• It's like the 'Chubb' of real estate title insurance, protecting your property's legal history.
• It's like the 'S&P Global' for real estate, providing essential data, analytics, and transaction security.

• Title Insurance: Provides protection for homeowners and lenders against financial loss arising from defects in title to real property.
• Escrow Services: Facilitates real estate transactions by acting as a neutral third party to hold funds and documents until all conditions of a sale are met.
• Property and Casualty Insurance: Offers various specialty insurance products, often related to real estate, such as homeowners, flood, and lender-placed insurance.
• Data and Analytics: Leverages extensive real estate data to provide insights, property information, and risk management solutions to the industry.
• Home Warranty: Protects homeowners against the cost of unexpected repairs or replacements for major systems and appliances in their homes.

First American Financial (FAF) primarily sells its services to other companies within the real estate and mortgage industries. Due to the broad and fragmented nature of its customer base, serving a vast number of participants in real estate transactions, FAF does not publicly disclose specific major customer companies by name that constitute a significant concentration of its revenue.

However, based on its public filings and business descriptions, FAF identifies the following categories as its primary business customers:

• Mortgage Lenders: This category includes banks, credit unions, and independent mortgage companies that require title insurance and settlement services for real estate loans. While First American Financial serves a multitude of individual companies within this segment and does not disclose specific major customers, examples of public companies that operate within this category include: Wells Fargo (WFC), JPMorgan Chase & Co. (JPM), and Rocket Companies (RKT).
• Real Estate Professionals: This includes real estate brokers, agents, and real estate agencies who facilitate property transactions and work closely with title and settlement providers. Examples of public companies that operate within this category include: Anywhere Real Estate Inc. (HOUS) and RE/MAX Holdings, Inc. (RMAX).
• Homebuilders and Developers: Companies involved in new construction and real estate development projects that require title and escrow services for land acquisition and new home sales. Examples of public companies that operate within this category include: D.R. Horton, Inc. (DHI), Lennar Corporation (LEN), and PulteGroup, Inc. (PHM).
• Attorneys and Independent Title Agents: Legal professionals and other title agencies that utilize First American's underwriting and various property information services.
• Real Estate Investors: Individuals or entities engaged in buying, selling, or managing investment properties, both residential and commercial.

• Intercontinental Exchange, Inc. (ICE)
• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)

Mark E. Seaton, Chief Executive Officer

Mark E. Seaton has served as Chief Executive Officer of First American Financial since April 2025. Before his appointment as CEO, he served as Chief Financial Officer for 12 years, a role he held since 2013. During his tenure as CFO, Seaton managed all financial-related activities and oversaw First American Trust, the company's federally chartered bank, as well as First American's technology group. He joined First American in 2006, initially as director of investor relations until 2010. Prior to joining First American, Seaton worked in private equity and in the investment banking industry.

Matthew F. Wajner, Chief Financial Officer

Matthew F. Wajner has served as Chief Financial Officer since April 2025. Before this role, he served as Treasurer for five years and previously held positions as chief accounting officer and controller. Mr. Wajner joined First American in 2009. Prior to First American, he held roles with JPMorgan Chase & Co. and PricewaterhouseCoopers LLP.

Dennis J. Gilmore, Executive Chairman

Dennis J. Gilmore has served as Executive Chairman of First American Financial since April 2025. He served as CEO from 2010 to 2022 and as chairman of the Board since February 2022. From 1993 to 2010, he held various managerial roles with The First American Corporation, including chief executive officer of its financial services group and chief operating officer. Mr. Gilmore began his career at First American in 1988 with the company's real estate tax service. Before joining First American, he held management positions with Weyerhaeuser Mortgage Company, TRTS Data Services, Inc., and Western Federal Savings. TRTS Data Services, Inc. was acquired by First American in 1991, where he served as vice president from 1988 until the acquisition.

Lisa W. Cornehl, Chief Legal Officer and Secretary

Lisa W. Cornehl has served as Senior Vice President, Chief Legal Officer since September 2021 and Corporate Secretary since August 2022. From 2015 to 2021, she held the positions of deputy general counsel, litigation, and Chief Privacy Officer. Ms. Cornehl joined First American in 2011 as senior litigation counsel. Earlier in her career, she worked for a leading international law firm.

Christopher Leavell, Chief Operating Officer

Christopher Leavell serves as Chief Operating Officer of First American Title Insurance Company, a subsidiary of First American Financial Corporation. He has held this role since December 2011. Previously, he was executive vice president and division president with responsibility for the lender-focused title business and national production services from 2008 to 2011. Mr. Leavell began his career with First American in 1997. Prior to joining First American, he held various managerial and finance positions at mortgage companies, including vice president of mortgage administration at Weyerhaeuser Mortgage Company, and roles in planning, budgeting, and valuation at both Countrywide Home Loans and Weyerhaeuser.

1. Real Estate Market Cyclicality and Interest Rate Sensitivity: The demand for First American Financial's core products and services, such as title insurance and settlement services, is highly dependent on the conditions of the real estate market. Persistent issues like home affordability challenges and elevated mortgage rates can lead to a sustained decline in residential real estate transactions, which in turn pressures the company's long-term revenue and earnings. The company acknowledges the cyclical nature of the real estate and mortgage markets.
2. Regulatory and Compliance Risks: The company operates under significant regulatory oversight. Changes in government regulations have the potential to decrease the demand for First American Financial's products and services. Additionally, the company is subject to scrutiny from governmental entities and litigation, which could negatively impact its financial condition. Specific longer-term risks include potential regulatory shifts like the FHFA pilot program for title waivers.
3. Investment Portfolio Risks: First American Financial's investment portfolio is exposed to market risks, including credit and interest rate risks, which could result in financial losses. The company's venture investment portfolio is particularly volatile and may experience considerable fluctuations in value. Net investment losses have been attributed to asset impairments and realized losses within its venture portfolio.

Well-funded, tech-enabled real estate platforms and PropTech companies that are vertically integrating into title insurance and settlement services represent a clear emerging threat. Companies like Zillow (with Zillow Closing Services) and Opendoor (with Opendoor Title & Escrow) are building end-to-end real estate transaction platforms. These platforms leverage technology to streamline the process, offer convenience, and aim to reduce costs by capturing more of the value chain internally, potentially disintermediating traditional title insurance providers like FAF. Their tech-first approach and focus on a seamless digital customer experience directly challenge the established processes of incumbent players.

First American Financial (FAF) operates in several addressable markets within the United States for its main products and services.

• Title Insurance: The U.S. title insurance market is estimated to be $17.1 billion in 2025.
• Settlement Services (Closing/Escrow Services): The U.S. market for title and settlement services reached $15.4 billion in 2024. The conveyancing services industry in the United States, which includes closing services, is estimated at $22.1 billion in 2025.
• Property Data and Analytics: The U.S. real estate software market, a key segment within real estate analytics, was valued at $2.45 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. First American Data & Analytics provides property data that covers 100% of the U.S. housing market.
• Home Warranty Products: The U.S. home warranty market size was valued at $4.26 billion in 2024 and is projected to reach $5.68 billion by 2032, growing at a CAGR of 4.19% from 2026 to 2032.
• Banking, Trust and Investment Advisory Services: The market size for the Trusts & Estates industry in the United States is projected to be $290.1 billion in 2025. The North America financial advisory market, which includes investment advisory services, stands at $58.65 billion in 2025 and is projected to reach $77.27 billion by 2030.

1. Continued Strength and Expansion in Commercial Business: First American Financial has experienced significant growth in its commercial segment, with substantial increases in commercial revenue reported in recent quarters. This growth has been driven by increased activity in industrial, multifamily, and data center transactions, as well as a rebound in commercial refinancing activities. Analysts anticipate continued broad-based strength in the commercial business, contributing to sustained improvement in commercial segment revenue.
2. Strategic Technology Investments and Digital Transformation: The company is making ongoing investments in advanced technologies, including artificial intelligence (AI) and digital platforms such as Endpoint and Sequoia. These investments are aimed at enhancing operational efficiency, automating title and refinance transactions, and diversifying revenue streams beyond the cyclical U.S. housing market. These technology-driven gains are expected to unlock operational efficiencies, reduce processing costs, and support higher net margins, thereby underpinning long-term earnings and revenue growth.
3. Anticipated Recovery in the U.S. Residential Housing Market: Despite recent challenges in the residential housing market, there is an expectation of normalization and an eventual rebound in U.S. home purchase volumes over the next 2-3 years. This recovery is projected to be driven by demographic tailwinds, as Millennials and Gen Z increasingly enter prime homebuying years. This anticipated increase in residential transaction activity positions First American Financial to capture significant growth in its core title insurance business.
4. Growth in Investment Income: First American Financial has reported consistent growth in investment income, primarily due to higher interest income generated from its investment portfolio. Strategic rebalancing of the investment portfolio has also contributed to this growth. This component of revenue is expected to continue contributing positively to the company's overall financial performance.
5. Expansion of Non-insured Information Products and Services, including Canadian Operations: The company has seen revenue growth from its non-insured information products and services, as well as from refinance activity within its Canadian operations. This indicates a strategic diversification of revenue streams and an ability to grow in specific business units outside of traditional U.S. title insurance.

Share Repurchases

• In November 2020, First American Financial announced a new share repurchase plan authorizing up to $300 million of its common stock.
• The company repurchased $73 million of shares in 2023 and $68 million in 2024.
• In Q2 2025, First American repurchased $61 million in shares, and in July 2025, its board approved another $300 million share repurchase authorization.

Outbound Investments

• First American acquired ServiceMac, a mortgage subservicing and technology solutions provider, in October 2020.
• In July 2021, the company acquired Georgetown Title for its title and escrow services.
• First American also acquired 1031 Solutions, which provides tax-deferred property exchange services, in February 2023.

Capital Expenditures

• Net cash used in investing activities, which typically includes capital expenditures, amounted to $134.8 million in 2023 and $140 million in 2024.
• The company plans to maintain its focus on strategic capital allocation, including capital expenditures, in its future outlook.
• Recent reports indicate continued investments in internally developed software, contributing to depreciation and amortization expenses, suggesting a focus on technology.