Investors Title Company (ITIC) has reported an 146.75 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.48 million, or $2.36 a share in the quarter, compared with $1.81 million, or $0.93 a share for the same period last year. Revenue during the quarter surged 52.04 percent to $37.80 million from $24.86 million in the previous year period. Net premium earned for the quarter jumped 56.41 percent or $12.13 million to $33.64 million. During the quarter, the company has written premium worth $33.64 million on net basis, up 56.41 percent or $12.13 million.
Total expenses increase substantially
Operating income for the quarter was $6.45 million, compared with $2.58 million in the previous year period. The company has recorded a gain on investments of $0.10 million in the quarter compared with a gain of $0.15 million for the previous year period.
chairman and chief executive officer J. Allen Fine commented, “The housing market continues to benefit from an improving economy and relatively favorable interest rates. Record levels of revenues, along with a higher mix of direct business, continuation of favorable claims experience, and stable overhead expenses resulted in the strongest first quarter earnings results in the Company’s history. With the benefit of improving economic conditions and favorable interest rates, we are optimistic that the strong housing market will drive higher levels of home sales throughout the year and in turn support another year of strong performance for Investors Title.”
Liabilities outpace assets growth
Total assets increased 12.48 percent or $25.87 million to $233.21 million on Mar. 31, 2017. On the other hand, total liabilities were at $72.92 million as on Mar. 31, 2017, up 14.07 percent or $9 million from year-ago. Return on assets stood at 1.92 percent in the quarter, up 1.04 from 0.87 percent in the last year period. At the same time, return on equity was at 2.79 percent in the quarter, up 1.53 from 1.26 percent in the last year period.
Investments move up marginally
Investments stood at $165.67 million as on Mar. 31, 2017, up 3.29 percent or $5.27 million from year-ago. Net premiums and other receivables increased 8.61 percent or $0.69 million over the year to $8.66 million on Mar. 31, 2017.
Shareholders equity stood at $160.29 million as on Mar. 31, 2017, up 11.77 percent or $16.87 million from year-ago.
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