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.