First American Financial has reported a net income of $73m, or $0.68 per diluted share, for the second quarter of 2012, compared to $32.3m, or $0.30 per diluted share, for the same period in 2011.

The latest quarter results include net realized investment gains of $5.7m, compared to net realized investment losses of $2.9m in the second quarter of 2011.

The total revenues for the second quarter of 2012 rose 18% to $1.08bn, compared to $927.34m for the same period a year ago.

Total revenues for the Title Insurance and Services segment were increased 18% to $1bn in the quarter while Direct premiums and escrow fees were up 27%.

First American Financial chief executive officer Dennis Gilmore said that the cost-efficient and scalable operations the company built over the last several years enabled it to demonstrate significant operating leverage in the quarter.

"Second-quarter open orders were up 36 percent year-over-year, primarily driven by strong refinance activity," Gilmore said.

"We also saw an increase in resale and commercial transactions in the quarter."