The nation’s largest title insurers reported solid first quarter 2026 results as commercial transaction activity and a rebound in refinance business helped offset a still-sluggish residential real estate market.

Across the title sector, executives pointed to improving order counts, larger commercial deal sizes, disciplined expense management and growing investment in automation and artificial intelligence (AI).

Companies also highlighted continued pressure from broader housing market uncertainty.

Stewart posts revenue, profitability increases

Stewart Information Services Corp. reported first quarter revenue of $781.3 million — up from $612 million a year earlier. Net income attributable to the company rose to $17 million compared with $3.1 million during the first quarter of 2025.

The company’s title segment generated $603.2 million in operating revenue, a 21% increase year-over-year. Pretax income for the segment more than doubled to $25 million.

Commercial business remained a key growth driver.

Domestic commercial title revenue climbed 35% to $93.9 million — fueled by larger transaction sizes and higher volumes in energy, industrial, site development, data center and retail properties. Average commercial fees per file increased 33% to $21,100.

Residential operations also improved. Domestic non-commercial revenue rose 8% to $145.6 million, while residential fees held steady at $3,300 per file.

Agency operations expanded significantly, as well. Gross agency revenue increased 25%, while revenue net of agency retention rose 23%.

Title losses improved to 3.1% of title operating revenue, compared with 3.5% a year earlier.

“I am proud of our first quarter results as they reflect the momentum we’ve built in each of our businesses,” said CEO Fred Eppinger. “We are pleased with our ability to deliver these solid results while confronting housing market and macroeconomic volatility. We remain focused on growth across all of our business lines and are dedicated to serving our customers with excellence.”

Stewart’s real estate solutions division, which includes credit information services and mortgage services acquired last year from Mortgage Contracting Services, posted 66% revenue growth to $161.4 million.

First American achieves record Q1 commercial revenue

First American Financial Corp. reported total first quarter revenue of $1.8 billion — up 16% from a year earlier.

Net income increased to $125 million compared with $74 million in Q1 2025.

The company’s title insurance and services segment generated $1.73 billion in revenue, up 17% year-over-year. Pretax margin improved to 9.6%, while adjusted pretax margin reached 10.4%.

Commercial operations delivered some of the quarter’s strongest gains. U.S. commercial revenue jumped 48% to $271.2 million. Average revenue per commercial order increased sharply to $17,900 from $13,100 a year earlier.

Direct title orders closed in domestic operations increased 9%, while average revenue per direct title order climbed 13% to $4,229.

Open title orders reached 182,900, up from 168,900 a year earlier and closed orders increased to 119,900 from 110,300.

Agent premiums, reported on roughly a one-quarter lag, rose 16%.

“Our results were driven by our commercial business, which achieved record first quarter revenue,” said First American Financial Corp. CEO Mark Seaton. “In addition, investment income in our title segment grew 12%, despite a decline in the federal funds rate, in part due to continued success in capturing additional deposit sources at our bank. Our adjusted pretax title margin was 10.4% for the quarter, a great start to the year considering continued softness in the residential market.

The company also highlighted growing investment income and expanded use of artificial intelligence.

“Beyond our financial results, we are committed to deploying AI solutions across the company to amplify the talents of our team, better serve our customers and strengthen our capabilities,” Seaton added.

First American said information and other revenue increased 14% to $269 million — driven partly by growth in subservicing operations and demand for non-insured information products.

Fidelity National Financial benefits from refi momentum

Fidelity National Financial Inc. (FNF) reported first quarter total revenue of $3.23 billion — compared with $2.73 billion during the same quarter last year.

Adjusted net earnings attributable to common shareholders rose to $249 million, up year-over-year from $213 million.

Its title segment produced particularly strong operating results.

Total title revenue reached approximately $2 billion, while adjusted pretax title margin improved to 13.1%, up from 11.7% a year earlier.

Commercial revenue increased 15% to $338 million.

The company also reported major gains in refinance activity. Refinance orders opened rose 52% on a daily basis, while refinance orders closed surged 75% — compared with the first quarter of 2025.

Commercial orders opened increased 5%, and commercial orders closed rose 8%.

Purchase activity remained comparatively soft. Purchase orders opened increased 2% daily, but purchase orders closed declined 1%.

FNF CEO Mike Nolan credited scale, automation and expense discipline for the company’s Q1 performance.

“This performance reflects the strength of our direct commercial business, continued momentum in refinance with orders opened up more than 50% over the prior year and our disciplined approach to expense management driving strong incremental margins,” he said. “These results demonstrate that our scale, technology investments and operating model continue to support the earnings power of our business even in the current historically low transactional environment.”

Old Republic sees stronger title profitability

Old Republic International Corp. reported first quarter revenue of $2.2 billion — up 6.7% year-over-year from $2.06 billion. The company also saw title insurance revenue growth along with improved underwriting results.

Title net premiums and fees earned increased 12% to $677.8 million. Pretax operating income climbed to $16.7 million, compared with $4.3 million a year earlier.

Commercial business represented 27% of net premiums earned, up from 24% during the first quarter of 2025.

The segment’s combined ratio improved to 100.1% from 102.1%, reflecting stronger expense management and higher scale.

Old Republic said both agency and direct operations posted solid growth, supported by stronger commercial production.

“While we are seeing some top-line pressure along with some expense pressure in specialty insurance, the fundamentals in specialty remain very strong, and the investments we are making will contribute to continued profitable growth,” said Old Republic International Corp. President and CEO Craig Smiddy. “In title, we are well positioned for a turn in the residential real estate market while we continue to reduce expenses in the short term.”

The company also noted that title, escrow and related fees remained relatively stable — with growth in escrow and closing services offsetting reduced fees tied to the prior-year sale of certain technology platforms.

Expense management continued to play a major role in profitability improvements, with the expense ratio improving to 97.5% from 99.4%, though the company said higher agency commissions partially offset some gains.