Investors Title Company (ITIC) has reported an 80.96 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $8.13 million, or $4.29 a share in the quarter, compared with $4.49 million, or $2.28 a share for the same period last year.
Revenue during the quarter grew 18.70 percent to $41 million from $34.54 million in the previous year period. Net premium earned for the quarter increased 17.99 percent or $5.57 million to $36.51 million. During the quarter, the company has written premium worth $36.51 million on net basis, up 17.99 percent or $5.57 million.
Total expenses move up
Operating income for the quarter was $11.38 million, compared with $6.44 million in the previous year period.
The company has recorded a gain on investments of $0.44 million in the quarter compared with a loss of $0.34 million for the previous year period.
Liabilities outpace assets growth
Total assets increased 10.15 percent or $20.56 million to $223.11 million on Sep. 30, 2016. On the other hand, total liabilities were at $70.99 million as on Sep. 30, 2016, up 12.29 percent or $7.77 million from year-ago.
Return on assets stood at 3.64 percent in the quarter, up 1.42 from 2.22 percent in the last year period. At the same time, return on equity was at 5.34 percent in the quarter, up 2.12 from 3.22 percent in the last year period.
Investments move up
Investments stood at $165.43 million as on Sep. 30, 2016, up 5.28 percent or $8.30 million from year-ago.
Net premiums and other receivables increased 3.21 percent or $0.29 million over the year to $9.36 million on Sep. 30, 2016.
Shareholders equity stood at $152.12 million as on Sep. 30, 2016, up 9.18 percent or $12.79 million from year-ago.
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