information
Pretax margin (GAAP)		5.6	%		5.7	%		-2.2	%		-2.8	%		6.3	%
Adjusted pretax margin (Non-GAAP)*		5.5	%		6.2	%		-0.1	%		-1.4	%		6.4	%
Title orders opened		1,113,400			1,768,900			1,781,700			2,220,900			2,365,900
Title orders closed		774,400			1,305,000			1,236,600			1,537,600			1,737,900
Avg revenue per order	$	1,307		$	1,145		$	1,285		$	1,432		$	1,398
Agent retention		80.5	%		80.3	%		79.5	%		80.1	%		79.9	%
Title claims provision rate (% of premiums and escrow fees)		6.4	%		6.8	%		10.4	%		14.7	%		8.9	%
Paid title claims	$	235,547		$	306,536		$	310,750		$	301,160		$	210,590

* GAAP reconciliation: Adjusted pretax margin (Non-GAAP) excludes net realized investment gains and (losses) that impacted pretax margin (GAAP) by 0.1%, (0.5)%, (2.1)%, (1.4)%, (0.1)% for the nine months 2010 period through full year 2006, respectively.

First American Financial Corporation

Yearly Summary of Specialty Insurance Segment

(in thousands, except percentages)

(unaudited)

	YTD10			FY09			FY08			FY07			FY06
Revenues
Direct premiums and escrow fees	$	202,730		$	269,631		$	286,321		$	302,822		$	309,261
Agent premiums		—			—			—			—			—
Premiums and escrow fees		202,730			269,631			286,321			302,822			309,261
Information and other		—			—			—			—			—
Investment income		9,155			13,431			15,657			18,848			17,450
Net realized investment gains (losses)		1,760			(5,523	)		(4,161	)		1,771			1,668
		213,645			277,539			297,817			323,441			328,379
Expenses
Salaries and other personnel costs		39,401			54,907			56,532			60,585			61,502
Premiums retained by agents		—			—			—			—			—
Other operating expenses		32,120			41,601			46,840			47,934			44,605
Provision for policy losses and other claims		102,240			140,895			166,004			165,192			154,806
Depreciation and amortization		4,189			4,275			3,329			2,190			1,947
Premium taxes		3,233			4,346			4,366			4,776			5,151
Interest		14			25			24			7			869
		181,197			246,049			277,095			280,684			268,880
Income before income taxes	$	32,448		$	31,490		$	20,722		$	42,757		$	59,499
Pretax margin		15.2	%		11.3	%		7.0	%		13.2	%		18.1	%
Claim loss ratio		50.4	%		52.3	%		58.0	%		54.6	%		50.1	%

First American Financial Corporation

Yearly Summary of Corporate and Eliminations Segments

($ in thousands)

(unaudited)

	YTD10			FY09			FY08			FY07			FY06
Revenues
Direct premiums and escrow fees	$	—		$	—		$	—		$	—		$	—
Agent premiums		—			—			—			—			—
Premiums and escrow fees		—			—			—			—			—
Information and other		—			—			—			—			—
Investment income		1,709			2,267			(162	)		2,157			3,108
Net realized investment (losses) gains		(520	)		(1,164	)		(2,147	)		(2,538	)		102
		1,189			1,103			(2,309	)		(381	)		3,210
Expenses
Salaries and other personnel costs		20,155			15,747			16,738			42,338			32,069
Premiums retained by agents		—			—			—			—			—
Other operating expenses		20,669			18,236			20,289			44,971			52,587
Provision for policy losses and other claims		—			—			—			—			—
Depreciation and amortization		2,005			3,880			4,951			4,115			9,242
Premium taxes		—			—			—			—			—
Interest		3,898			5,457			2,452			—			14
		46,727			43,320			44,430			91,424			93,912
Loss before income taxes	$	(45,538	)	$	(42,217	)	$	(46,739	)	$	(91,805	)	$	(90,702	)

First American Financial Corporation

Direct Title Operations Order Counts

(excludes Agent Operations)

Open orders		Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		YTD
Per month	2010		96,100		109,900		133,600		119,700		112,500		126,700		131,200		144,700		138,900		—		—		—		1,113,400
	2009		184,200		142,700		178,900		198,600		164,800		139,700		137,400		124,800		132,400		141,800		113,200		110,500		1,768,900
	2008		185,600		184,300		178,800		187,000		155,600		140,500		137,200		132,200		125,300		109,400		90,000		155,700		1,781,700
	2007		227,700		222,100		221,000		209,800		209,000		193,000		179,000		186,100		145,100		155,200		142,100		130,700		2,220,900
	2006		176,500		170,600		212,600		192,100		217,100		215,800		180,900		213,200		193,300		204,900		198,900		190,000		2,365,900
Avg per business day	2010		5,100		5,800		5,800		5,400		5,600		5,800		6,200		6,600		6,600		—		—		—
	2009		9,200		7,500		8,100		9,000		8,200		6,300		6,200		5,900		6,300		6,400		6,000		5,000
	2008		8,800		9,200		8,500		8,500		7,400		6,700		6,200		6,300		6,000		4,800		5,000		7,100
	2007		10,800		11,700		10,000		10,000		9,500		9,200		8,500		8,100		7,600		6,700		7,100		6,500
	2006		8,800		9,000		9,200		9,600		9,900		9,800		9,000		9,300		9,700		9,300		9,900		9,500
Closed orders		Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		YTD
Per month	2010		73,400		76,900		90,900		89,800		81,900		88,700		83,500		93,900		95,500		—		—		—		774,400
	2009		95,200		104,400		122,400		125,500		125,200		131,900		120,700		99,300		93,700		96,100		90,700		99,900		1,305,000
	2008		106,000		115,900		127,400		133,200		115,400		109,600		100,100		95,400		86,000		92,100		67,700		87,800		1,236,600
	2007		139,600		131,300		149,400		145,300		149,600		145,700		131,700		136,000		106,700		113,900		91,600		96,900		1,537,600
	2006		121,300		122,000		156,900		135,600		154,500		161,600		140,700		158,500		140,100		151,900		140,900		154,000		1,737,900
Avg per business day	2010		3,900		4,000		4,000		4,100		4,100		4,000		4,000		4,300		4,500		—		—		—
	2009		4,800		5,500		5,600		5,700		6,300		6,000		5,500		4,700		4,500		4,400		4,800		4,500
	2008		5,000		5,800		6,100		6,100		5,500		5,200		4,600		4,500		4,100		4,000		3,800		4,000
	2007		6,600		6,900		6,800		6,900		6,800		6,900		6,300		5,900		5,600		5,000		4,600		4,800
	2006		6,100		6,400		6,800		6,800		7,000		7,300		7,000		6,900		7,000		6,900		7,000		7,700

Note: The sum of the monthly order counts may not equal the year-to-date order counts due to rounding.