First American Financial Corporation (NYSE:FAF) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants Craig Barberio – Vice President, Investor Relations Ken DeGiorgio – Chief Executive Officer Mark Seaton – Executive Vice President and Chief Financial Officer Conference Call Participants Mark DeVries – Barclays Bose George – KBW Ryan Gilbert – BTIG John Campbell – Stephens Incorporated Operator Greetings, and welcome to the First American Financial Corporation's First Quarter Ear ...

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, 2022 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 ...

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 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------------------------------------------------------|-------|-------|---- ...

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 ...