First American Financial Corporation FAF reported second-quarter 2022 operating income per share of $1.97, which beat the Zacks Consensus Estimate by 21.6%. Also, the bottom line declined 7.5% year over year.The quarterly earnings reflect soft performance at both Title Insurance and Services segment and the Specialty Insurance segment.First American Financial Corporation Price, Consensus and EPS Surprise First American Financial Corporation price-consensus-eps-surprise-chart | First American Financial Corporation QuoteBehind the HeadlinesRevenues of $2.1 billion declined 9.3 year over year due to lower direct premiums and escrow fees and net investment losses. The top line missed the Zacks Consensus Estimate by 4%.Net investment income decreased 5.4% to $53 million.The total expense of $1.9 billion increased 2.9% year over year due to higher premiums retained by agents, other operating expenses, depreciation and amortization, premium taxes and interest.Segment ResultsTitle Insurance and Services: Total revenues decreased 0.5% year over year to $2.1 billion. Direct premiums and escrow fees increased 1%, driven by a 33% increase in average revenue per direct title order closed, offset by a 24% decline in the number of direct title orders closed. Pretax margin contracted 560 basis points (bps) year over year to 11.7%. Title open orders decreased 21.9% to 257,200 while Title closed orders decreased 24.4% to 205,000. The average revenue per direct title order increased to $3,523.Specialty Insurance: Total revenues, excluding net investment gains, decreased 31.6% year over year to $104 million. The pretax margin was 3.8%, down 940 basis points year over year.Financial UpdateFirst American exited the second quarter with cash and cash equivalents of $1.7 billion, up 42% from 2021 end. Notes and contracts payable were $1.6 billion, down 0.1%.Stockholders’ equity was $4.9 billion, down 14.8% from 2021 end.The debt-to-capital ratio was 29.6 at quarter end.Cash flow from operations of $191 million dropped 24.5% year over year.Share Repurchase UpdateFAF bought back 3.7 million shares for $227 million in the second quarter and another 0.963 million shares for $52 million in July. The board also approved a new $400 million share repurchase program.Zacks RankFirst American currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Some Other P&C InsurersOf the insurance industry players that have reported second-quarter results so far, The Travelers Companies TRV and RLI Corporation RLI beat the respective Zacks Consensus Estimate for earnings, while The Progressive Corporation PGR met the mark.Travelers’ core income of $2.57 per share beat the Zacks Consensus Estimate by 28.5% but decreased 26% year over year. Total revenues increased 7% year over year, primarily due to higher premiums and beat the consensus estimate by 1.8%. Net written premiums increased 11%, driven by strong retention rates and positive renewal premium changes across all the segments. Underwriting gain of $113 million decreased 65% year over year in the reported quarter. Travelers’ combined ratio deteriorated 300 bps year over year to 98.3 due to higher catastrophe losses and a higher underlying combined ratio.RLI’s operating earnings of $1.49 per share beat the Zacks Consensus Estimate by 6.1% and improved 36.7% from the prior-year quarter. Operating revenues were $301.3 million, up 16.9% year over year, driven by 17.3% higher net premiums earned and 10.5% higher net investment income. The top line beat the Zacks Consensus Estimate of $276 million by 0.9%.RLI’s underwriting income of $56 million increased 53%, primarily due to the strong performance of the Property and Surety segments. The combined ratio improved 460 bps year over year to 80.2.Progressive’s earnings per share of 95 cents came in line with the Zacks Consensus Estimate. The bottom line declined 37.1% year over year. Net premiums written were $12.4 billion in the quarter, up 8% from $11.7 billion a year ago.Progressive’s net premiums earned grew 13% to $12.1 billion. The combined ratio improved 90 bps from the prior-year quarter’s level to 95.6. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI): Free Stock Analysis Report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report First American Financial Corporation (FAF): Free Stock Analysis Report To read this article on Zacks.com click here.