First American Financial Q1 Profit Rises

(RTTNews) - First American Financial Corp. (FAF) reported that its net income for the first quarter ended March 31, 2021 rose to $233.6 million or $2.10 per share, from $63.2 million or $0.55 per share, in the first quarter of 2020.

Net realized investment gains in the quarter were $66.8 million or $0.46 per share, compared to net realized investment losses of $64.8 million or $0.50 per share, in the first quarter of last year.

The net realized gains in the quarter were primarily due to gains recognized on venture investments, compared with net realized losses in the first quarter of last year that were primarily driven by the change in the fair value of equity securities.

Total revenue for the first quarter of 2021 was $2.0 billion, an increase of 43 percent relative to the first quarter of 2020.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share and revenues of $1.79 billion for the quarter. Analysts' estimates typically exclude special items.