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First American Financial Reports Second Quarter 2013 Results

Pretax income for the Title Insurance and Services segment was $73.0 million in the second quarter, compared with $118.4 million in the second quarter of 2012. Pretax margin was 6.1 percent in the current quarter, compared with 11.7 percent last year.


Specialty Insurance

($ in millions)
For the Three Months Ended

June 30
2013                 2012
Total revenues $ 84.0                 $ 79.6
Income before taxes $ 7.3 $ 13.3
Pretax margin 8.7 % 16.7 %

Total revenues for the Specialty Insurance segment were $84.0 million in the second quarter of 2013, an increase of 6 percent compared with the second quarter of 2012. The increase in revenues was driven by higher premiums earned in both the home warranty and property and casualty business lines, partially offset by lower net realized gains in the current quarter. The overall loss rate in the Specialty Insurance segment was 61 percent in the current quarter, above the 56 percent loss rate in the prior year. Both business lines experienced higher losses in the quarter, resulting in a pretax margin of 8.7 percent, down from 16.7 percent in the second quarter of 2012.

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