netrashetty
Netra Shetty
Based in Tokyo, Fuji Photo Film Company (Fuji Photo) is a leading global producer of photographic imaging products. The company develops, manufactures, and markets traditional and digital imaging products. In addition, Fuji Photo provides services and solutions for consumers, professionals, healthcare providers, and commercial customers. The company's imaging solutions segment, which accounted for 22% of fiscal year 2007 revenue (ending March 2007), focuses on color films, digital cameras, photofinishing equipment, and color paper, chemicals, and services for photofinishing. The company's information solutions segment, which accounted for 37% of fiscal year 2007 revenue, manufactures and markets system devices for graphic arts, medical imaging and information systems, flat panel display materials, and recording media. The company's document solutions segment, which accounted for 41% of fiscal year 2007 revenue, manufactures and markets printers and production systems and provides paper and document services to its customers. Sales of the company's products and services in fiscal year 2007 were split 47% / 53% between Japan and the rest of the world, respectively.
First American (NYSE: FAF) is the largest provider of title insurance in the U.S. by revenue.[1] Title Insurance protects buyers and lenders in a real estate transaction by insuring against defects in a real estate title, such as unknown claims to the property or restrictions on what the owner can do with the property.
First American's revenues are strongly tied to the real estate market. The more real estate closings and mortgage refinances, the more First American can earn.
Business Overview
Business & Financial Metrics[2]
In 2009, FAF generated a net income of $269.1 million on $5.97 billion in revenue. This represents a 849.0% increase in net income and a 3.9% decrease in total revenues from 2008, when the company earned $28.4 million on $6.21 billion in total revenues.
Business Segments
Title Insurance[3]
Direct Operations (34.0% of total revenue): Direct Operations refer to title insurance policies that First American deals directly with policy buyers. First American negotiates over the premium paid and performs the search and inspection on the real estate title in question. Then, the company issues the insurance policy and is responsible for any future losses incurred with respect to that policy. Direct Operations earn larger revenues per policy than Agency Operations because First American keeps all the revenue from a given policy. Revenues from
Contents
1 Business Overview
1.1 Business & Financial Metrics[2]
1.2 Business Segments
1.2.1 Title Insurance[3]
1.2.2 Financial Services[4]
2 Key Trends and Forces
2.1 Declining Mortgage Originations adversely affect Title Revenues
2.2 Government Regulations Set Title Premiums in many States
3 Competition
4 References
Agency Operations (25.8% of total revenue): Agency Operations revenue comes from First American using an insurance agent from outside the company to perform the search and inspection on the real estate title. First American then underwrites the insurance policy by assuming the risk of a defect in the title arising in the future. For Agency Operations, the agent earns part of the title insurance premium for their search and inspection service. The rest of the fee goes to First American for assuming the risk tied to the title. Agency Operations earn a smaller revenue per title because the agent takes a cut.
Financial Services[4]
Specialty Insurance (4.6% of total revenue): First American offers Home Warranties, property, and casualty insurance.
Information and Outsourcing Solutions (13.1% of total revenue): This segment provides services ranging from tax monitoring, flood zone certification, proprietary software to map geospatial data, and business process outsourcing.
'Data and Analytic Solutions (10.6% of total revenue): This segment provides licenses and analyzes data relating to mortgages and loans.
Risk Mitigation and Business Solutions (16.5% of total revenue): This segment includes FAF's subsidiary, First Advantage Corporate, which provides credit reporting for mortgages, consumer credit, and motor vehicle reporting.
Key Trends and Forces
Declining Mortgage Originations adversely affect Title Revenues
Nearly every mortgage is issued along with a title insurance policy. Therefore, when fewer mortgages are issued, there are fewer title insurance policies issued.
Government Regulations Set Title Premiums in many States
Title Insurance is heavily regulated in the United States. The rates which First American is allowed to charge for a policy are often set by the state or county. Title Insurance is similarly regulated in the rest of the United States, and therefore revenues are dependent on the government set rates.
Competition
Competitors to First American are either in the Title Insurance industry, Information Services industry, or both. The following are First American's four largest competitors in these industries:
Fidelity National Financial (FNF) is the second largest title insurer in the US by revenue.[1] Fidelity also competes with First American for escrow, closing and processing related fees tied to real estate transactions.
LandAmerica Financial Group (LFG) is the third largest title insurer in the US by revenue.[1]
Old Republic International (ORI) is an insurance underwriter operating in three segments: General Insurance, Mortgage Guaranty, and Title Insurance. While Old Republic typically generates less revenue from Title Insurance than First American, Old Republic is not as susceptible to fluctuations in the real estate market.
Stewart Information Services (STC) Stewart Information Services has two operating segments: Title Insurance and Real Estate Information.
First American (NYSE: FAF) is the largest provider of title insurance in the U.S. by revenue.[1] Title Insurance protects buyers and lenders in a real estate transaction by insuring against defects in a real estate title, such as unknown claims to the property or restrictions on what the owner can do with the property.
First American's revenues are strongly tied to the real estate market. The more real estate closings and mortgage refinances, the more First American can earn.
Business Overview
Business & Financial Metrics[2]
In 2009, FAF generated a net income of $269.1 million on $5.97 billion in revenue. This represents a 849.0% increase in net income and a 3.9% decrease in total revenues from 2008, when the company earned $28.4 million on $6.21 billion in total revenues.
Business Segments
Title Insurance[3]
Direct Operations (34.0% of total revenue): Direct Operations refer to title insurance policies that First American deals directly with policy buyers. First American negotiates over the premium paid and performs the search and inspection on the real estate title in question. Then, the company issues the insurance policy and is responsible for any future losses incurred with respect to that policy. Direct Operations earn larger revenues per policy than Agency Operations because First American keeps all the revenue from a given policy. Revenues from
Contents
1 Business Overview
1.1 Business & Financial Metrics[2]
1.2 Business Segments
1.2.1 Title Insurance[3]
1.2.2 Financial Services[4]
2 Key Trends and Forces
2.1 Declining Mortgage Originations adversely affect Title Revenues
2.2 Government Regulations Set Title Premiums in many States
3 Competition
4 References
Agency Operations (25.8% of total revenue): Agency Operations revenue comes from First American using an insurance agent from outside the company to perform the search and inspection on the real estate title. First American then underwrites the insurance policy by assuming the risk of a defect in the title arising in the future. For Agency Operations, the agent earns part of the title insurance premium for their search and inspection service. The rest of the fee goes to First American for assuming the risk tied to the title. Agency Operations earn a smaller revenue per title because the agent takes a cut.
Financial Services[4]
Specialty Insurance (4.6% of total revenue): First American offers Home Warranties, property, and casualty insurance.
Information and Outsourcing Solutions (13.1% of total revenue): This segment provides services ranging from tax monitoring, flood zone certification, proprietary software to map geospatial data, and business process outsourcing.
'Data and Analytic Solutions (10.6% of total revenue): This segment provides licenses and analyzes data relating to mortgages and loans.
Risk Mitigation and Business Solutions (16.5% of total revenue): This segment includes FAF's subsidiary, First Advantage Corporate, which provides credit reporting for mortgages, consumer credit, and motor vehicle reporting.
Key Trends and Forces
Declining Mortgage Originations adversely affect Title Revenues
Nearly every mortgage is issued along with a title insurance policy. Therefore, when fewer mortgages are issued, there are fewer title insurance policies issued.
Government Regulations Set Title Premiums in many States
Title Insurance is heavily regulated in the United States. The rates which First American is allowed to charge for a policy are often set by the state or county. Title Insurance is similarly regulated in the rest of the United States, and therefore revenues are dependent on the government set rates.
Competition
Competitors to First American are either in the Title Insurance industry, Information Services industry, or both. The following are First American's four largest competitors in these industries:
Fidelity National Financial (FNF) is the second largest title insurer in the US by revenue.[1] Fidelity also competes with First American for escrow, closing and processing related fees tied to real estate transactions.
LandAmerica Financial Group (LFG) is the third largest title insurer in the US by revenue.[1]
Old Republic International (ORI) is an insurance underwriter operating in three segments: General Insurance, Mortgage Guaranty, and Title Insurance. While Old Republic typically generates less revenue from Title Insurance than First American, Old Republic is not as susceptible to fluctuations in the real estate market.
Stewart Information Services (STC) Stewart Information Services has two operating segments: Title Insurance and Real Estate Information.
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