Financial Performance - Total operating revenues for Q2 2023 were $538.1 million, a decrease of 36.6% compared to $849.2 million in Q2 2022[11]. - Net income attributable to Stewart for the first half of 2023 was $7.6 million, down 36.4% from $119.6 million in the same period of 2022[11]. - Basic earnings per share attributable to Stewart for Q2 2023 was $0.58, a decline of 74.8% from $2.28 in Q2 2022[11]. - Consolidated revenues for the company were $549.2 million in Q2 2023, down from $844.1 million in Q2 2022, reflecting a 35% decline[50]. - Total revenues for the title segment decreased by 39% to $466.7 million in Q2 2023 from $761.1 million in Q2 2022, primarily due to declines in transaction volume[53]. - The real estate solutions segment reported a 14% decrease in operating revenues to $71.4 million in Q2 2023 compared to $82.9 million in Q2 2022, attributed to lower transaction volumes due to elevated interest rates[56]. Cash and Investments - Cash and cash equivalents decreased to $190.0 million as of June 30, 2023, from $248.4 million at the end of 2022, representing a decline of 23.4%[13]. - The company reported a cash used by operating activities of $16.0 million for the first half of 2023, compared to cash provided of $118.2 million in the same period of 2022[14]. - Total cash and investments as of June 30, 2023, amounted to $896.8 million, with $497.5 million held in the United States[90]. - Net cash used by operations in the first six months of 2023 was $16.0 million, a significant decrease from net cash provided by operations of $118.2 million in the same period in 2022[98]. - Total proceeds from securities investments sold and matured were $94.7 million in the first six months of 2023, compared to $52.3 million in the same period in 2022[99]. Liabilities and Equity - Total liabilities decreased to $1.31 billion as of June 30, 2023, down from $1.37 billion at the end of 2022, a reduction of 4.1%[13]. - Total stockholders' equity attributable to Stewart was $1.36 billion as of June 30, 2023, slightly down from $1.37 billion at the end of 2022[13]. - The balance of total equity as of June 30, 2023, was $1.366 billion, a decrease from $1.370 billion at December 31, 2022[15]. - Total debt and stockholders' equity were $445.0 million and $1.37 billion, respectively, as of June 30, 2023[101]. Expenses - Employee costs for Q2 2023 were $182.7 million, a decrease of 13.1% from $210.2 million in Q2 2022[11]. - Employee costs decreased by 13% to $182.7 million in Q2 2023, representing 33.9% of operating revenues[72]. - Consolidated employee costs decreased by $27.6 million, or 13%, in Q2 2023 compared to Q2 2022, and by $62.0 million, or 15%, in the first six months of 2023 compared to the same period in 2022[76]. - Consolidated other operating expenses declined by $32.7 million, or 20%, in Q2 2023 and by $101.7 million, or 29%, in the first six months of 2023 compared to the same periods in 2022[79]. Investment Performance - The company reported a net realized and unrealized loss of $2.9 million in the first half of 2023, compared to a loss of $7.8 million in the same period of 2022[11]. - The company recorded net investment gains on equity securities of $1.988 million for the three months ended June 30, 2023, compared to a loss of $9.366 million in the same period of 2022[35]. - The company reported realized gains of $0.278 million and realized losses of $3.430 million for the three months ended June 30, 2023[33]. - The net unrealized investment gains for equity securities held as of June 30, 2023, were $13.6 million, down from $19.2 million as of December 31, 2022[25]. - The company reported net unrealized investment gains of $1.2 million in the first six months of 2023, compared to net unrealized investment losses of $32.9 million in the same period in 2022[105]. Market Conditions - Single-family mortgage originations decreased by 34% to $450 billion in Q2 2023, with refinancing transactions down by 58% and purchase transactions down by 25%[65]. - Existing home sales in June 2023 were 4.2 million units, a decrease of 19% year-over-year, primarily due to elevated mortgage interest rates[64]. - The average 30-year fixed interest rate increased to 6.5% in Q2 2023, compared to 5.3% in Q2 2022[65]. - Closed orders for refinancing decreased by 53% to 10,674 in Q2 2023, while total closed orders fell by 29% to 60,246[68]. Dividends and Shareholder Returns - The company declared dividends on common stock of $0.90 per share for the six months ended June 30, 2023, totaling $24.983 million[15]. - The company paid total dividends of $24.5 million ($0.90 per common share) in the first six months of 2023, compared to $20.3 million ($0.75 per common share) in the same period in 2022[102]. - Book value per share was $49.82 as of June 30, 2023, down from $50.21 as of December 31, 2022[117].

Stewart Information Services Corporation (NYSE:STC) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Brian Glaze - Principal Accounting Officer, SVP and Controller Frederick Eppinger - CEO David Hisey - CFO Conference Call Participants Bose George - KBW Soham Bhonsle - BTIG John Campbell - Stephens Inc. Geoffrey Dunn - Dowling & Partners Operator Hello and thank you for joining the Stewart Information Services' Second Quarter 2023 Earnings Call. At this time, all participants a ...

Financial Performance - In Q1 2023, the company reported a net loss of $8.2 million ($0.30 loss per diluted share), a significant decline from a net income of $57.9 million ($2.11 per diluted share) in Q1 2022[50]. - The title segment's pretax loss was $0.7 million in Q1 2023, compared to a pretax income of $82.8 million in Q1 2022, reflecting a 101% decline[51]. - Total closed orders in Q1 2023 were the lowest for the company in over 15 years, with a 37% decrease in total opened orders compared to Q1 2022[67]. - Non-commercial domestic revenues fell by $69.9 million, or 32%, due to a 50% decline in residential purchase and refinancing transactions in Q1 2023[66]. - The company anticipates a 26% decline in total mortgage originations for the year 2023 compared to 2022, reflecting ongoing challenges in the housing market[64]. Revenue and Expenses - Title segment operating revenues decreased by $265.1 million, or 37%, to $456.9 million in Q1 2023, primarily due to volume declines in direct title and agency operations[51]. - Real estate solutions segment revenues decreased by $26.8 million, or 30%, in Q1 2023, primarily due to lower transaction volumes amid the current economic environment[55][68]. - Employee costs in the title segment decreased by $49.6 million, or 18%, in Q1 2023, but represented 50.4% of operating revenues compared to 38.8% in Q1 2022[52]. - Consolidated employee costs decreased by $34.4 million, or 17%, in Q1 2023 compared to Q1 2022, with total employee costs as a percentage of total operating revenues rising to 32.8% from 24.3%[72]. - Other operating expenses decreased by $69.0 million, or 36%, in Q1 2023, with total variable costs down by $64.6 million, or 51%[75]. Investment and Cash Flow - Investment income increased by $3.0 million, or 82%, to $6.6 million in Q1 2023, driven by higher interest income from increased interest rates and higher short-term investments[51][69]. - Net cash used by operating activities was $51.1 million in Q1 2023, compared to net cash provided of $34.9 million in Q1 2022[90]. - Cash and investments totaled $891.0 million as of March 31, 2023, with $505.6 million held in the United States[83]. - The company reported net unrealized investment gains of $6.7 million in Q1 2023, primarily due to increases in the fair values of corporate and foreign bond securities investments[97]. Loss Provisions and Claims - Provisions for title losses decreased by $11.5 million, or 40%, in Q1 2023, with the title loss ratio at 3.9% compared to 4.0% in Q1 2022[76]. - Total estimated title losses as of March 31, 2023, were $533.4 million, down from $549.4 million as of December 31, 2022[80]. - Cash claim payments increased by $13.2 million, or 65%, in Q1 2023, primarily due to payments on existing large claims[78]. Debt and Equity - Total debt and stockholders' equity were $445.1 million and $1.36 billion, respectively, as of March 31, 2023[93]. - As of March 31, 2023, the company's debt-to-equity ratio was approximately 33% and the debt-to-capitalization ratio was about 25%[94]. - Total dividends paid in Q1 2023 amounted to $12.3 million ($0.45 per common share), an increase from $10.1 million ($0.38 per common share) in Q1 2022[94]. Tax and Compliance - The effective tax rate increased to 38% in Q1 2023 from 23% in Q1 2022, with a rate of 25% excluding discrete tax adjustments[82]. - The company has no material contractual commitments other than scheduled maturities of debt and operating lease payments[95]. Liquidity and Strategic Outlook - The company has sufficient liquidity and capital resources to meet ongoing operational cash needs, but may consider additional debt or equity funding for strategic goals or acquisitions[95]. - The company expects cash flows from operations to be sufficient to fund operations, including claims payments, but may need to borrow under less favorable terms if necessary[95]. - There have been no material changes in investment strategies or financial instruments held during the quarter ended March 31, 2023[102]. - The company is subject to various risks including changes in mortgage interest rates and the ability to respond to technology changes[102]. - The company holds funds in segregated escrow accounts pending real estate transactions, which are not included on the balance sheet[99].

Stewart Information Services Corporation (NYSE:STC) Q1 2023 Results Conference Call April 27, 2023 8:30 AM ET Company Participants Brian Glaze - Principal Accounting Officer, Senior VP and Controller Frederick Eppinger - CEO and Director David Hisey - CFO and Treasurer Conference Call Participants Bose George - KBW John Campbell - Stephens Inc Geoffrey Dunn - Dowling & Partners Operator Hello, and thank you for joining the Stewart Information Services First Quarter 2023 Earnings Call. [Operator Instructions ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-02658 STEWART INFORMATION SERVICES CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | 74-1677330 | | --- | --- | --- | | (Stat ...

Financial Data and Key Metrics Changes - In Q4 2022, the company reported a net income of $30 million and diluted earnings per share of $0.49 on total revenues of $656 million, a decrease from $84 million or $3.05 per diluted share in Q4 2021 [28] - Adjusted pretax income for the segment was $35 million compared to $120 million in the prior year quarter, with an adjusted pretax margin of 5.9% versus 14.4% in the previous year [29] - Total title revenues decreased by $255 million or 30% primarily due to volume declines driven by higher interest rates [54] Business Line Data and Key Metrics Changes - Domestic residential revenues decreased by $94 million, or 32%, due to lower purchase and refinancing transactions, although residential fee per file increased by 45% to approximately $3,500 from $2,400 last year [30] - Revenues from agency operations decreased by $133 million or 30% compared to the previous year, with the average agency remittance rate slightly decreasing to 17.6% from 18% [31] - Domestic commercial revenues decreased by $26 million, or 28%, primarily due to lower transaction volume and size, with average commercial fee per file at $15,100 compared to $19,700 for the prior year quarter [55] Market Data and Key Metrics Changes - Total open and closed orders declined by 48% and 51% respectively in Q4 compared to last year, primarily due to the economic environment [56] - International revenues were $16 million or 34% lower, primarily due to lower transaction volumes in Canadian operations [56] - Title losses were 3.8% of total revenues compared to 4.2% in 2021, with expectations for 2023 title losses to be at least at 2021 levels [32] Company Strategy and Development Direction - The company aims to improve competitive positioning by being more efficient and maintaining a disciplined operating model, focusing on growing scale in attractive markets across all business lines [22] - Significant investments in talent and technology were made during 2022 to enhance operational capabilities and customer experience [17][24] - The company is optimistic about long-term growth in the commercial market despite short-term headwinds due to changing financial markets [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a higher interest rate environment, which peaked over 7%, and indicated that this difficult market is expected to continue into 2023 [20] - The first quarter is anticipated to be challenging, but there are signs of improvement with order counts increasing in January [96] - Management remains focused on maintaining financial strength while strategically investing in capabilities to position the company for long-term growth [21][52] Other Important Information - The company has a strong financial position with total cash and investments of approximately $430 million and a fully available $200 million line of credit [60] - Employee costs as a percentage of operating revenues increased to 30% in Q4 compared to 23% in the prior year quarter, primarily due to lower operating revenues [34] Q&A Session Summary Question: What is the outlook for margins in 2023? - Management indicated that the first quarter will be challenging, but improvements are expected as the market stabilizes and order volumes increase [93][94] Question: How do recent acquisitions impact the business? - The company discussed the strategic importance of recent acquisitions like BCHH and FNC, which are expected to enhance service offerings and market presence [40][50] Question: What are the expectations for the commercial market? - Management expressed optimism for the commercial market in 2023, despite some sectors facing challenges, and noted strong growth in the energy sector [84][106]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or For the transition period from to Commission file number 001-02658 STEWART INFORMATION SERVICES CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | 74-1677 ...

Stewart Information Services Corporation (NYSE:STC) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET Company Participants Brian Glaze - Chief Accounting Officer Frederick Eppinger - Chief Executive Officer David Hisey - Chief Financial Officer Conference Call Participants John Campbell - Stephens Geoffrey Dunn - Dowling & Partners Operator Hello and thank you for joining the Stewart Information Services Third Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. La ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-02658 STEWART INFORMATION SERVICES CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | 74-1677330 | ...

Stewart Information Services Corporation (NYSE:STC) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET Company Participants Brian Glaze - CAO Fred Eppinger - CEO David Hisey - CFO Conference Call Participants Bose George - KBW John Campbell - Stephens Inc. Geoffrey Dunn - Dowling & Partners Ryan Gilbert - BTIG Operator Hello and thank you for joining the Stewart Information Services Second Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. Later you will have an oppo ...