image_0a.jpg

INVESTORS TITLE COMPANY ANNOUNCES
THIRD QUARTER 2026 RESULTS

Contact: Elizabeth B. Lewter
November 5, 2026
Telephone: (919) 968-2200
Nasdaq Symbol: ITIC
FOR IMMEDIATE RELEASE:
Chapel Hill, NC – Investors Title Company (Nasdaq: ITIC) today announced results for the third quarter ended September 30, 2026. The Company reported net income of $9.4 million, or $4.97 per diluted share, compared to $12.2 million, or $6.45 per diluted share, for the prior-year period.
Revenues increased 12.1% to $81.9 million, compared with $73.0 million in the prior-year period, driven primarily by growth in title insurance premiums and related fees. Net premiums written and escrow and other title-related fees increased $13.0 million, or 21.2%, reflecting higher real estate transaction volumes and contributions from ongoing expansion initiatives.
Revenue growth was partially offset by net investment losses of $1.7 million, compared with net investment gains of $2.1 million in the prior-year period. Current-year net investment losses primarily reflect impairment charges on certain fixed maturity securities amid higher interest rates, as well as lower realized gains on equity investments compared with the prior-year period. Non-title services revenue declined $1.3 million, primarily due to lower like-kind exchange activity.
Operating expenses increased 21.7% to $70.5 million, compared with $57.9 million in the prior-year period, primarily reflecting higher agent commissions, claims provisions, and personnel expenses. Agent commissions increased commensurate with the growth in agency premiums. The provision for claims rose primarily due to higher claims experience. Personnel expenses increased primarily as a result of geographic expansion and merit increases. Other operating expense categories remained relatively consistent with the prior-year period.
Income before income taxes decreased to $11.4 million, compared with $15.1 million in the prior-year quarter, primarily reflecting an unfavorable year-over-year change in net investment gains and losses. Excluding the investment-related impacts, adjusted income before income taxes (non-GAAP) remained relatively unchanged at $13.1 million, compared with $13.0 million in the prior-year period (see Appendix A for a reconciliation to the most directly comparable GAAP measure).


For the nine months ended September 30, 2026, net income increased 8.9% to $30.1 million, or $15.91 per diluted share, compared with $27.7 million, or $14.59 per diluted share, in the prior-year period. Revenues increased 14.4% to $232.4 million, compared with $203.2 million in the prior-year period, reflecting continued growth in title insurance premiums and related fees. Operating expenses increased 15.2% to $193.8 million, compared with $168.3 million in the prior-year period.
Income before income taxes increased 10.4% to $38.6 million, compared with $34.9 million in the prior-year period. Excluding net investment gains, adjusted income before income taxes (non-GAAP) increased 9.2% to $34.9 million, compared with $32.0 million in the prior-year period (see Appendix A for a reconciliation to the most directly comparable GAAP measure).
Year-to-date results reflected many of the same factors affecting third-quarter performance, including higher title-related revenues, increased claims provisions, and higher operating expenses. Comparisons were also affected by the absence of certain gains recognized in other revenue during the prior year and changes in net investment gains and losses.
Chairman J. Allen Fine commented, “We are pleased with the growth in title insurance revenues and continued ongoing initiatives. While higher claims experience and investment-related volatility decreased quarterly earnings, our underlying business continued to perform well, contributing to solid year-to-date results.”
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, developments 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; ongoing geopolitical and military conflicts; shutdowns 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, 2025 as filed with the Securities and Exchange Commission, and in subsequent filings.

# # # #


Investors Title Company and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues:
Net premiums written
$68,211 $56,402 $186,699 $157,243 
Escrow and other title-related fees
5,982 4,811 16,990 14,397 
Non-title services
4,965 6,258 14,439 16,344 
Interest and dividends
2,588 2,404 7,148 7,104 
Other investment income 1,567 985 2,898 2,004 
Net investment (losses) gains(1,657)2,057 3,662 2,982 
Other
239 106 575 3,163 
Total Revenues81,895 73,023 232,411 203,237 
Operating Expenses:
Commissions to agents
36,841 30,221 99,937 84,155 
Provision for claims4,144 1,209 7,399 3,612 
Personnel expenses
19,237 17,435 57,306 53,229 
Office and technology expenses
4,743 4,178 13,919 13,045 
Other expenses
5,523 4,889 15,282 14,254 
Total Operating Expenses70,488 57,932 193,843 168,295 
Income before Income Taxes11,407 15,091 38,568 34,942 
Provision for Income Taxes1,977 2,877 8,438 7,279 
Net Income $9,430 $12,214 $30,130 $27,663 
Basic Earnings per Common Share$4.99 $6.47 $15.96 $14.66 
Weighted Average Shares Outstanding – Basic1,888 1,888 1,888 1,887 
Diluted Earnings per Common Share$4.97 $6.45 $15.91 $14.59 
Weighted Average Shares Outstanding – Diluted1,897 1,894 1,894 1,896 


Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2026 and December 31, 2025
(in thousands)
(unaudited)
September 30,
2026		December 31,
2025
Assets
Cash and cash equivalents$23,851 $20,838 
Investments:
Fixed maturity securities, available-for-sale, at fair value
138,549 118,116 
Equity securities, at fair value
51,877 41,481 
Short-term investments
53,009 68,763 
Other investments
29,612 23,446 
Total investments
273,047 251,806 
Premiums and fees receivable
18,636 17,126 
Accrued interest and dividends1,796 1,476 
Prepaid expenses and other receivables8,155 9,387 
Property, net31,460 29,397 
Goodwill and other intangible assets, net21,057 20,940 
Lease assets8,635 7,784 
Other assets2,743 2,706 
Current income taxes recoverable4,563 1,678 
Total Assets
$393,943 $363,138 
Liabilities and Stockholders’ Equity
Liabilities:
Reserve for claims$41,057 $38,092 
Accounts payable and accrued liabilities43,753 41,525 
Lease liabilities9,076 8,050 
Deferred income taxes, net6,397 7,171 
Total liabilities
100,283 94,838 
Stockholders’ Equity:
Common stock – no par value (10,000 authorized shares; 1,889 and 1,888 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary)
— — 
Retained earnings
295,144 267,209 
Accumulated other comprehensive (loss) income(1,484)1,091 
Total stockholders’ equity
293,660 268,300 
Total Liabilities and Stockholders’ Equity
$393,943 $363,138 



Investors Title Company and Subsidiaries
Direct and Agency Net Premiums Written
For the Three and Nine Months Ended September 30, 2026 and 2025
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026%2025%2026%2025%
Direct$19,606 28.7$16,330 29.0$53,579 28.7$45,687 29.1
Agency48,605 71.340,072 71.0133,120 71.3111,556 70.9
Total$68,211 100.0$56,402 100.0$186,699 100.0$157,243 100.0








Investors Title Company and Subsidiaries
Appendix A
Non-GAAP Measures Reconciliation
For the Three and Nine Months Ended September 30, 2026 and 2025
(in thousands)
(unaudited)

Management uses various financial and operational measurements, including financial information not prepared in accordance with generally accepted accounting principles ("GAAP"), to analyze Company performance. This includes adjusting revenues to remove the impact of net investment gains and losses, which are recognized in net income under GAAP. Net investment gains and losses include realized gains and losses on sales of investment securities and changes in the estimated fair value of equity security investments. Management believes that these measures are useful to evaluate the Company's internal operational performance from period to period because they eliminate the effects of external market fluctuations. The Company also believes users of the financial results would benefit from having access to such information, and that certain of the Company’s peers make available similar information. This information should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies.

The following tables reconcile non-GAAP financial measurements used by Company management to the comparable measurements using GAAP:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues
Total revenues (GAAP)$81,895 $73,023 $232,411 $203,237 
Add (Subtract): Net investment losses (gains)1,657 (2,057)(3,662)(2,982)
Adjusted revenues (non-GAAP)$83,552 $70,966 $228,749 $200,255 
Income before Income Taxes
Income before income taxes (GAAP)
$11,407 $15,091 $38,568 $34,942 
Add (Subtract): Net investment losses (gains)1,657 (2,057)(3,662)(2,982)
Adjusted income before income taxes (non-GAAP)
$13,064 $13,034 $34,906 $31,960