The First American Financial Corporation

First American's accomplishments made news throughout the year.

	FINANCIAL HIGHLIGHTS
	LETTER TO STOCKHOLDERS
	STOCK PERFORMANCE
	THE YEAR IN REVIEW
		Title Insurance
		Real Estate Information Services
		Home Warranty
		Trust and Banking
	NEWSMAKING EVENTS
		Title Company Acquisitions
		Introduction of Eagle Policy
		New Company Formation with Experian
		Acquisition of SMS
		Australia/International Operations

Fulfilling goals and adhering to our growth strategy led to powerful 1997 financial results.

	FINANCIAL INFORMATION
		Management's Discussion and Analysis
		Selected Financial Data
		Common Stock and Quarterly Data
		Consolidated Balance Sheets
		Consolidated Statements of Income
		Consolidated Statements of Stockholders' Equity
		Consolidated Statements of Cash Flows

The company's people -- throughout the nation and the world -- were at the helm of our newsworthy success.

	BOARD OF DIRECTORS / OFFICERS
	DIRECTORY OF OFFICES

he 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.

PLEASE NOTE: SOME TEXT APPEARING IN THE PUBLISHED 1997 ANNUAL REPORT HAS BEEN OMITTED FOR BETTER REPRESENTATION ON THIS SITE. TO RECEIVE A HARD COPY OF THE COMPLETE REPORT, PLEASE CALL 1-800-2GO-FIRST