Page 1

EX - 99.1 2 faf - ex991_6.htm EX - 99.1 ● FIRST AMERICAN FINANCIAL REPORTS SECOND QUARTER 2021 RESULTS -Reports Second Quarter Earnings of $ 2.72 per Diluted Share SANTA ANA , Calif . , July 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 second quarter ended June 30 , 2021 . Current Quarter Highlights Total revenue of $ 2.3 billion , up 41 percent compared with last year Closed title orders up 7 percent , driven by growth in purchase and commercial orders , partially offset by lower refinance orders Selected Financial Information ( $ in millions , except per share data ) Total revenue Income before taxes Average revenue per order up 36 percent , primarily driven by an increase in average revenue per order for commercial transactions and by residential home price appreciation Title Insurance and Services segment pretax margin of 19.1 percent 16.3 percent excluding net realized investment gains Commercial revenues of $ 223.3 million , up 104 percent compared with last year Specialty Insurance segment pretax margin of 13.0 percent 2.6 percent excluding net realized investment gains Net realized investment gains of $ 86.5 million , or 59 cents per diluted share Includes gain on a venture investment of $ 43.7 million Debt - to - capital ratio of 23.5 percent , or 16.0 percent excluding secured financings payable of $ 611.0 million Net income Net income per diluted share NEWS $ -more $ 2021 FOR IMMEDIATE RELEASE Three Months Ended June 30 , 2,266.4 399.4 302.3 2.72 $ Exhibit 99.1 2020 1,608.7 225.3 170.7 1.52 Total revenue for the second quarter of 2021 was $ 2.3 billion , an increase of 41 percent relative to the second quarter of 2020 . Net income in the current quarter was $ 302.3 million , or $ 2.72 per diluted share , compared with net income of $ 170.7 million , or $ 1.52 per diluted share , in the second quarter of 2020. Net realized investment gains in the current quarter were $ 86.5 million , or 59 cents per diluted share , compared with net realized investment gains of $ 69.3 million , or 47 cents per diluted share , in the second quarter of last year . The net realized investment gains in the current quarter were primarily due to a gain related to a venture investment and the change in the fair value of marketable equity securities , while net realized investment gains in the second quarter of last year were primarily driven by the change in the fair value of marketable equity securities .