As of September 30, 2024, Investors Title Company reported total assets of $351.986 million, an increase from $330.559 million at the end of 2023. Cash and cash equivalents rose to $25.464 million, up from $24.031 million, while total investments increased to $249.210 million from $228.668 million. Fixed maturity securities, available-for-sale, saw a significant rise in fair value to $103.368 million, compared to $63.847 million at the end of the previous year. Total liabilities increased slightly to $80.673 million from $79.006 million, while retained earnings grew to $270.225 million from $250.915 million, contributing to a rise in total stockholders' equity to $271.313 million from $251.553 million.

For the three months ending September 30, 2024, net premiums written reached $54.855 million, a 10.1% increase from $49.822 million in the same period of 2023. Total revenues for the quarter were $68.829 million, up from $61.410 million, while total operating expenses increased to $57.241 million from $52.800 million. Income before income taxes rose to $11.588 million from $8.610 million, and net income increased to $9.315 million from $7.084 million. Basic earnings per share improved to $4.94 from $3.75.

For the nine-month period, net premiums written totaled $146.451 million, a 10.3% increase from $132.793 million in 2023. Total revenues for this period were $187.670 million, compared to $171.067 million, while total operating expenses rose to $159.018 million from $151.050 million. Income before income taxes increased to $28.652 million from $20.017 million, and net income rose to $22.711 million from $15.850 million, with basic earnings per share increasing to $12.05 from $8.37.

The company attributed the growth in net premiums written to expansion in Texas and Florida markets, appreciation in average home prices, and increased activity levels due to lower average mortgage interest rates. The title insurance segment accounted for 90.9% of total revenues, with the company issuing policies for both mortgage lenders and property owners.

Operating expenses increased primarily due to higher commissions to agents, which rose by 22.2% for the three-month period and 18.5% for the nine-month period. The provision for claims decreased, reflecting a more favorable claims environment. The company also reported a claims reserve of $37.0 million as of September 30, 2024.

Investors Title Company continues to navigate a challenging market influenced by economic conditions, interest rates, and regulatory changes, while maintaining a focus on strategic growth and profitability.

About INVESTORS TITLE CO

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