1. The First American Financial Corporation
1997
1997 ANNUAL REPORT
MAKING NEWS

2. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
FIRST AMERICAN
First American Profile
profile
The First American Financial Corporation is the leading provider of real estate-related financial and information services to real
property buyers and mortgage lenders. The Company’s products and services include title insurance; information services which
include tax monitoring, credit reporting, property data services, flood certification, field inspection services, appraisal services, mortgage
loan servicing systems and mortgage document preparation; home warranty; and investment, trust and thrift operations. The title
insurance and real estate information segments operate through networks of offices nationwide. The Company provides its title
services through more than 300 offices and 4,000 agents throughout the United States. It also offers title services abroad in Australia,
the Bahama Islands, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. Home warranty services are
available in Arizona, California, Nevada, North Carolina, South Carolina, Texas, Utah and Washington. The investment, trust and thrift
businesses operate in Southern California. First American, based in Santa Ana, California, celebrated its centennial in 1989.
First American is dedicated to leading our industry — in customer satisfaction by providing consistently high-quality service; in
innovation by developing and marketing new systems, products and services; in profitability by demanding efficiency; and in growth
by searching out domestic and international opportunities.
TA B L E O F
contents
First American’s accomplishments made news throughout
a successful year.
2 Letter to Stockholders
4 Stock Performance
5 The Year in Review
8 Title Insurance
12 Real Estate Information Services
16 Home Warranty
18 Trust and Banking
Fulfilling goals and adhering to our growth strategy led to
powerful 1997 financial results.
Management’s Discussion and Analysis
20
Selected Financial Data
24
Common Stock and Quarterly Data
25
Consolidated Balance Sheets
26
Consolidated Statements of Income
28
Consolidated Statements of Stockholders’ Equity
29
Consolidated Statements of Cash Flows
30
Notes to Consolidated Financial Statements
31
Report of Independent Accountants
37
The company’s people — throughout the nation and the
world — were at the helm of our newsworthy success.
38 Board of Directors
39 Officers
40 Primary Companies
41 Shareholder Information

3. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
FINANCIAL
Financial Highlights
highlights
(in thousands, except percent, per share amounts and employee data)
Percent
1997 1996 Change
Revenues $1,887,461 $1,597,566 18
Expenses 1,764,348 1,491,701 18
Income before premium and income taxes 123,113 105,865 16
Premium taxes 16,904 16,676 1
Income before income taxes 106,209 89,189 19
Income taxes 41,500 35,600 17
Net income $ 64,709 $ 53,589 21
Stockholders’ equity $ 411,412 $ 352,465 17
Return on average stockholders’ equity 16.9% 16.4% 3
Cash dividends $ 8,818 $ 7,928 11
Per share of common stock (Note A) —
Net income:
Basic $ 3.73 $ 3.12 20
Diluted $ 3.64 $ 3.09 18
Stockholders’ equity $ 23.68 $ 20.34 16
Cash dividends $ .51 $ .46 11
Number of common shares outstanding (Note A) —
Weighted average during the year:
Basic 17,362 17,179 1
Diluted 17,785 17,325 3
End of year 17,374 17,331 –
Number of employees 12,930 11,611 11
Note A — After adjustment for 3-for-2 stock split effected January 15, 1998, and restatement for the adoption of Statement of Financial Accounting Standards No. 128,
“Earnings per Share.”
01
O
pe
ra
t
in
g
Re
ve
Operating Revenues Pretax Profits
nu
by Business Segment by Business Segment
e
s
Pr
b
et
ax
Title Insurance – 78% Title Insurance – 62%
Pr
o
fit
s
Real Estate Information – 18% Real Estate Information – 29%
Home Warranty – 3% Home Warranty – 6%
Trust and Banking – 1% Trust and Banking – 3%
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tle
Ti
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e

4. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
D.P. Kennedy, chairman of the board
Parker S. Kennedy, president
LETTER TO
Letter to Stockholders
stockholders
T his was a record year for our company in every 1. A greater emphasis on information. Customers today
respect. The last time we experienced such outstanding growth seek a wide variety of information to support their real estate
was 1993, which was a year of extraordinary transaction levels decisions and First American wants to be the company of
caused by an unprecedented refinance boom. Strength and choice for these customers. Generally, title insurance
balance marked 1997. Our strong performance was enhanced accompanies this information but often, as in the case of
by strong and steady markets in lending, real estate brokerage, second mortgage lending, title information (when coupled with
home building and commercial development. We continued borrower credit data, a flood zone determination and tax
our strategy of providing a full array of informational products information) is enough. To meet this trend, First American has
to these markets and were rewarded with strong revenues continued to expand its control of property data by purchasing
and increased profits. Our dedicated team of employees is more than 20 title operations during 1997. Additionally, a huge
to be commended. step was taken with the creation of the Experian joint venture.
Revenues for the year were $1.887 billion. After-tax profits In combining most of our information services division with
were $64.7 million, or $3.64 per diluted share, compared with Experian’s real estate information arm, First American gained an
$3.09 per diluted share in 1996. Our stock price improved 80% 80 percent interest in the nation’s most extensive database of
over the course of the year. title and property characteristic records as well as a national real
estate tax database. This financially strong and valuable
INDUSTRY TRENDS
partnership has already provided substantial benefits by
At the beginning of the decade, we viewed a markedly
bringing excellent new people and technological capabilities
02
different landscape when compared with today. There were 10
to First American.
national title insurance companies, each offering a very limited
The strong profits and potential created by the Experian
array of informational products, most relying heavily on data
venture have exceeded expectations. Spanning nearly all of our
and software owned outside the industry for production of its
companies, this venture brings us closer to our goal of
primary product. Title searches were produced county-by-
operating our divisions as one enterprise. The acquisition
county and practices and policy coverages were dictated by
strategy of purchasing data bases needed to produce our
local customs. Change was inevitable, and First American
primary products helps ensure the long-term strength of our
changed from a national title insurer to a full service provider
company and our industry.
of real estate information.
2. Lenders will play a stronger role in shaping our
After a period of intense consolidation, there are now six
products and product mix. Mortgage originators and
national underwriters. Our industry now offers a menu of
servicers continue to expand. As they grow and geographically
informational products and databases which are, more often
diversify, the need for efficient systems and uniform products is
than not, controlled by title companies. The searching process is
more urgent. Our strong working relationships with our lender
becoming much more automated and central processing is
clients will become even more important to us.
common in several states, as national customers are demanding
Our strategy of offering the most extensive array of products
uniform policy coverages from state to state.
to lender clients helps us strengthen our lender alliances.
This process of transformation is far from over. We must
Furthering this strategy during the year, First American acquired
continue to look into the future and structure our company to
Strategic Mortgage Services (SMS), a multiple product provider
prosper in the world as it will be. As we look ahead, we see several
of real estate information including mortgage credit
important trends that will shape the future of First American:
information, appraisal data and document preparation. By
adding the SMS customers to our existing systems, our profits

5. were substantially improved in the mortgage credit reporting TRANSITIONS
and appraisal businesses and we also were able to add the During the year, First American Records Management (FARM)
mortgage document preparation business to our mix. On top of redeemed shares that had been held by The First American
this, SMS operated an effective computer software company Financial Corporation. FARM, of which First American previously
specializing in escrow closing and title plant systems. This unit is owned 35 percent, continues to be an excellent investment and
evolving into the systems and software hub for our title division. we are pleased to retain 71/2 percent of the company.
3. Customers will require that they be able to order and It is with sadness that we report the passing of Robert
receive all informational products electronically and McLain, our good friend and longtime board member. Bob was
on a single system. An integral part of our strategy is the a homebuilder throughout his very successful career and
completion of our ordering and delivery systems. We are enjoyed a reputation for the highest integrity. He was a loyal
nearing the completion of a frame relay system allowing for and extremely supportive board member since joining in 1981,
very high volume ordering and delivery of mortgage credit guiding us through many years of growth. We will miss Bob’s
information, flood certifications, tax monitoring information friendship and wise counsel.
and title products. We recently completed an Internet-based We are pleased to add D. Van Skilling to our board. Van
order and delivery system for smaller volume users. In most began his career with TRW in 1970, rising to the level of
cases, orders are now placed with multiple vendors using mail, executive vice president. When TRW sold its well-known credit
fax machines, telephones or separate user interfaces. A single reporting division, Van continued to head the unit now known
customer may deal with 20 or more vendors and their systems as Experian, and is now chairman and chief executive officer
and the informational products are received in many forms. First of Experian’s North American operations. We welcome Van
American’s systems, coupled with our extensive product mix, to our board.
will lead to incredible efficiencies by allowing order entry and
OUTLOOK
delivery on a single system. This is First American’s primary
New orders during the early part of 1998 are extremely
initiative for 1998.
strong. Mortgage rates are low and the national economy is
In addition to completing these systems, another important
robust, leading to record order levels in many parts of the
initiative is to expand our national capability to produce title
country. Many experts look for these conditions to continue.
evidence, and then link our operations electronically. We
We look to the future with confidence as we integrate and
envision a day when policies are delivered electronically
improve our real estate products and services.
throughout the country. Each First American branch and agent
03
We will continue to expand into new businesses and work
will be linked to the customer through a wide area network.
diligently to improve our market shares and margins in all of
This network is well underway, linking over 250 First American
our divisions.
offices. When complete, our major nationwide lender clients
In December 1997, the board approved a three-for-two
will receive policies electronically from all parts of the country.
stock split which was effective in January 1998, increasing the
4. Cost efficiencies will become increasingly important.
shares outstanding to 17.4 million. At its February 1998
Our customers, and indeed our own companies, strongly resist
meeting, the board increased the quarterly dividend from
price increases. This trend will continue, underscoring the need
131/3 cents a share to 15 cents a share.
for efficiency. To facilitate a complete re-engineering of the title
On behalf of the officers and directors of First American,
searching and closing process, First American has been developing
we thank you for your support.
its FAST Title and Escrow system which will integrate and
revolutionize our production processes. This system will be
completed during 1998 and rolled out in 1999.
Our ongoing effort to improve higher-margin businesses
was realized during 1997. Our emphasis on commercial title D.P. Kennedy
insurance, a primary company initiative for several years, has Chairman of the Board
resulted in strong market share growth. A strong commercial
market together with increases in market share in Dallas and
Los Angeles, the acquisition of Settlers Abstract in Philadelphia,
and continued strength in New York City and in our National
Accounts Department, led to excellent results in 1997. Parker S. Kennedy
President

6. S U B S I D I A R Y C O M PA N I E S
S U B S I D I A R Y C O M PA N I E S
STOCK THE
Stock Performance
T h e Ye a r i n R e v i e w
performance year in review
AND
AND
FIRST AMERICAN STOCK RISES AMID CONTINUED CORPORATE IT FIRST AMERICAN,
WAS A SUCCESSFUL YEAR FOR AS OUR CORPORATION
T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N
T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N
GROWTH AND STRONG FINANCIAL PERFORMANCE —
AND ITS OPERATING GROUPS MADE SOLID, STRATEGIC MOVES MOVES
THAT FURTHERED OUR LEADERSHIP POSITION, AND OFTEN MADE NEWS.
1997 was a banner year for First American’s shareholders. The stock price ended the year 80 percent
higher than in 1996. This substantial gain signals a recognition of the company’s successful expansion
and initial integration of its real estate-related software and information businesses. It also reflects the
achievements made by our operating groups individually. And, of course, First American’s financial
performance contributed too, as our revenues and net income reached a historical high, exceeding
analysts’ consensus estimates.
Outside factors affected our company’s success during the year, as well. Low interest rates spurred
increased real estate activity, benefiting many of our operations. Continuing consolidation within our
industry also led to increased interest in our stock.
Adherence to our growth plans, however, played the leading role in helping us to realize our 1997
financial accomplishments. We acquired, and formed alliances with, major information companies
during the year. We continued our geographic expansion, increasing our company’s presence both
nationally and internationally. And, we offered new products and services that allow us to increase
business with our present customers and establish relationships with new ones.
MAY Duff & Phelps Credit OCT A state-of-the-art call
JAN First American opens a APR First American Financial SEP First American Home Buyers DEC A joint venture between
Since First American became a public company in 1964, the stock has provided shareholders with a
compound annual return that has consistently outperformed the S&P. It rose nearly 400 percent in the
Rating Co., (DCR), reaffirms First center is opened by the home
title office in Australia, becoming issues and sells $100 million of trust Protection Corporation is licensed to First American and Experian is formed.
last five years. In 1997, our stock performance continued this history with exceptional results. Many of
American Title’s ‘A-’ rating, implying warranty group, staffed with
that nation’s first title insurer. preferred securities through First sell its services in Utah, expanding its The merged operations join the
our activities during the year, noted here and in the following pages, made news. All of them
04
high claims-paying ability. additional customer service
American Capital Trust I. reach to eight states. nation’s largest provider of real estate-
contributed to our success.
representatives trained to respond related data with the leading provider
FEB The title company introduces rapidly to customer requests.
OCT Property Financial Appraisal of real estate-related financial and
JUL First American Financial
APR First American Financial’s
the EAGLE Policy. The policy, benefiting
information services.
1,300 Services (PFS) is acquired, greatly
reports record-breaking second
first quarter operating profits exceed
homeowners and lenders, is the first of
OCT First American Financial
1,200
expanding First American’s appraisal
quarter revenues.
analysts’ consensus expectations.
its type in the nation.
1,100
DEC First American Financial
1,000 Comparison of Cumulative
reports record-breaking third quarter
service presence in the Northeast.
Total Return
900
Dollar Growth
800 revenues and net income.
FEB First American Trust MAY First American acquires declares a 3-for-2 stock split.
AUG First American Financial
The First American
700
Financial Corporation
OCT The purchase of Settlers
600
Company becomes a direct Strategic Mortgage Services (SMS), increases its dividend by 11 percent.
500 Custom Peer Group
NOV An independent customer DEC First American becomes
400
participant with the Federal Reserve a leading provider of real estate Abstract in Philadelphia by First
S&P Financial Index
300
200 S&P 500 Composite Index survey, commissioned by First American,
Bank, enabling the group to wire information services to the mortgage American Title strengthens the the first to establish title insurance
100
prompts the Real Estate Information
money directly into the bank’s system and title industries. The acquisition company’s commercial business. operations in the Republic of Ireland.
0
90 91 92 93 94 95 96 97
Services group to establish marketing
while saving money for the company brings with it more than 800 employees In all, 22 offices nationwide are
systems that mirror the way customers
and its customers. and an $85 million revenue base. added by the title group in 1997.
First Am. Financial use their services.
Custom Peer Group
S&P Financial
S&P 500 Index

8. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
Parker S. Kennedy, president
The First American Financial Corporation
First American Title Insurance Company
Gary L. Kermott, chief operating officer
First American Title Insurance Company
TITLE
Title Insurance
insurance
Af fordable interest rates, low unemployment and high consumer confidence created a strong
housing market in 1997, helping to set the pace for our title company’s profitable year. Pretax profit
for 1997 totaled $95.6 million, a 45 percent increase over 1996.
The title group ended the first quarter, a traditionally slow period for real estate activity, with a
9 percent increase in revenue over first quarter 1996. The year’s first quarter profits were less than half
that of last year’s due to the cost of increased staffing needed to service the high level of orders
opened during the last quarter of 1996 and the first quarter of 1997. Many of those orders then closed
during the second quarter, helping the title division to realize a 9 percent gain
in pretax income over the second quarter 1996. And, despite the Federal
Reserve Board’s rate increase in March, orders opened during the second
quarter increased to 306,000 from 259,000 in second quarter 1996.
By the third quarter, stabilized interest rates spurred increased home sales
and prompted a rise in refinance activity. This translated into increased title
orders and an 86 percent jump in pretax income over the same period in 1996. The resurgence of
resales and refinancing was especially evident by the end of the year, as the orders opened during the
last quarter were nearly 25 percent higher than in the last quarter of 1996. The title company ended
1997 with $1.46 billion in revenues, up from $1.27 billion in 1996.
08
{ }
The title company‘s claims-paying ability
continued to be highly regarded by
independent rating firms.
Our title company’s ‘A-’ rating was reaffirmed in 1997 by Duff & Phelps Credit Rating Co. (DCR).
The rating implies high claims-paying ability and is based on the strength of our title and related
services, continued favorable operating results, adequate capitalization and loss reserves, and
conservative investment portfolio. Our title company has also received strong rankings from rating
services including A.M. Best Company, which gave us an A (Excellent) rating, Demotech, Inc., which
assigned an A’ (Unsurpassed) rating, and Moody’s Investors Service which credited us with an A3
(Exceptional) rating.
The title company introduced the nation to a new title insurance product in 1997 when it debuted
the EAGLE Policy. The policy was developed to offer customers additional coverages, many of which
had never been issued through any standard policy. By year’s end, the EAGLE Policy was available in
29 states. Efforts by our underwriting team should result in adoption of the policy in more states
throughout 1998.

9. First American Title Adds
22 Offices Nationwide,
Continuing Growth Strategy
* * *
SANTA ANA, Calif. — Continuing a newsworthy pattern
of national expansion that started more than 40 years ago, our
company added title offices in 22 counties in 1997. The
majority of these were acquired by First American, chosen for
their strength in their communities or their prominence in
specialized fields.
Geographically, our 1997 acquisitions let us reach new
customers in several population centers. Many brought us great
financial and organizational benefits, as well, such as those we
are already realizing with our acquisition of Long & Melone in
Hawaii. Geographic expansion also strengthened our position as
one of the select title companies that can service large clients on
a national basis.
Our national presence and revenues also grew in the
commercial market. Of special importance was our purchase of
Settlers Abstract in Philadelphia. This acquisition added
significantly to our burgeoning commercial effort. Our
continued commitment to expand our presence in this field led
First American to increase its share of the commercial business
within the nation’s major markets by more than 2 percent
in 1997.
* * *

10. Expanded Title Coverage
Introduced by First American
Is First in the Nation
* * *
SANTA ANA, Calif. — First American made news early in
the year with the introduction of the EAGLE Policy, a title
product never before offered in our industry. We created the
policy to give homeowners and lenders the benefit of additional
title protection. We did that by including more coverage
automatically than any other policy in history.
While the EAGLE Policy contains all of the protection of
traditional policies, it also includes coverages that previously were
available only by endorsement, and only when specifically
requested. It also adds several completely new coverages, including
some that protect homeowners in situations that occur after the
policy is written — coverage unheard of before the introduction of
the EAGLE Policy. And for all of this, our customers are charged
an additional fee that is proving to be very reasonable.
By developing a policy that better meets the needs of our
customers, First American is continuing its role as industry leader
and innovator. The policy was first offered in California alone, and
by year’s end it was available in 29 states. We look forward to
increasing enthusiasm for the EAGLE Policy by homeowners and
lenders throughout the country in 1998.
* * *

11. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
Our international expansion continued in 1997 as First American became the first title insurer in
Australia. We still do extremely well in Canada as well, where we hold more than a 90 percent share of
the market. We remain the leading title company in England, and began offering our services in Ireland
and Scotland during the year.
Title office additions within the U.S. flourished in 1997, continuing four decades of strategic
national expansion. Our commercial market presence was strengthened with our purchase of Settlers
Title Insurance
Abstract in Philadelphia, a leader in commercial activity. Our acquisition of Hillam
Title Agency gave us two new offices in Utah. We purchased Klamath County Title
Company, a presence in the Oregon market since 1905. In September we
announced the acquisition of Illini Title Services, Inc., Pekin Abstract & Title
Company and Woodford County Abstract & Title, enhancing our services
throughout central Illinois. Operations in the Midwest were expanded with our
acquisition of 140-year-old Miller Abstract in
Share of Total U.S. Market
Kansas City. Two new offices in Texas came to us through our ($ in millions)
acquisition of Donegan Abstract. First American expanded its business
in the U.S. Virgin Islands with the purchase of Service Standard, which 25
serves the islands of St. Thomas, St. John and St. Croix. We also
acquired operations in California, Hawaii, Ohio and South Carolina.
20
In all, First American added 22 title offices nationally throughout
the year.
First American divested its 17 percent interest in North American
15
Asset Development when Lennar Homes bought that company 92 93 94 95 96
in 1997. We retained a 50 percent interest in North American
Share of US Market
{ }
Plans for 1998 include the integration
of several of our systems with those of
SMS and Experian.
11
Title Insurance Company, which was owned by North American Asset Development. The other 50
percent is now owned by Lennar. North American Title Company, which operates throughout
California and in Arizona and Colorado, is the primary agent for
Title Revenues
North American Title Insurance Company. This has been a
($ in millions)
successful venture for all concerned.
1,600
Plans for 1998 include the integration of several of our systems
1,400
with those of SMS and Experian, two new members of the First
1,200
American team. The title company’s ability to deliver its products
1,000
800
more efficiently, for example, will be enhanced as we directly access
600
Experian’s title plant and image document capabilities. The title
400
and closing operations of SMS will also merge with those of
200
0
First American.
88 89 90 91 92 93 94 95 96 97
Title Revenues

12. T H E F I R S T A M E R I C A N F I N A N C I A L C O R P O R AT I O N A N D S U B S I D I A R Y C O M PA N I E S
John W. Long, president
First American Real Estate Information Services, Inc.
R E A L E S TAT E
Real Estate Information Services
information services
F irst American Real Estate Information Services was built primarily through the acquisition of
leading information service companies. The group plays a key role in First American’s efforts to offer our
customers integrated services through a single source. In 1997, its operations were enhanced as First
American acquired Strategic Mortgage Services (SMS) and announced our joint venture with Experian.
SMS, our ninth major Information Services acquisition since 1995, had operations in fields similar to
ours, including mortgage credit information, title, appraisal and escrow and title system software. By
integrating these operations, we expanded our customer base and increased our efficiency. The SMS
acquisition also brought us the nation’s largest mortgage document preparation service business.
Previously, First American had no operations in this vital portion of the mortgage process. Joseph R.
Reppert, former chairman of SMS, now acts as vice chairman of First American Real
Estate Information Services.
Our joint venture with Experian, which became effective in January of 1998,
added the services of the nation’s largest provider of real estate-related data to our
group. The efficiencies of having immediate access to this supply of raw data —
information we use in many of our operations — will be enormous.
Property Financial Appraisal Services (PFS) was also acquired by First American in
1997. The group has been integrated into First American Appraisal Services, a fast-growing division
which uses technology and qualified appraisers to provide lenders with property value assessments
12
needed to measure loan risk. Prominent for many years in the New England area, PFS has expanded
our appraisal service presence in the Northeast.
{ }
Streamlining the deliver y of our ser vices
should benefit our customers today and well
into the future.
First American Real Estate Information Services’ Excelis division completed its conversion of GMAC’s
$54 billion portfolio onto its system in 1997. Excelis, the nation’s only commercially available real-time,
on-line loan servicing system, was developed to handle the nation’s largest loan portfolios.
During the second half of the year, First American Real Estate Information Services set out to further
strengthen its efficiency and client satisfaction by learning more about its customers’ specific needs.
The results of a customer survey, conducted by an independent research firm, led First American to
structure the delivery of its services in a way that mirrors the way customers access them. To do so, the

13. First American and Experian
Create Industry Powerhouse by
Merging Substantial Operations
* * *
SANTA ANA, Calif. — The biggest news of the year, and
perhaps of our history, came when we formed our joint venture with
Experian Group. The agreement teamed Experian Real Estate
Solutions, the nation’s largest provider of real estate-related data, with
First American, the nation’s leading provider of real estate-related
financial and information services. We have joined the industry’s
biggest supplier of raw data with its biggest user of this information.
The efficiencies, already being realized, will be substantial.
This venture, which will begin operating under an independent
name during 1998, will take the company in new directions. With
the Experian resources, we will be able to greatly accelerate the pace
of title searching innovation — integrating and automating a process
which is currently very fragmented. The door to further acquisitions
is open as we seek to integrate additional data and software.
* * *