Investors Title Company reported higher revenue for the third quarter, driven by growth in title insurance premiums and related fees, but lower earnings than a year earlier. Net income fell to $9.4 million, or $4.97 per diluted share, as investment results swung to a loss and operating expenses rose.
For the first nine months of 2026, the company’s results were stronger: revenue and net income increased, alongside higher expenses.
Third-quarter results
- Revenue rose 12.1% to $81.9 million from $73.0 million a year earlier. Net premiums written and escrow and other title-related fees increased by $13.0 million, or 21.2%, reflecting higher real estate transaction volumes and contributions from expansion initiatives.
- Net income declined to $9.4 million from $12.2 million. Diluted earnings per share fell to $4.97 from $6.45.
- Net investment results shifted from a $2.1 million gain in the prior-year quarter to a $1.7 million loss. The company attributed the loss primarily to impairment charges on some fixed-maturity securities amid higher interest rates, as well as lower realized gains on equity investments.
- Operating expenses increased 21.7% to $70.5 million from $57.9 million. Higher agent commissions reflected growth in agency premiums; claims provisions rose with higher claims experience; and personnel costs increased with geographic expansion and merit raises. Other operating expense categories were relatively stable.
- Income before taxes fell to $11.4 million from $15.1 million. Excluding investment-related impacts, adjusted pretax income was relatively unchanged at $13.1 million versus $13.0 million.
- Revenue from non-title services declined by $1.3 million, primarily because of lower like-kind exchange activity.
First nine months of 2026
- Revenue increased 14.4% to $232.4 million from $203.2 million, reflecting continued growth in title insurance premiums and related fees.
- Net income rose 8.9% to $30.1 million, or $15.91 per diluted share, from $27.7 million, or $14.59 per diluted share.
- Operating expenses grew 15.2% to $193.8 million from $168.3 million.
- Pretax income increased 10.4% to $38.6 million. Adjusted pretax income, excluding net investment gains, rose 9.2% to $34.9 million from $32.0 million.
The quarter’s revenue growth did not translate into higher reported earnings: investment results deteriorated, while expenses—particularly commissions, claims provisions and personnel costs—grew faster than revenue. By contrast, the nine-month figures show gains in revenue, net income and pretax income compared with the same period last year.