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EX - 99.1 2 faf - ex991 6.htm EX - 99.1 FIRST AMERICA Ne First American Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE FIRST AMERICAN FINANCIAL REPORTS FIRST QUARTER 2021 RESULTS ―Reports First Quarter Earnings of $ 2.10 per Diluted Share- SANTA ANA , Calif . , April 22 , 2021 - First American Financial Corporation ( NYSE : FAF ) , a leading global provider of title insurance , settlement services and risk solutions for real estate transactions , today announced financial results for the first quarter ended March 31 , 2021 . Current Quarter Highlights • • • Total revenue of $ 2.0 billion , up 43 percent compared with last year Closed title orders up 42 percent , driven by a 70 percent increase in refinance orders Average revenue per order down 9 percent , driven by the shift to refinance transactions Net realized investment gains of $ 66.8 million , or 46 cents per diluted share Primarily due to gains recognized on venture investments of $ 42.1 million Title Insurance and Services segment pretax margin of 17.1 percent , a first - quarter record 14.1 percent excluding net realized investment gains Commercial revenues of $ 163.2 million , up 2 percent compared with last year Title Insurance and Services segment loss rate reduced to 4 percent from 5 percent Specialty Insurance segment pretax margin of 4.6 percent 2.7 percent excluding net realized investment gains Repurchased 1.2 million shares for a total of $ 64.8 million at an average price of $ 52.86 Cashflow from operations of $ 223.9 million compared with $ 24.2 million last year , a first - quarter record Debt - to - capital ratio of 25.0 percent , or 16.9 percent excluding secured financings payable of $ 645.5 million In April , named to the Fortune 100 Best Companies to Work ForⓇ list for the sixth consecutive year Selected Financial Information ( $ in millions , except per share data ) Total revenue Income before taxes Net income Net income per diluted share Three Months Ended March 31 , 2021 2020 $ 2,025.7 $ 306.0 1,412.9 72.3 $ 233.6 $ 63.2 2.10 0.55 Total revenue for the first quarter of 2021 was $ 2.0 billion , an increase of 43 percent relative to the first quarter of 2020. Net income in the current quarter was $ 233.6 million , or $ 2.10 per diluted share , compared with net income of $ 63.2 million , or 55 cents per diluted share , in the first quarter of 2020. Net realized investment gains in the current quarter were $ 66.8 million , or 46 cents per diluted share , compared with net realized investment losses of $ 64.8 million , or 50 cents per diluted share , in the first quarter of last year . The net realized gains in the current quarter were primarily due to gains recognized -more-