Investors Title Q3 net income falls as expenses, investment losses rise
ITIC•ITIC•ITIC•ITIC•Investors Title said third-quarter revenue rose 12% year over year, while net income fell as investment losses and higher operating expenses weighed on results. Net income was $9.43 million, and operating expenses rose 22% to $70.49 million.
Investors Title reported third-quarter net income of $9.43 million and earnings per share of $4.97. Revenue rose 12% year over year on higher title insurance premiums and fees, while operating expenses increased 22% to $70.49 million.
Investment losses, mainly impairment charges on fixed maturity securities and lower realized gains on equity investments, weighed on results. Higher agent commissions, claims provisions and personnel expenses also contributed to the increase in operating expenses. Adjusted pretax income was nearly unchanged from the prior year excluding investment impacts.
