Investors Title Company announced its results for the third quarter ended September 30, 2024, reporting a net income of $9.3 million, or $4.92 per diluted share. This represents a substantial increase compared to $7.1 million, or $3.75 per diluted share, in the prior year period. Total revenues for the quarter grew by 12.1% to $68.8 million, up from $61.4 million in the same period last year.
The growth in revenues was primarily driven by an increase in net premiums written, which was attributed to expansion efforts in the Texas and Florida markets, along with appreciation in average home prices and higher activity levels influenced by lower average mortgage interest rates. The company also saw a positive change in net investment gains (losses) contributing to the revenue increase. Operating expenses rose by 8.4% to $57.2 million, mainly due to higher agent commissions commensurate with increased premium volume, though partially offset by reduced personnel expenses.
Income before income taxes for the quarter increased to $11.6 million from $8.6 million in the prior year. Excluding the impact of net investment gains (losses), adjusted income before income taxes (non-GAAP) increased to $10.6 million from $9.4 million. Chairman J. Allen Fine noted the positive momentum in premium growth and successful cost-saving strategies that resulted in lower overhead costs year-over-year.
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