On this page of StockholderLetter.com we present the latest annual shareholder letter from First American Financial Corp — ticker symbol FAF. Reading current and past FAF letters to shareholders can bring important insights into the investment thesis.

 •  3/31/2025 Letter Continued (Full PDF)
 •  3/31/2023 FAF Stockholder Letter
 •  4/1/2024 FAF Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  FAF Benford's Law Stock Score = 82

FAF Shareholder/Stockholder Letter Transcript:

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
hington, D.C. 20549
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, 2024
OR

TRANS
R
ITION 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 other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
1 First American Way, Santa Ana, Califor
f nia 92707-5913
(Address of principal executive offi
f ces) (Zip Code)
(714) 250-3000
Registrant   s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.00001 par value
FAF
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defin
f ed in Rule 405 of the Securities Act. Yes  
No  
Indicate by check mark if the registrant is not required to file
f reports pursuant to Section 13 or Section 15(d) of the Act. Yes   No  
Indicate by check mark whether the registrant: (1) has fil
f ed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for
f such shorter period that the registrant was required to ffile such reports), and (2) has been subj
u ect to
such filing requirements for
f the past 90 days. Yes   No  
Indicate by check mark whether the registrant has submitted electronically every
r Interactive Data File required to be submitted pursuant to Rul
R e
405 of Regulation S-T (   232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated file
f r, a smaller reporting
company, or an emerging growth company. See the definitions of    large accelerated filer,       accelerated filer,       smaller reporting company,    and
   emerging growth company    in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period ffor complying
with any new or revised fin
f ancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant has fil
f ed a report on and attestation to its management   s assessment of the effe
f ctiveness of its
internal control over ffinancial reporting under Section 404(b) of the Sarba
r nes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ffirm
that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the ffinancial statements of the registrant included
in the ffiling refle
f ct the correction of an error to previously issued financial statements.  
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers dur
d ing the relevant recovery period pursuant to    240.10D-1(b).  
Large accelerated filer
Non-accelerated filer


Accelerated filer
Smaller reporting company
Emerging growth company
Indicate by check mark whether the registrant is a shell company (as defined in Rul
R e 12b-2 of the Exchange Act). Yes  
No  

The aggregate market value of the voting and non-voting common equity held by non-affi
f liates of the registrant as of June 30, 2024 was
$5,346,932,596.
On Februa
r ry 10, 2025, there were 102.8 million shares of common stock outstanding.
DOCUMENTS INCORPORAT
R ED BY REFERENCE
Portions of the registrant   s defin
f itive proxy statement with respect to the 2025 annual meeting of the stockholders are incorpo
r rated by refer
f ence
in Part III of this report. The defin
f itive proxy statement or an amendment to this Form 10-K will be ffiled no later than 120 days afte
f r the close of
registrant   s fiscal year.

FIRST AMERICAN
A FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
INFORMATION INCLUDED IN REPORT
PART I
Item 1.
Business ..........................................................................................................................................................
6
Item 1A. Risk Factors ....................................................................................................................................................
13
Item 1B. Unresolved Staff Comments ...........................................................................................................................
23
Item 1C. Cybersecurity ..................................................................................................................................................
24
Item 2.
Properties ........................................................................................................................................................
25
Item 3.
Legal Proceedings ...........................................................................................................................................
25
Item 4.
Mine Safety Disclosures .................................................................................................................................
25
Market for Registrant   s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities ....................................................................................................................................................
26
Item 6. [Reserved] .......................................................................................................................................................
28
Item 7.
Management   s Discussion and Analysis of Financial Condition and Results of Operations.........................
28
Item 7A. Quantitative and Qualitative Disclosures About Market Risk........................................................................
45
Item 8.
Financial Statements and Suppl
u ementary Data...............................................................................................
47
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.........................
109
Item 9A. Controls and Procedures .................................................................................................................................
109
Item 9B. Other Information ...........................................................................................................................................
109
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections............................................................
110
PART II
Item 5.
PART III
Item 10. Directors, Executive Officers and Corpor
r ate Governance .............................................................................
111
Item 11. Executive Compensation ................................................................................................................................
111
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ......
111
Item 13. Certain Relationships and Related Transactions, and Director Independence ...............................................
111
Item 14. Principal Accountant Fees and Services .........................................................................................................
111
PART IV
Item 15. Exhibits and Financial Statement Schedul
d es ..................................................................................................
112
Item 16. Form 10-K Summary ......................................................................................................................................
115
3



 3/31/2025 Letter Continued (Full PDF)