First American Q3 GAAP loss $1.00/sh (adj. $1.34); net investment losses $312M; rebalancing for $67M/yr income

First American Financial Corp

2024-Q3 EPS reported $0.56 revenue$4,443,000,000

Net loss of $104M ($1.00 diluted loss); adjusted net income $138M ($1.34 EPS) vs. $1.22 last year.
Total revenue $1.41B, down 5% YoY; adjusted revenue $1.66B, up 4% YoY, first increase since Q2 2022.
Net investment losses of $312M from portfolio rebalancing; expects to boost interest income by $67M annually.
Title segment adjusted pretax margin 11.6%; commercial revenues up 19% to $190M; home warranty pretax margin 8.1%.
Quarterly dividend raised 2% to $0.54/sh; repurchased 293k shares for $16M; raised $450M in 10-yr 5.45% senior notes.

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