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Jun 30, 2022
Investors Title Q2 2022 Earnings Report
Net income decreased due to market losses in equity portfolio and prior year gain on sale of property, while premiums written reached a new record.
Key Takeaways
Investors Title Company reported a decrease in net income for the second quarter of 2022, primarily due to market losses in its equity portfolio and a non-recurring gain on the sale of property in the prior year quarter. However, net premiums written increased, setting a second quarter record, driven by higher average home values and growth in the Texas market.
Net income decreased to $2.3 million, or $1.20 per diluted share, compared to $19.8 million, or $10.42 per diluted share, for the prior year period.
Revenues decreased 16.5% to $70.9 million, compared with $85.0 million for the prior year quarter.
Net premiums written increased 3.1% versus the prior year period, setting a second quarter record.
Operating expenses increased 13.9%, compared to the prior year period, primarily due to increases in personnel costs, title fees, and office and technology expenses.
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