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Investors Title Company Announces Fourth Quarter and Fiscal Year 2021 Results
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- Investors Title Company today announced results for the fourth quarter and year ended December 31, 2021. The Company set
About this update from Investors Title Company
[{"type":"text","content":" CHAPEL HILL, N.C.--(BUSINESS WIRE)--\nInvestors Title Company today announced results for the fourth quarter and year ended December 31, 2021. The Company set all-time quarterly and annual records for total revenues and net premiums written, in addition to setting an all-time annual record for net income.\n\nFor the quarter, net income increased 13.7% to $18.9 million, or $9.94 per diluted share, versus $16.6 million, or $8.77 per diluted share, in the prior year period. For the year, net income increased 70.0% to $67.0 million, or $35.28 per diluted share, versus $39.4 million, or $20.80 per diluted share, in the prior year.\n\nRevenues for the quarter increased 18.0% to $91.0 million, compared to $77.1 million in the prior year period. Net premiums written increased 16.8% to $72.5 million, driven mainly by higher average home prices and continued low mortgage interest rates. Escrow and other title-related fees increased 53.0%, primarily due to increases in commission income and title ancillary services. Revenues from non-title services increased 23.4%, mainly due to increases in income from like-kind exchanges, trust management fees and agency income. Other investment income increased $823,000 due to earnings from partnership investments. Changes in the estimated fair value of equity security investments resulted in a benefit to revenues of $7.7 million, a slight decrease compared with the prior year quarter, as market values continued to increase.\n\nOperating expenses increased 20.5%, mainly due to a 20.6% increase in commissions to agents commensurate with the increase in agent premium volume. Personnel expenses were 9.0% higher than the prior year due primarily to staffing additions in support of strategic growth initiatives and volume increases. Higher premium volumes, increases in travel-related expenses and ongoing technology initiatives drove the increases in office and technology expenses and other operating expenses. Slightly offsetting these increases was a relatively low level of claims activity experienced on policies written in recent years.\n\n\nIncome before income taxes increased 11.6% to $23.9 million for the current quarter versus $21.4 million in the prior year period. Excluding the impact of changes in the estimated fair value of equity security investments, adjusted income before income taxes (non-GAAP) ...