UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Non-accelerated filer ☐ Smaller reporting company ☐ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34580 (Exact name of registrant as specified in its charter) Delaware 26-1911571 (State or o ...

First American Financial Corporation (NYSE:FAF) Q4 2021 Earnings Conference Call February 10, 2022 11:00 AM ET Company Participants Craig Barberio - VP, IR Dennis Gilmore - Chairman Ken DeGiorgio - CEO Mark Seaton - EVP & CFO Conference Call Participants Mark DeVries - Barclays Andrew Kligerman - Credit Suisse Mark Hughes - Truist Bose George - KBW Geoffrey Dunn - Dowling & Partners Ryan Gilbert - BTIG John Campbell - Stephens Operator Greetings, and welcome to the First American Financial Corporation's Fou ...

Financial Data and Key Metrics Changes - The company reported earnings of $4 per diluted share, including $1.85 of net realized investment gains, resulting in an adjusted earnings of $2.15 per diluted share [20] - Revenue in the title segment was $2.1 billion, up 21% compared to the same quarter of 2020, driven by strong purchase and commercial markets [21] - The effective tax rate for the quarter was 25.3%, higher than the normalized tax rate of 24% due to increased state taxes related to investment gains [26] Business Line Data and Key Metrics Changes - Purchase revenue increased by 9%, with a 12% rise in average revenue per order, while commercial revenue reached a record $262 million, an 84% increase year-over-year [21] - Revenue in the agency business was a record $999 million, up 38% from last year, attributed to a surge in remittances related to Q2 economic activity [22] - The home warranty business generated $108 million in revenue, up 7% compared to last year, with a pretax income increase from $4 million to $9 million [24] Market Data and Key Metrics Changes - Commercial orders in October were up 14% year-over-year, while residential purchase orders were down 7% compared to October 2020 but up 11% compared to October 2019 [16] - Refinance orders fell from 1,700 per day in September to 1,500 per day in October due to rising mortgage rates [17] Company Strategy and Development Direction - The company is focused on innovation, leveraging data assets and technology to enhance customer experience and improve the settlement process [10] - The launch of Endpoint, a digital startup, aims to reimagine the closing experience and has captured a 3% market share in its initial market of Seattle [11] - The company announced a $150 million commitment to Endpoint to enhance its digital closing experience and expand capabilities for PropTech companies [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market, expecting continued growth in purchase volumes despite a moderation in home price appreciation [17] - The commercial business is experiencing elevated activity as deals delayed in 2020 are now closing, with expectations for a strong year in 2022 [18] - Management noted that while refinance volumes are expected to decline, increased investment income from the bank and escrow deposits will help offset this decline [18] Other Important Information - The company made direct investments in 16 venture-backed companies in the PropTech industry, generating $278 million in gains this quarter [27] - The company repurchased 208,700 shares for a total of $14 million at an average price of $67.37, with $463 million remaining on its share repurchase authorization as of September 30 [29] Q&A Session Summary Question: Can you elaborate on recent investments and their strategic fit? - Management highlighted that the 16 venture investments are evaluated both strategically and financially, with a focus on becoming closer to customers and forming strategic partnerships [34] Question: What caused the conclusion about the pull forward of commercial volume? - Management indicated that anecdotal evidence suggests that expectations around tax changes may be influencing the timing of deals [37] Question: Are there still opportunities for incremental venture investments? - Management confirmed that opportunities still exist, although deals are becoming more expensive due to increased competition [41] Question: Can you provide revenue color on the "other" line in title? - Management detailed that the "other" line includes various businesses, with significant contributions from data services and title information reports [46] Question: What is the cash balance and plans for monetizing investments? - The company has $714 million in cash at the holding company, with plans to use it for acquisitions and to capitalize its bank [52][54]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26- ...

Financial Data and Key Metrics Changes - The company reported earnings of $2.72 per diluted share, including $0.59 of net realized investment gains, resulting in an adjusted earnings of $2.13 per diluted share [16] - Cash flow from operations was $253 million, down from $344 million in the prior year due to the deferral of estimated tax payments during the pandemic [23] Business Line Data and Key Metrics Changes - Title segment revenue was $2.1 billion, up 44% year-over-year, driven by a 66% increase in purchase revenue and a 104% increase in commercial revenue [17][18] - Refinance revenue declined 23% compared to last year due to rising mortgage rates [18] - Specialty Insurance segment pretax earnings totaled $20 million, up from $7 million in 2020, with home warranty revenue at $108 million, a 10% increase [21] Market Data and Key Metrics Changes - The company closed 54 commercial transactions with premiums greater than $250,000, up from 12 last year, indicating a strong recovery in large transactions [18][28] - The agency side revenue reached a record $905 million, up 51% from last year, reflecting a surge in remittances related to Q1 economic activity [18] Company Strategy and Development Direction - The company is expanding its title plants from 500 to 1500, currently at 850, which will cover approximately 80% of all real estate transactions [9][10] - Investments in technology include the launch of IgniteRE, a platform for real estate professionals, and hiring 130 product managers, designers, and engineers to enhance digital solutions [12][13] - The venture strategy has seen $260 million invested in proptech companies, contributing to profits and strategic partnerships [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2021, highlighting strong performance across core divisions and a healthy business pipeline [15][27] - The company noted favorable claims experience and general economic improvement as tailwinds for business [27] Other Important Information - The company reached a settlement with the SEC for $487,616 related to an information security incident, with ongoing matters expected to be immaterial [24] - The company anticipates a gain of approximately $237 million from its investment in OfferPad, which is merging with a SPAC valued at $2.25 billion [25][26] Q&A Session Summary Question: Can you repeat the large transactions in commercial? - The company reported 54 large transactions over $250,000, up over 4x from a year ago, with strength across all geographic areas [28][29] Question: What is the net effect of the title plant expansion? - The expansion will provide strategic benefits, allowing for accelerated title automation and leveraging data, though quantifying the impact is challenging at this stage [32][35] Question: How should we think about the underlying margin in the home warranty business? - The operating margin for the home warranty segment is typically between 13% and 15% on a normalized basis, with Q2 typically being a tougher quarter due to claims [39][40] Question: Is there sustained strength in commercial volumes? - The company sees sustained strength in commercial transactions, indicating that the current performance is not just episodic [42][43] Question: How much of the strength in revenues in info and other is cyclical? - The growth in info and other revenues was driven by commercial business and loss mitigation, indicating a mix of cyclical and structural growth [46][47]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-19115 ...

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First American Financial Corp (NYSE:FAF) Q1 2021 Earnings Conference Call April 22, 2021 11:00 AM ET Company Participants Craig Barberio - Director, IR Dennis Gilmore - CEO & Director Mark Seaton - EVP & CFO Conference Call Participants Mark DeVries - Barclays Bank Mark Hughes - Truist Securities Bose George - KBW John Campbell - Stephens Inc. Geoffrey Dunn - Dowling & Partners Securities Operator Greetings, and welcome to the First American Financial Corporation First Quarter Earnings Conference Call. [Ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-1911 ...

PART I [Business](index=6&type=section&id=Item%201.%20Business) The company is a leading provider of title insurance and settlement services, with a strategy focused on core business growth and technology - The company's business is primarily focused on title insurance, settlement services, and other financial services and risk solutions[20](index=20&type=chunk) - The Title Insurance and Services segment is the company's largest, contributing **92.2% of consolidated revenues** in 2020[22](index=22&type=chunk) - The company's strategy focuses on growing its core title business, strengthening its enterprise through data, and investing in complementary businesses[21](index=21&type=chunk) - In October 2020, the company announced a plan to exit its property and casualty insurance business, with completion expected by Q3 2022[54](index=54&type=chunk) - As of December 31, 2020, the company employed **19,597 people**, with 12,849 in the U.S. and 6,748 internationally[58](index=58&type=chunk) [Title Insurance and Services Segment](index=6&type=section&id=Title%20Insurance%20and%20Services%20Segment) This segment offers title insurance and related services for real estate transactions and includes banking and wealth management operations - This segment provides title insurance, closing/escrow services, and other risk mitigation products for real estate transactions[22](index=22&type=chunk) - The company is the **second-largest provider of title insurance** in the United States[47](index=47&type=chunk) - International operations contributed approximately **5.2% of the segment's revenues** in 2020[38](index=38&type=chunk) - The company's federal savings bank subsidiary had assets of **$4.4 billion** and deposits of **$3.9 billion** as of December 31, 2020[50](index=50&type=chunk) [Specialty Insurance Segment](index=10&type=section&id=Specialty%20Insurance%20Segment) This segment provides home warranty contracts and property/casualty insurance, though the company is exiting the latter business - The Home Warranty business provides one-year residential service contracts covering systems like HVAC and appliances[51](index=51&type=chunk) - The company initiated a process to exit the Property and Casualty business in October 2020 and entered into book transfer agreements in January 2021[52](index=52&type=chunk)[54](index=54&type=chunk) [Regulation](index=11&type=section&id=Regulation) The company's operations are subject to extensive regulation by various state and federal authorities, including the CFPB and FDIC - The company and its subsidiaries are subject to extensive regulation by state insurance regulators, the CFPB, the OCC, the FDIC, and the Federal Reserve Board[59](index=59&type=chunk)[61](index=61&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk) - Insurance regulations place limits on the ability of insurer subsidiaries to pay dividends to the parent company[61](index=61&type=chunk) [Investment Policies](index=13&type=section&id=Investment%20Policies) The company maintains a high-quality, investment-grade portfolio, with the vast majority of assets held in debt securities - As of December 31, 2020, **93% of the investment portfolio consisted of debt securities**, with 98% rated investment grade[73](index=73&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces strategic, operational, legal, and financial risks tied to the real estate market, cybersecurity, and regulation - Strategic risks include potential inadequacy of the risk management framework and risks associated with innovative initiatives[78](index=78&type=chunk)[79](index=79&type=chunk) - Operational risks are significantly influenced by the real estate market, interest rates, and general economic conditions[82](index=82&type=chunk)[83](index=83&type=chunk][86](index=86&type=chunk) - The company is exposed to systems failures and cyberattacks, with a 2019 incident triggering governmental inquiries and lawsuits[93](index=93&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk) - Legal and compliance risks arise from extensive regulation by federal and state agencies, including the CFPB[103](index=103&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Financial risks include potential impairment of goodwill and other intangible assets (**$1.6 billion** as of Dec 31, 2020) and investment portfolio losses[115](index=115&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk) [Properties](index=23&type=section&id=Item%202.%20Properties) The company's executive offices are located in a five-building campus in Santa Ana, California, totaling 490,000 square feet - The main executive office campus is in Santa Ana, California, consisting of five office buildings and a technology center[127](index=127&type=chunk) [Legal Proceedings](index=23&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various lawsuits and regulatory investigations, none of which are expected to materially impact its finances - The company is involved in several putative class action lawsuits challenging practices in its title insurance and other businesses[131](index=131&type=chunk)[134](index=134&type=chunk) - The company is subject to two investigations related to a 2019 information security incident by the SEC and the New York Department of Financial Services[141](index=141&type=chunk) - The company received a **$15.7 million** excise tax assessment from Canadian taxing authorities, which it is appealing[142](index=142&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=26&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on the NYSE, with an active dividend policy and a share repurchase program authorized in late 2020 - In November 2020, the company terminated a prior share repurchase program and authorized a new one for up to **$300.0 million** of its common stock[148](index=148&type=chunk) - In January 2021, the board of directors declared a cash dividend of **$0.46 per share**[147](index=147&type=chunk) Issuer Purchases of Equity Securities (Q4 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | Oct 1 - Oct 31, 2020 | 172,925 | $47.44 | $84,502,964 | | Nov 1 - Nov 30, 2020 | 676,272 | $48.33 | $270,843,728 | | Dec 1 - Dec 31, 2020 | 568,270 | $50.77 | $241,994,465 | | **Total Q4 2020** | **1,417,467** | **$49.20** | **$241,994,465** | [Selected Financial Data](index=28&type=section&id=Item%206.%20Selected%20Financial%20Data) The company shows consistent revenue growth over five years, with stable net income in 2020 and increasing stockholders' equity Five-Year Selected Financial Data | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues ($ thousands)** | $7,086,667 | $6,202,061 | $5,747,844 | $5,772,363 | $5,575,846 | | **Net Income Attributable to Company ($ thousands)** | $696,429 | $707,410 | $474,496 | $423,049 | $342,993 | | **Diluted EPS** | $6.16 | $6.22 | $4.19 | $3.76 | $3.09 | | **Total Assets ($ thousands)** | $12,795,988 | $11,519,167 | $10,630,635 | $9,573,222 | $8,831,777 | | **Stockholders' Equity ($ thousands)** | $4,909,972 | $4,420,484 | $3,741,881 | $3,479,955 | $3,008,179 | | **Return on Average Stockholders' Equity** | 14.9% | 17.3% | 13.1% | 13.0% | 11.9% | | **Cash Dividends Declared per Share** | $1.78 | $1.68 | $1.60 | $1.44 | $1.20 | | **Title Orders Opened (thousands)** | 1,471 | 1,093 | 982 | 1,069 | 1,281 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenues grew 14.3% in 2020, driven by residential refinance activity, though this was offset by impairment charges and lower investment income [Critical Accounting Estimates](index=30&type=section&id=Critical%20Accounting%20Estimates) Key estimates include the provision for policy losses, goodwill impairment, and the fair value of the investment portfolio - The provision for policy losses is a critical estimate; a 50 basis point change in the loss rate would impact the IBNR reserve by **$134.3 million**[171](index=171&type=chunk)[172](index=172&type=chunk)[178](index=178&type=chunk) - The company assesses goodwill for impairment annually, resulting in a **$34.2 million goodwill impairment loss** in Q3 2020[203](index=203&type=chunk)[207](index=207&type=chunk) - The company uses independent pricing services to determine the fair value of its debt securities portfolio[189](index=189&type=chunk)[190](index=190&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Revenue growth was driven by residential transactions, while impairment losses and a higher tax rate impacted net income - Domestic residential refinance and purchase transactions drove revenue growth, while commercial transaction fees decreased **16.8%**[222](index=222&type=chunk) - The company recorded impairment losses of **$54.9 million** in 2020 related to the planned disposition of its property and casualty insurance business[225](index=225&type=chunk) - The effective income tax rate was **24.1%** in 2020, up from 21.6% in 2019, due to nondeductible goodwill impairment and foreign tax law changes[271](index=271&type=chunk) Key Financial Metrics | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $7.1B | $6.2B | 14.3% | | **Direct Premiums & Escrow Fees** | $3.0B | $2.7B | 12.3% | | **Agent Premiums** | $2.8B | $2.4B | 16.3% | | **Net Investment Income** | $221.3M | $315.4M | (29.8%) | | **Net Realized Investment Gains** | $105.0M | $66.4M | 58.2% | [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with increased operating cash flow, a senior notes issuance, and a new share repurchase plan - Cash provided by operating activities was **$1.1 billion** in 2020, up from $913.1 million in 2019[276](index=276&type=chunk) - In May 2020, the company issued **$450.0 million** of 4.00% senior unsecured notes due in 2030[283](index=283&type=chunk) - The company repurchased **3.2 million shares for $138.6 million** in 2020 and approved a new $300.0 million share repurchase plan[278](index=278&type=chunk) - The debt-to-capitalization ratio was **23.7%** at year-end 2020, up from 18.5% at year-end 2019[289](index=289&type=chunk) - The maximum amount of dividends available from insurance subsidiaries in 2021 without prior regulatory approval was **$555.4 million**[281](index=281&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate, equity price, and credit risk, which are actively managed and monitored - The company's main market risk exposures are interest rate risk, equity price risk, and credit risk[299](index=299&type=chunk) - A hypothetical 100 basis point increase in interest rates is estimated to decrease the debt securities portfolio's fair value by approximately **$200 million (3.1%)**[302](index=302&type=chunk)[304](index=304&type=chunk) - A hypothetical 10% decline in equity market prices would decrease the equity securities portfolio's fair value by **$44.5 million**[307](index=307&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements, with the auditor identifying the IBNR loss reserve as a critical audit matter - The independent auditor, PricewaterhouseCoopers LLP, issued an **unqualified opinion** on the financial statements and internal controls[319](index=319&type=chunk) - The auditor identified the 'Valuation of the Incurred But Not Reported Loss Reserve - Title Claims' as a **critical audit matter**[327](index=327&type=chunk)[328](index=328&type=chunk) Consolidated Balance Sheets | (in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | **Total Assets** | $12,795,988 | $11,519,167 | | **Total Liabilities** | $7,874,340 | $7,094,165 | | **Total Stockholders' Equity** | $4,909,972 | $4,420,484 | Consolidated Statements of Income | (in thousands) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Total Revenues** | $7,086,667 | $6,202,061 | $5,747,844 | | **Net Income Attributable to Company** | $696,429 | $707,410 | $474,496 | [Controls and Procedures](index=121&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2020[678](index=678&type=chunk) - Management assessed the company's internal control over financial reporting as **effective** as of December 31, 2020, using the COSO framework[682](index=682&type=chunk) [Other Information](index=122&type=section&id=Item%209B.%20Other%20Information) The company entered into amended employment agreements with four key executives, extending their terms through December 2023 - On February 11, 2021, the company extended the employment agreements for CEO Dennis J. Gilmore and three other executives through December 31, 2023[686](index=686&type=chunk) PART III This part incorporates by reference information on directors, compensation, and ownership from the company's 2021 proxy statement [Directors, Executive Officers and Corporate Governance](index=123&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the 2021 Proxy Statement - The information required by this item will be set forth in the 2021 Proxy Statement and is incorporated herein by reference[694](index=694&type=chunk) [Executive Compensation](index=123&type=section&id=Item%2011.%20Executive%20Compensation) Information is incorporated by reference from the 2021 Proxy Statement - The information required by this item will be set forth in the 2021 Proxy Statement and is incorporated herein by reference[695](index=695&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=123&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information is incorporated by reference from the 2021 Proxy Statement - The information required by this item will be set forth in the 2021 Proxy Statement and is incorporated herein by reference[696](index=696&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=123&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information is incorporated by reference from the 2021 Proxy Statement - The information required by this item will be set forth in the 2021 Proxy Statement and is incorporated herein by reference[697](index=697&type=chunk) [Principal Accountant Fees and Services](index=123&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information is incorporated by reference from the 2021 Proxy Statement - The information required by this item will be set forth in the 2021 Proxy Statement and is incorporated herein by reference[698](index=698&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=124&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the annual report - This section contains the index of financial statements, schedules, and all exhibits filed with the Form 10-K[707](index=707&type=chunk)[708](index=708&type=chunk)