Investors Title Company (ITIC) has reported 130.06 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.05 million, or $2.67 a share in the quarter, compared with $2.20 million, or $1.12 a share for the same period last year.
Revenue during the quarter surged 34.37 percent to $38.80 million from $28.88 million in the previous year period. Net premium earned for the quarter jumped 31.34 percent or $8.18 million to $34.28 million. During the quarter, the company has written premium worth $34.28 million on net basis, up 31.34 percent or $8.18 million.
Total expenses move upOperating income for the quarter was $7.63 million, compared with $3.18 million in the previous year period. The company has recorded a gain on investments of $0.19 million in the quarter compared with a loss of $0.72 million for the previous year period.
Assets outpace liabilities growthTotal assets increased 8.23 percent or $17.42 million to $228.94 million on Dec. 31, 2016. On the other hand, total liabilities were at $73.80 million as on Dec. 31, 2016, up 7.36 percent or $5.06 million from year-ago. Return on assets stood at 2.21 percent in the quarter, up 1.16 from 1.04 percent in the last year period. At the same time, return on equity was at 3.26 percent in the quarter, up 1.72 from 1.54 percent in the last year period.
Investments were almost stable over the past one year at $160.85 million on Dec. 31, 2016.
Net premiums and other receivables increased 3.12 percent or $0.26 million over the year to $8.65 million on Dec. 31, 2016.
Shareholders equity stood at $155.14 million as on Dec. 31, 2016, up 8.66 percent or $12.36 million from year-ago.
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