Third Quarter Earnings Reports

Fidelity, First American, Old Republic and Stewart report 3rd quarter earnings.

• Fidelity Reports Q3 Earnings
  Fidelity National Financial Inc. reported its title insurance segment generated $359 million in pretax income during the third quarter of 2025. This compared to $372 million in pretax income during the same period a year ago.|
  
  “Our third quarter title results were driven by very strong performance across the business, including commercial and refinance, as well as our disciplined expense management,” said Mike Nolan, Fidelity’s chief executive officer. “While the residential housing market remains challenging, our management team has a proven track record of managing our business to the trend in opened orders, as evidenced by our industry leading pre-tax title margin in the third quarter. This discipline has generated a steady level of free cash flow, allowing us to continue to invest in our business through attractive acquisitions and technology as we continue to build for the long term.”
  
  Fidelity reported commercial revenue of $389 million during the third quarter of 2025. This is up from $290 million during the third quarter of 2024. Refinances comprised 26% of all orders during Q3 2025, up from 23% of all orders during Q3 2024.
  
  During the latest quarter, Fidelity opened 370,000 direct title orders and closed 250,000 direct title orders. Fidelity opened 352,000 direct title orders and closed 232,000 direct title orders during the third quarter of 2024.
  
  Fidelity paid $58 million in claims during Q3 2025. This was down from $64 million in claims paid during Q3 2024.
  
  
• First American Earnings
  
  First American Financial Corp. reported its title insurance segment generated $236.2 million in pretax income during the third quarter of 2025. This compared to a pretax loss of $130 million during the same period a year ago.
  
  “Our third quarter performance was strong despite continued challenges in the U.S. housing market,” said Mark Seaton, chief executive officer at First American Financial. "The strength of our commercial business, growth in investment income, and management of our cost structure enabled us to deliver an adjusted pretax margin in our title segment of 12.9%.”
  
  During the latest quarter, First American opened 191,300 direct orders and closed 141,800 orders. This compared to 166,100 direct orders opened and 121,600 orders closed during the same period a year ago.
  
  First American’s commercial segment posted revenue of $246 million, up 29% compared with last year.
  
  First American paid $42.9 million in claims during the latest quarter. This is down from $56.8 million in claims paid during the third quarter of 2024. The company’s provision for policy losses and other claims was $42 million in the third quarter, or 3% of title premiums and escrow fees, unchanged from the prior year. The third quarter rate reflects an ultimate loss rate of 3.75% for the current policy year and a net decrease of $11 million in the loss reserve estimate for prior policy years.
  
  “I’m optimistic about our long-term outlook,” Seaton said. “We’re at the early stages of the next real estate cycle, and our industry-leading investments in data, technology and AI position us to outperform as the market strengthens. By modernizing our platforms and integrating AI across our operations, we expect to drive significant productivity gains, reduce risk and unlock new revenue opportunities—further extending First American’s leadership in the industry.”
  
  
• Old Republic Earnings
  
  Old Republic International reported its title insurance segment generated $45.7 million in pretax income. This compared to $40.2 million in pretax income during the same period a year ago.
  
  The company reported title Insurance net premiums and fees earned increased 8.3% for the quarter. Agency-produced premiums grew nearly 11%, while premiums from its direct operations grew more than 8% for the quarter. 
  
  Old Republic’s commercial premiums increased during the third quarter and were 26% of the company’s earned premiums, compared to 20% in the third quarter of last year.
  
  Title, escrow and other fees declined 11% as a result of the previously announced sale of certain technology platforms.
  
  Old Republic reported a loss ratio of 3.5% during the third quarter, which remains  were relatively flat, and reflect consistent levels of favorable prior year loss reserve development.
  
  
• Stewart Earnings
  
  Stewart Information Services Corp. reported its title segment generated pretax income of $62 million during the third quarter of 2025. This is up from $45 million in pretax income during the same period in 2024.
  
  "I am proud of our third quarter results as they demonstrate our momentum," said Fred Eppinger, chief executive officer. "We are committed to growth across all business lines and are thoughtful in our operational management. The combination of these efforts allowed us to deliver solid third quarter results, even as the broad housing environment remains subdued relative to historic norms."
  
  During the latest quarter, Stewart opened 87,403 direct orders and closed 59,312 direct orders. This compared to 87,464 direct orders opened and 59,375 direct orders closed during the third quarter of 2024.
  
  Stewart reported title loss expense of $58.7 million during the third quarter of 2025. This is down from $59.8 million during the third quarter of 2024. As a percentage of title operating revenues, the title loss expense improved to 3% in the third quarter 2025 compared to 3.8% in the third quarter 2024.
  
  “Looking ahead, we believe the housing market will continue to gradually improve over the coming year, and 2026 will be the beginning of a transition back towards a more normal existing home sales environment, which we characterize as five million existing homes sold,” Eppinger said. “From a commercial market perspective, we have benefited from and capitalized on recovery seen in the commercial real estate markets across various asset classes. We expect this recovery to continue into 2026 and beyond.”