Investors Title Company (Nasdaq: ITIC) today announced results for the third quarter ended September 30, 2025. The Company reported net income of $12.2 million, or $6.45 per diluted share, compared to $9.3 million, or $4.92 per diluted share, for the prior year period.

Revenues increased 6.1% to $73.0 million, up from $68.8 million in the prior year period. Non-title services revenue increased $2.0 million, largely attributable to increases in revenue from like-kind exchanges and management services. Net premiums written and escrow and title-related fees grew by $1.8 million, primarily driven by higher real estate activity levels. Net investment gains increased by $1.1 million, driven by higher realized gains from the sale of investment securities and favorable changes in the estimated fair value of equity security investments.

Operating expenses increased 1.2% to $57.9 million, compared to $57.2 million in the prior year period, largely driven by agent commissions and other expenses which correspond to a higher level of transaction volume. These increases were partially offset by declines in other categories of operating expenses compared with the prior year period.

Income before income taxes increased to $15.1 million for the current year quarter, versus $11.6 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) increased to $13.0 million for the current year quarter, versus $10.6 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure).

For the nine months ended September 30, 2025, net income increased $5.0 million to $27.7 million, or $14.59 per diluted share, versus $22.7 million, or $12.02 per diluted share, for the prior year period. Revenues increased 8.3% to $203.2 million, up from $187.7 million for the prior year period. Operating expenses increased 5.8% to $168.3 million, compared to $159.0 million for the prior year period. Income before income taxes increased to $34.9 million for the current year, versus $28.7 million in the prior year period. Excluding the impact of net investment gains, adjusted income before income taxes (non-GAAP) increased to $32.0 million for the current year period, versus $24.0 million in the prior year period (see Appendix A for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure). Overall results for the year-to-date period have been shaped predominantly by the same factors that affected the third quarter. The principal exceptions are an increase in other revenue for the first nine months of 2025, attributable to a gain recognized on assets contributed to a joint venture in the second quarter of 2025, and year-to-date variations in investment earnings.

Chairman J. Allen Fine commented, “We are pleased to report strong results for the third quarter, concluding our best-performing consecutive three-quarter period since 2021. The higher level of profitability was driven mainly by growth in title insurance revenues, as well as increased activity in our like-kind exchange business.

"Our title insurance volumes continued to grow over the prior year and trailing quarter, reflecting the results of our efforts to grow market share and the benefit of improving market conditions, including a recent decline in mortgage rates that has helped to spur higher transaction activity. Heading into the fourth quarter, our open order pipeline remains strong, which we believe positions us well for continued momentum.”

Investors Title Company’s subsidiaries issue and underwrite title insurance policies. The Company also provides investment management services and services in connection with tax-deferred exchanges of like-kind property.

Cautionary Statements Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “plan,” expect,” “aim,” “believe,” “project,” “anticipate,” “intend,” “estimate,” “should,” “could,” “would,” and other expressions that indicate future events and trends. Such statements include, among others, any statements regarding the Company’s expected performance for future periods and the full year, the impact of order volumes on results in future quarters, future home price fluctuations, changes in home purchase or refinance demand, activity and the mix thereof, interest rate changes, expansion of the Company’s market presence, enhancement of competitive strengths, execution on expense management strategies, development in housing affordability, wages, unemployment or overall economic conditions or statements regarding our actuarial assumptions and the application of recent historical claims experience to future periods. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results. Such risks and uncertainties include, without limitation: the cyclical demand for title insurance due to changes in the residential and commercial real estate markets; the occurrence of fraud, defalcation or misconduct; variances between actual claims experience and underwriting and reserving assumptions, including the limited predictive power of historical claims experience; declines in the performance of the Company’s investments; changes in government regulations and policy, including as a result of the Trump administration such as policies related to tariffs and taxes and their impact on the macroeconomic environment; changes in the economy; the impact of inflation and responses by government regulators, including the Federal Reserve, such as changes in interest rates; the ongoing shutdown of the federal government; loss of agency relationships, or significant reductions in agent-originated business; difficulties managing growth, whether organic or through acquisitions and other considerations set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission, and in subsequent filings.

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