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Investors Title Company (ITIC+1.06%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net premiums written to $204.3 million from $171.2 million in the previous year. This increase was primarily driven by increased activity levels and appreciation in average home prices.
The company reported a provision for claims of $4.5 million, down from $4.8 million in the previous year, with a decrease in the provision rate attributed to favorable loss development.
Net income for the year was $31.1 million, up from $21.7 million in the previous year. The increase in net income was primarily due to higher revenues and ongoing cost control measures.
Total revenues for the year were $258.3 million, compared to $224.8 million in the previous year. Revenues from the title insurance segment accounted for 91.2% of the company's total revenues.
The company declared and paid total dividends of $15.84 per share in 2024, including a special cash dividend of $14.00 per share.
Investors Title Company continues to focus on its title insurance and exchange services segments, with significant operations in North Carolina, Texas, South Carolina, Georgia, and Florida.
The company maintains a strong liquidity position, with cash and cash equivalents of $24.7 million and short-term investments of $59.1 million as of December 31, 2024.
The filing also details the company's risk factors, including potential impacts from economic conditions, regulatory changes, and cybersecurity threats.
Investors Title Company is a holding company that operates through its subsidiaries, primarily focusing on issuing title insurance and providing tax-deferred exchange services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Investors Title Company annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.