Investors Title Q3 Earnings Rise Y/Y on Premium Growth, Cost Control

Core Insights - Investors Title Company (ITIC) reported earnings per share of $4.92 for Q3 2024, a 31% increase from $3.75 in the same quarter last year [1] - Revenues rose to $68.8 million, reflecting a 12.1% increase from $61.4 million in the prior year, driven by growth in net premiums written and investment gains [2] - The company demonstrated operational resilience and improved profitability, with management highlighting successful navigation of a challenging environment [3] Financial Performance - Net premiums written totaled $54.9 million, up from $49.8 million, indicating a growth of approximately 10%, primarily from agent premiums in Texas and Florida [5] - Investment income saw a significant turnaround, with net investment gains of $1 million compared to a loss of $0.8 million in the previous year [6] - Total operating expenses increased by 8.4% to $57.2 million, mainly due to higher commissions, but personnel expenses were contained [7] Income Metrics - Income before taxes reached $11.6 million, up from $8.6 million, with adjusted income before taxes at $10.6 million, reflecting a 12.8% rise [8] - Net income rose to $9.3 million, a 31% increase from $7.1 million, supported by higher premiums and improved investment gains [9] Balance Sheet Overview - As of September 30, 2024, cash and cash equivalents increased to $25.5 million from $24 million at the end of 2023 [10] - Total assets rose to $352 million from $330.6 million at year-end 2023 [10] - Stockholders' equity increased to $271.3 million compared to $251.6 million at the end of 2023 [10]