Earnings Reports

Quarter 2 Earnings Reports for Fidelity, First American, Old Republic and Stewart.

• Fidelity Reports Q2 Earnings
  Fidelity National Financial reported its title insurance segment generated $367 million in pretax income during the second quarter of 2025. This compared to $324 million in pretax income during the same period a year ago.
  
  "In the second quarter, we delivered another industry leading pre-tax title margin while generating strong cash flows that we have used to reinvest in the business and return to our shareholders,” said Mike Nolan, Fidelity’s chief executive officer. “The second quarter results were impacted by elevated health claims and higher investments in security, technology and recruiting to position the business for long-term growth.” 
  
  During the second quarter of 2025, Fidelity’s direct operations opened 366,000 orders and closed 246,000 orders. The company opened 344,000 direct title orders and closed 229,000 during the same period a year ago.
  
  Fidelity reported that its commercial segment continues to be strong with national and local revenues both rising by more than 22% as compared to the second quarter of 2024. 
  
  The company paid $66 million in claims during Q2 2025. This is down from $70 million in claims paid during the second quarter of 2024. 
  
  
• First American Reports Q2 Earnings
  First American Financial Corp. reported its title insurance segment generated pretax income of $216.7 million during the second quarter of 2025. This is up from $177.4 million in pretax income during the same period in 2024.
  
  "Our second quarter performance was strong despite continued challenges in the U.S. housing market,” said Mark Seaton, chief executive officer at First American. "The strength of our commercial business, growth in investment income and management of our cost structure enabled us to deliver an adjusted margin in our title segment of 13.2%.” First American reported revenue of $234 million from its commercial business in first-quarter 2025, up 33% compared with last year.
  
  During the latest quarter, First American opened 179,500 direct title orders and closed 131,100 direct orders. This compared to 169,600 opened orders and 124,700 closed orders for the company’s direct operations during the first quarter of 2024.
  
  In Q2 2025, First American paid $47.3 million in claims. This is up slightly from $45.9 million in claims paid during the same period last year. The company reported its provision for policy losses and other claims was $39 million in the second quarter, or 3% of title premiums and escrow fees, which was unchanged from the prior year. The second quarter rate reflects an ultimate loss rate of 3.75% for the current policy year and a net decrease of $10 million in the loss reserve estimate for prior policy years.
  
  First American reported its personnel costs were $523 million in the second quarter, up $37 million, or 8% compared to the same quarter of 2024.
  
  “We are at the very beginning of the next real estate cycle and are poised to outperform given our unique assets and the productivity improvements we expect to achieve related to our investments in data, technology and AI," Seaton said.
  
  
• Old Republic Reports Q2 Earnings Results
  Old Republic International reported its title insurance segment generated $24.2 million in pretax income during the second quarter of 2025. This is compared to pretax income of $46 million during second quarter of 2024.
  
  The company reported that litigation settlement expenses and higher agent commissions driven by the shift in business between direct and agency operations resulted in the lower pretax income.
  
  According to Old Republic, title Insurance net premiums and fees earned increased 5.2% for the quarter and 7.8% for the first six months. Agency produced revenues grew 7% while directly produced revenues were relatively flat for the quarter. The company reported both commercial and residential premiums increased for the quarter. Commercial premiums represented 23% of net premiums earned compared to 21% in the second quarter of last year. Fee revenues from direct operations decreased as a result of the previously announced sale of certain technology platforms.
  
  Old Republic reported its title Insurance loss ratio was 3.5% during the latest quarter, which is the same as the second quarter of 2024.
  
  
• Stewart Reports Second-quarter 2025 Results
  Stewart Information Services Corp. reported its title insurance segment generated $49.3 million in pretax income during the second quarter of 2025. This compared to $33.4 million in pretax income during the first quarter of 2025.
  
  "I am pleased with our performance this quarter as our top line results demonstrate our progress in growing each of our business lines," said Fred Eppinger, Stewart’s chief executive officer. "We have also been thoughtful in our operational management and were able to deliver solid bottom-line results for the second quarter. Although the housing market continues to pose headwinds, we are dedicated to growing each of our businesses, managing our operations and being a partner of choice for our customers."
  
  During the second quarter of 2025, Stewart’s direct operations opened 89,646 orders and closed 66,594 orders. The company opened 86,721 direct orders and closed 59,499 direct orders during Q2 2024.
  
  Stewart reported its commercial business generated $82 million in revenue during the latest quarter. This is up from $58 million during the second quarter of 2025.
  
  ​Stewart paid $21 million in claims during the second quarter of 2025. This is nearly the same amount in claims paid during the same period a year ago.