Performance of Other P&C InsurersĬhubb Limited CB reported fourth-quarter 2022 core operating income of $4.05 per share, which missed the Zacks Consensus Estimate by 4%. You can see t he complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Rankįirst American currently has a Zacks Rank #4 (Sell). It also raised its dividend by 2% in 2022 to an annual rate of $2.08 per share. The company bought back shares worth $441 million in 2022. Stockholders’ equity was $4.7 billion, down 19.1% from 2021 end.Ĭash flow from operations was $246 million, down 28.4% year over year. Notes and contracts payable were $1.6 billion, down 0.1%. Pretax margin, excluding net investment gains and losses, was 18.5%, expanded 1250 bps year over year.įirst American exited the quarter with cash and cash equivalents of $1.2 billion, down 0.3% from 2021 end. The figure was higher than our estimate of $106.2 million. Specialty Insurance: Total revenues, excluding net investment gains and losses, increased 2.6% year over year to $119 million, primarily driven by lower direct premiums and escrow fees. The average revenue per direct title order increased to $4,020, primarily attributable to a shift in the mix to higher premium commercial from lower premium refinance transactions. Title open orders decreased 41.8% to 153,100 while Title closed orders decreased 47.6% to 125,300. Pretax margin, excluding net investment gains and losses, contracted 490 basis points (bps) year over year to 10.4%.
The figure was lower than our estimate of $1.8 billion. The downside was due to lower direct premiums and escrow fees, agent premiums and information and other. Title Insurance and Services: Total revenues, excluding net investment gains and losses, decreased 25.3% year over year to $1.6 billion. The total expense of $1.6 billion decreased 20.2% year over year due to lower personnel costs, premiums retained by agents, other operating expenses, provision for policy losses and other claims and premium taxes. The figure was higher than our estimate of $123 million. Net investment income more than doubled year over year to $141 million. The top line missed the Zacks Consensus Estimate by 6.7%.
Operating revenues of $1.7 billion decreased 29% year over year due to lower direct premiums and escrow fees, agent premiums and information and other. First American Financial Corporation Price, Consensus and EPS Surpriseįirst American Financial Corporation price-consensus-eps-surprise-chart | First American Financial Corporation Quote Behind the Headlines
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