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Investors Title INNOVATIVE BY INSTINCT INVESTORS TITLE COMPANY ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS FOR IMMEDIATE RELEASE : Contact : Elizabeth B. Lewter November 4 , 2021 Telephone : ( 919 ) 968-2200 Nasdaq Symbol : ITIC Chapel Hill , NC – Investors Title Company today announced results for the third quarter ended September 30 , 2021. The Company reported net income of $ 14.5 million , or $ 7.63 per diluted share , for the three months ended September 30 , 2021 , compared to $ 15.3 million , or $ 8.07 per diluted share , for the prior year period . The Company set an all - time record for net premiums written in a quarter . Revenues increased 20.4 % to $ 81.4 million , compared with $ 67.6 million for the prior year quarter . Net premiums written increased 26.5 % to $ 72.3 million , driven mainly by higher average home prices and continued low mortgage interest rates . Escrow and other title - related fees increased 79.3 % primarily due to increases in commission income and title ancillary services . Revenue from non - title services increased 25.2 % , mainly due to an increase in like - kind exchange activity . Changes in the estimated fair value of equity security investments resulted in the recognition of an $ 802 thousand loss , which was $ 4.4 million lower than the prior year quarter , as market values declined from the previous year's rebound . Operating expenses increased 29.1 % compared to the prior year quarter . Commissions to agents increased commensurate with the increase in agent premium volume . Personnel costs were 22.9 % higher than the prior year due to staffing additions in support of strategic growth initiatives and volume increases . Higher premium volumes , increases in travel - related expenses and ongoing technology initiatives drove the increase in other operating expenses . Income before income taxes decreased 2.2 % to $ 18.4 million for the current quarter versus $ 18.9 million in the prior year period . Excluding the impact of changes in the estimated fair value of equity security investments , income before income taxes ( non - GAAP ) increased 26.3 % to $ 19.2 million for the current quarter versus $ 15.2 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 , 2021 , net income increased $ 25.3 million to $ 48.1 million , or $ 25.34 per diluted share , versus $ 22.8 million , or $ 12.02 per diluted share , for the prior