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Investors Title INNOVATIVE BY INSTINCT INVESTORS TITLE COMPANY ANNOUNCES RECORD FIRST QUARTER 2021 RESULTS FOR IMMEDIATE RELEASE : Contact : Elizabeth B. Lewter May 5 , 2021 Telephone : ( 919 ) 968-2200 Nasdaq Symbol : ITIC Chapel Hill , NC - Investors Title Company today announced record results for the quarter ended March 31 , 2021. The Company reported net income of $ 13.8 million , or $ 7.29 per diluted share , compared with a net loss of $ 7.0 million , or $ 3.71 per diluted share , for the prior year period . The Company set quarterly records for total revenues , net premiums written and net income . Revenues for the quarter increased 141.1 % to $ 72.1 million , compared to $ 29.9 million in the prior year period . Net premiums written increased 59.2 % to $ 61.5 million , as lower average interest rates continued to drive strong levels of refinance activity and home sales . While escrow and title - related fees increased commensurate with the growth in premiums , revenues from non - title services decreased 18.4 % mainly due to the impact of low interest rates on our like - kind exchange business . Changes in the estimated fair value of equity security investments resulted in a benefit to revenues of $ 3.2 million , $ 17.7 million higher than the prior year period , as equity markets continued to rally following the dip from initial impacts of the COVID - 19 pandemic in the prior year period . Operating expenses increased 42.5 % , mainly due to a 51.3 % increase in commissions to agents commensurate with the increase in agent premium volume . Claims expense was $ 685,000 higher than the prior year period due to the increase in premium volume , which was partially offset by a higher level of favorable loss development related to recent policy years . Personnel expenses were 36.8 % higher due primarily to additions to staffing in support of strategic growth initiatives , additional staffing required to support volume increases , and increased levels of incentive compensation . Income before income taxes increased $ 25.8 million to $ 17.3 million . Excluding the impact of changes in the estimated fair value of investments in equity securities , income before income taxes ( non- GAAP ) increased 137.4 % to $ 14.1 million ( see Appendix A for a reconciliation of this non - GAAP measure to the most directly comparable GAAP measure ) . Chairman J. Allen Fine commented , " We are pleased to report another quarter of exceptional operating results . Overall , the quarter was shaped by a continuation of the trends that began last year following the onset of the pandemic . Low interest rates continued to fuel a high level of refinance activity ,