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![First American Financial Corp [FAF] reports annual net loss of $215.5 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFAF.png&w=1200&q=75)
First American Financial Corp [FAF] has reported a net loss of $215.5 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $6.0 billion
Based in SANTA ANA, California, First American Financial Corp operates in the FINANCE sector.
In the annual report for the year ended December 31, 2023, the company reported total revenues of $6,003.5 million, showing a decrease from the previous year's total revenues of $7,605.2 million. This decline can largely be attributed to reductions in direct premiums and escrow fees, agent premiums, and net investment income.
The expenses incurred by the company during the period amounted to $5,729.1 million, lower than the expenses of $7,279.5 million reported in the previous year. The decrease in expenses was primarily driven by reductions in personnel costs, premiums retained by agents, and other operating expenses.
As a result, the company reported a net income of $215.5 million for the current reporting period, which represents a decrease from the net income of $265.3 million in the previous year. The decline in net income can be attributed to lower revenues and higher income taxes incurred during the period.
The earnings per share (EPS) for the company's stockholders also decreased in the current year, with basic EPS reported at $2.08 and diluted EPS at $2.07. This is in contrast to the previous year, where basic EPS was $2.46 and diluted EPS was $2.45.
Overall, the company's performance in the current reporting period reflected a decrease in revenues, expenses, net income, and earnings per share compared to the previous year.
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