SANTA ANA, CA—First American Financial Corporation experienced a 19% jump in total revenues for the first quarter of 2013 compared to the same period last year, and a 29% increase in agent premiums. The company, a leading global provider of title insurance and settlement services for residential and commercial real estate transactions, detailed its first quarter performance numbers today. They reflect the period ended March 31.

Other first quarter highlights:

* Resale open orders per day up 13%

* Refinance open orders per day down 7%

* Specialty Insurance segment total revenues up 10%

First American's total revenues for the first quarter were $1.1 billion, an increase of 19% relative to the first quarter of 2012. Net income in the current quarter was $36.2 million, or 33 cents per diluted share, compared with net income of $31.3 million, or 29 cents per diluted share, in the first quarter of 2012. The current quarter results include net realized investment gains of $9.3 million, or 5 cents per diluted share, compared with net realized investment losses of $0.9 million, or 1 cent per diluted share, in the first quarter of 2012.

“Market conditions were good in the first quarter with an increase in closed orders that drove our 19% revenue growth,” said Dennis Gilmore, chief executive officer for First American Financial Corporation. “And we're pleased that a solid increase in our higher-premium resale and commercial open orders fully offset the decline we experienced in refinance volume.

“Our financial results for the first quarter were negatively impacted by a $29 million reserve strengthening in the title segment, primarily driven by a few large commercial claims from policy years 2006 and 2007. Although it's unusual to have this level of large commercial claim activity in a single quarter, we continue to see a general decline in paid title claims as legacy
policy years become more seasoned and recent policy years demonstrate lower claims activity. Putting aside the impact of the large commercial claims, our first quarter results indicate that the year is off to a good start.

“Our business outlook remains positive as we enter the important spring selling season. So far in April, our resale open orders are running 4% higher than in March and up 21% compared with last year. We believe the housing market is improving and that the company is well positioned to deliver strong financial results as the multiyear recovery continues.”