Investors Title Company reported net income of $3.2 million, or $1.67 per diluted share, for the first quarter ended March 31, 2025. This compares to $4.5 million, or $2.40 per diluted share, in the prior year period. Total revenues increased by 5.8% to $56.6 million, up from $53.5 million in the first quarter of 2024.
The increase in revenues was primarily driven by a 15.3% rise in net premiums written, reflecting higher activity levels across key markets and ongoing efforts to expand market presence. However, revenues were negatively impacted by a change in net investment (losses) gains, mainly due to declines in the estimated fair value of equity security investments. Operating expenses increased by 10.2% to $52.5 million, largely due to higher agent commissions, but partially offset by a decrease in the provision for claims.
Income before income taxes decreased to $4.1 million for the quarter, compared to $5.8 million in the prior year. Excluding the impact of net investment (losses) gains, adjusted income before income taxes (non-GAAP) increased to $5.2 million from $3.4 million. Chairman J. Allen Fine noted the increase in premiums written and the positive impact of cost-saving measures on fixed overhead costs.
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