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Segment Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Financial Information | NOTE 22. Segment Financial Information: For the title insurance and services segment and the home warranty segment, the Company's chief operating decision maker, who is its chief executive officer, uses revenue and pretax margin to assess performance, allocate resources and determine compensation for certain employees. For the corporate segment, the performance of investments in venture-stage companies is primarily used to assess performance and allocate resources to the segment. The Accounting policies for the Company's reportable segments are the same as those described in Note 1. Basis of Presentation and Significant Accounting Policies. Information about reportable segment performance, significant expenses and assets for the years ended December 31, 2024, 2023 and 2022, are as follows:
Year Ended December 31, 2024 |  | Title Insurance and Services |  |  | Home Warranty |  |  | Corporate |  |  | Consolidated |
|  | (dollars in millions) |
Total segment revenue (1) |  | $ | 5,737.3 |  |  | $ | 425.7 |  |  | $ | (33.4 | ) |  | $ | 6,129.6 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  |  | (1.5 | )
Total consolidated revenue |  |  |  |  |  |  |  |  |  |  | $ | 6,128.1 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 1,953.2 |  |  |  | 81.2 |  |  |  | 24.9 |  |  |  | 2,059.3 |
Premiums retained by agents |  |  | 2,044.6 |  |  |  | — |  |  |  | — |  |  |  | 2,044.6 |
Other operating expenses (3) |  |  | 992.5 |  |  |  | 86.0 |  |  |  | 35.2 |  |  |  | 1,113.7 |
Provision for policy losses |  |  | 138.3 |  |  |  | 184.4 |  |  |  | (2.7 | ) |  |  | 320.0 |
Depreciation and amortization |  |  | 202.2 |  |  |  | 5.1 |  |  |  | 0.1 |  |  |  | 207.4 |
Premium taxes |  |  | 63.7 |  |  |  | 4.6 |  |  |  | — |  |  |  | 68.3 |
Interest |  |  | 96.6 |  |  |  | — |  |  |  | 54.3 |  |  |  | 150.9 |
Segment income (loss) before income taxes |  | $ | 246.2 |  |  | $ | 64.4 |  |  | $ | (145.2 | ) |  | $ | 163.9 |
Elimination of intersegment expenses |  |  |  |  |  |  |  |  |  |  |  | 1.5 |
Consolidated income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 165.4 |
Pretax margin |  |  | 4.3 | % |  |  | 15.1 | % |  |  |  |  |  |
Segment assets |  | $ | 13,989.6 |  |  | $ | 370.4 |  |  | $ | 754.6 |  |  | $ | 15,114.6 |
Elimination of intersegment assets (4) |  |  |  |  |  |  |  |  |  |  |  | (206.0 | )
Consolidated total assets |  |  |  |  |  |  |  |  |  |  | $ | 14,908.6 |
Segment capital expenditures |  | $ | 229.3 |  |  | $ | 5.9 |  |  | $ | — |  |  | $ | 235.2 |
(1) Intersegment revenue is included within amounts shown. (2) The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown. (3) Other operating expenses for each segment primarily include the following: Title insurance and services - title and data search expenses, office and occupancy expenses and software expense. Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses. Corporate - employee benefit expense and certain overhead expenses. (4) Elimination of intercompany asset balances:
Holding company cash balances also included in the title insurance and services segment |  | $ | 206.0 |
Year Ended December 31, 2023 |  | Title Insurance and Services |  |  | Home Warranty |  |  | Corporate |  |  | Consolidated |
|  | (dollars in millions) |
Total segment revenue (1) |  | $ | 5,724.8 |  |  | $ | 417.2 |  |  | $ | (137.2 | ) |  | $ | 6,004.8 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  |  | (1.3 | )
Total consolidated revenue |  |  |  |  |  |  |  |  |  |  | $ | 6,003.5 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 1,876.0 |  |  |  | 77.8 |  |  |  | 35.3 |  |  |  | 1,989.1 |
Premiums retained by agents |  |  | 1,952.2 |  |  |  | — |  |  |  | — |  |  |  | 1,952.2 |
Other operating expenses (3) |  |  | 937.7 |  |  |  | 82.8 |  |  |  | 46.5 |  |  |  | 1,067.0 |
Provision for policy losses |  |  | 139.9 |  |  |  | 193.1 |  |  |  | 3.3 |  |  |  | 336.3 |
Depreciation and amortization |  |  | 183.6 |  |  |  | 4.8 |  |  |  | 0.1 |  |  |  | 188.5 |
Premium taxes |  |  | 59.1 |  |  |  | 4.4 |  |  |  | — |  |  |  | 63.5 |
Interest |  |  | 82.3 |  |  |  | — |  |  |  | 51.4 |  |  |  | 133.7 |
Segment income (loss) before income taxes |  | $ | 494.0 |  |  | $ | 54.3 |  |  | $ | (273.8 | ) |  | $ | 273.2 |
Elimination of intersegment expenses |  |  |  |  |  |  |  |  |  |  |  | 1.2 |
Consolidated income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 274.4 |
Pretax margin |  |  | 8.6 | % |  |  | 13.0 | % |  |  |  |  |  |
Segment assets |  | $ | 15,768.2 |  |  | $ | 351.9 |  |  | $ | 832.5 |  |  | $ | 16,952.6 |
Elimination of intersegment assets (4) |  |  |  |  |  |  |  |  |  |  |  | (149.8 | )
Consolidated total assets |  |  |  |  |  |  |  |  |  |  | $ | 16,802.8 |
Segment capital expenditures |  | $ | 271.1 |  |  | $ | 7.6 |  |  | $ | — |  |  | $ | 278.7 |
(1) Intersegment revenue is included within amounts shown. (2) The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown. (3) Other operating expenses for each segment primarily include the following: Title insurance and services - title and data search expenses, office and occupancy expenses and software expense. Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses. Corporate - employee benefit expense and certain overhead expenses (4) Elimination of intercompany asset balances:
Holding company cash balances also included in the title insurance segment and services segment |  | $ | (94.8 | )
Holding company dividend receivable from a subsidiary within the title insurance and services segment |  |  | (10.0 | )
Holding company receivable from a subsidiary within the title insurance and services segment |  |  | (45.0 | )
|  | $ | (149.8 | )
Year Ended December 31, 2022 |  | Title Insurance and Services |  |  | Home Warranty |  |  | Corporate |  |  | Consolidated |
|  | (dollars in millions) |
Total segment revenue (1) |  | $ | 7,546.9 |  |  | $ | 419.0 |  |  | $ | (358.2 | ) |  | $ | 7,607.7 |
Elimination of intersegment revenue |  |  |  |  |  |  |  |  |  |  |  | (2.5 | )
Total consolidated revenue |  |  |  |  |  |  |  |  |  |  | $ | 7,605.2 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 2,272.9 |  |  |  | 77.3 |  |  |  | (10.6 | ) |  |  | 2,339.6 |
Premiums retained by agents |  |  | 2,829.7 |  |  |  | — |  |  |  | — |  |  |  | 2,829.7 |
Other operating expenses (3) |  |  | 1,155.4 |  |  |  | 75.7 |  |  |  | 41.2 |  |  |  | 1,272.3 |
Provision for policy losses |  |  | 248.4 |  |  |  | 211.8 |  |  |  | 26.1 |  |  |  | 486.3 |
Depreciation and amortization |  |  | 162.3 |  |  |  | 5.1 |  |  |  | 0.1 |  |  |  | 167.5 |
Premium taxes |  |  | 86.6 |  |  |  | 4.5 |  |  |  | — |  |  |  | 91.1 |
Interest |  |  | 34.2 |  |  |  | — |  |  |  | 61.2 |  |  |  | 95.4 |
Segment income (loss) before income taxes |  | $ | 757.4 |  |  | $ | 44.6 |  |  | $ | (476.2 | ) |  | $ | 323.3 |
Elimination of intersegment expenses |  |  |  |  |  |  |  |  |  |  |  | 2.4 |
Consolidated income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 325.7 |
Pretax margin |  |  | 10.0 | % |  |  | 10.6 | % |  |  |  |  |  |
Segment assets |  | $ | 13,911.2 |  |  | $ | 389.7 |  |  | $ | 1,257.8 |  |  | $ | 15,558.7 |
Elimination of intersegment assets (4) |  |  |  |  |  |  |  |  |  |  |  | (603.4 | )
Consolidated total assets |  |  |  |  |  |  |  |  |  |  | $ | 14,955.3 |
Segment capital expenditures |  | $ | 271.3 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 274.9 |
(1) Intersegment revenue is included within amounts shown. (2) The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown. (3) Other operating expenses for each segment primarily include the following: Title insurance and services - title and data search expenses, office and occupancy expenses and software expense. Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses. Corporate - employee benefit expense and certain overhead expenses (4) Elimination of intercompany asset balances:
Holding company cash balances also included in the title insurance and services segment |  | $ | (603.4 | )
Information about the Company’s revenues, by segment, for the years ended December 31, 2024, 2023 and 2022, is as follows:
|  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains (losses) |  |  | Total Revenues |
|  | (in millions) |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Title Insurance and Services |  | $ | 2,048.3 |  |  | $ | 2,561.9 |  |  | $ | 938.2 |  |  | $ | 534.3 |  |  | $ | (345.4 | ) |  | $ | 5,737.3 |
Home Warranty |  |  | 397.8 |  |  |  | — |  |  |  | 22.5 |  |  |  | 4.0 |  |  |  | 1.4 |  |  |  | 425.7 |
Corporate and Eliminations |  |  | (0.1 | ) |  |  | — |  |  |  | 0.1 |  |  |  | 22.7 |  |  |  | (57.6 | ) |  |  | (34.9 | )
|  | $ | 2,446.0 |  |  | $ | 2,561.9 |  |  | $ | 960.8 |  |  | $ | 561.0 |  |  | $ | (401.6 | ) |  | $ | 6,128.1 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Title Insurance and Services |  | $ | 1,856.4 |  |  | $ | 2,449.3 |  |  | $ | 917.1 |  |  | $ | 540.2 |  |  | $ | (38.2 | ) |  | $ | 5,724.8 |
Home Warranty |  |  | 395.6 |  |  |  | — |  |  |  | 21.7 |  |  |  | 5.9 |  |  |  | (6.0 | ) |  |  | 417.2 |
Corporate and Eliminations |  |  | 0.1 |  |  |  | — |  |  |  | (0.3 | ) |  |  | 23.9 |  |  |  | (162.2 | ) |  |  | (138.5 | )
|  | $ | 2,252.1 |  |  | $ | 2,449.3 |  |  | $ | 938.5 |  |  | $ | 570.0 |  |  | $ | (206.4 | ) |  | $ | 6,003.5 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Title Insurance and Services |  | $ | 2,662.9 |  |  | $ | 3,547.6 |  |  | $ | 1,127.1 |  |  | $ | 359.1 |  |  | $ | (149.8 | ) |  | $ | 7,546.9 |
Home Warranty |  |  | 413.1 |  |  |  | — |  |  |  | 13.3 |  |  |  | 5.1 |  |  |  | (12.5 | ) |  |  | 419.0 |
Corporate and Eliminations |  |  | 8.8 |  |  |  | — |  |  |  | 8.1 |  |  |  | (24.1 | ) |  |  | (353.5 | ) |  |  | (360.7 | )
|  | $ | 3,084.8 |  |  | $ | 3,547.6 |  |  | $ | 1,148.5 |  |  | $ | 340.1 |  |  | $ | (515.8 | ) |  | $ | 7,605.2 |
The Company’s title insurance and services segment offers title insurance, closing services and similar or related products and services both domestically and internationally. The operations of the Company’s home warranty and corporate segments are entirely domestic. Domestic and foreign revenues from external customers for the title insurance and services segment are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Domestic |  |  | Foreign |  |  | Domestic |  |  | Foreign |  |  | Domestic |  |  | Foreign |
|  | (in millions) |
Revenues |  | $ | 5,314.6 |  |  | $ | 421.4 |  |  | $ | 5,351.6 |  |  | $ | 372.2 |  |  | $ | 7,128.4 |  |  | $ | 416.2 |
Domestic and foreign long-lived assets for the title insurance and services segment are as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Domestic |  |  | Foreign |  |  | Domestic |  |  | Foreign |  |  | Domestic |  |  | Foreign |
|  | (in millions) |
Long-lived assets |  | $ | 961.5 |  |  | $ | 55.5 |  |  | $ | 977.2 |  |  | $ | 53.0 |  |  | $ | 1,000.9 |  |  | $ | 51.0 |

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