N.C.-based Investors Title Releases Q3 Results

November 5, 2015

North Carolina-based Investors Title Co. reported pre-tax income of $6.4 million during the third quarter of 2015. This compares to $3.6 million in pre-tax income during the same period a year ago.

According to earnings results, the company’s revenue increased 17.1 percent versus the prior year quarter, primarily due to a 17.4 percent increase in net premiums written. This set a new quarterly record level of both revenues and premiums written.

Meanwhile, operating expenses increased 8.5 percent during the latest quarter versus the prior year quarter, mainly due to higher agent commissions commensurate with increased premiums written. The increase in agent commissions was partially offset by a reduction in the provision for claims, reflecting improved claims experience in recent policy years. Higher premium volumes and normal inflationary effects drove other operating expenses marginally higher versus the prior year quarter, Investors Title reported.

“Title insurance premiums were bolstered by higher levels of home sales activity as well as continued increases in real estate prices,” said J. Allen Fine, chairman of Investors Title, “While the pace of loan closings may slow during the fourth quarter in the wake of the October 3 TILA-RESPA Integrated Disclosure Rule (TRID) implementation, we remain encouraged that positive trends in the unemployment rate and overall economic conditions will sustain the levels of purchase activity, at least for the near future. Over the long term, we will continue to focus on enhancing our competitive strengths and profitably expanding our market presence.”

Contact ALTA at 202-296-3671 or communications@alta.org.