Investors Title Company announced robust financial results for the fourth quarter ended December 31, 2024, with net income reaching $8.4 million, or $4.41 per diluted share. This marks a significant increase from $5.8 million, or $3.09 per diluted share, reported in the prior year period. Total revenues for the quarter surged by 31.6% to $70.6 million, up from $53.7 million year-over-year.
The strong quarterly revenue growth was primarily driven by increased net premiums written and higher escrow and title-related fees, influenced by increased activity levels, ongoing expansion initiatives, and lower average mortgage interest rates. For the full fiscal year 2024, net income increased by $9.4 million to $31.1 million, or $16.43 per diluted share, compared to $21.7 million, or $11.45 per diluted share, in 2023. Full-year revenues grew 14.9% to $258.3 million.
Operating expenses for the fourth quarter increased by 26.0% to $59.8 million, mainly due to higher agent commissions, partially offset by reduced personnel expenses. Chairman J. Allen Fine highlighted that the company achieved its highest revenue level in over two years, with profitability supported by ongoing cost control measures that kept overhead costs flat. The company continues to focus on expanding its distribution network and making prudent investments in capital improvement projects.
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