First American Financial Corp
firstam.comWhat Do They Do?
Issues title insurance and provides closing, escrow and related real-estate services to property owners, mortgage lenders and businesses involved in residential and commercial property transactions.
10-K for FY2025, filed Feb 18, 2026The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial…View ↗
Our title insurance and services segment issues title insurance policies on residential and commercial property in the United States and…View ↗
The beneficiaries of title insurance policies generally are real estate owners and mortgage lenders. A title insurance policy indemnifies…View ↗
How Do They Make Money?
Property owners and mortgage lenders pay title insurance premiums when a property transaction closes; agents collect premiums on policies they issue and remit the insurer’s share. The company also earns escrow and other service fees at closing or as services are delivered.
10-K for FY2025, filed Feb 18, 2026The beneficiaries of title insurance policies generally are real estate owners and mortgage lenders. A title insurance policy indemnifies…View ↗
Issuing the Policy: Direct vs. Agency. A title insurance policy can be issued directly by a title insurer or indirectly on behalf of a…View ↗
Premiums. The premium for title insurance is typically due and earned in full when the real estate transaction is closed. Premiums…View ↗
Premiums on title policies issued directly by the Company are recognized on the effective date of the title policy and escrow fees are…View ↗
For those products and services where the Company’s performance obligation is satisfied at a point in time and for which there is no…View ↗
$7.5B
-
10-K for FY2025, filed Feb 18, 2026
$7.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Title Insurance and Services
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
94%
FY2022: 99%
|
Title Insurance and Services, FY2025
$7B Sources
|
Sold outright |
|
Home warranty
Recurring
|
5.9%
FY2022: 5.5%
|
Home warranty, FY2025
$442.9M Sources
|
Recurring |
|
Corporate And Eliminations
|
0.4%
FY2022: −4.7%
|
Corporate And Eliminations, FY2025
$31.6M Sources
|
|
|
Corporate
|
0.4%
FY2022: −4.7%
|
Corporate, FY2025
$31.7M Sources
|
Who Are Their Customers?
Real estate owners and mortgage lenders are insured by its title policies; policies and related services are distributed through direct operations and independent agents. The company also sells home warranty products.
10-K for FY2025, filed Feb 18, 2026The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial…View ↗
The beneficiaries of title insurance policies generally are real estate owners and mortgage lenders. A title insurance policy indemnifies…View ↗
Distribution, Sales and Marketing. We distribute our title insurance policies and related products and services through our direct and…View ↗
In our agency channel, we issue policies in accordance with agreements with authorized agents. These agreements typically state the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
Shrinking. Revenue fell 19% in 4 years, from $9.2B in FY2021 to $7.5B in FY2025, about 5% a year.
Home warranty and property-casualty business
The earlier report grouped home warranty products with specialty insurance, which also contained property and casualty operations in wind-down. The latest report lists home warranty separately and says the property and casualty business no longer sells policies or has policies in force.
10-K for FY2022, filed Feb 15, 2023 10-K for FY2025, filed Feb 18, 2026The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial…View ↗
The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial…View ↗
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