Second Quarter Results
Tuesday, August 21, 2018
- Stewart Reports Second-Quarter Results
Stewart Information Services Corp. reported that its title segment generated $37.7 million in pre-tax income during the second quarter of 2018. This compared to $39.5 million in pre-tax income during the same period a year ago.
"Stewart delivered a solid second quarter of title revenue growth in the face of tighter residential inventories and rising interest rates," stated Matthew Morris, Stewart’s chief executive officer. "Continued commercial strength, home price appreciation and further agency traction helped to offset residential headwinds.”
During the latest quarter, Stewart reported $18.7 million in title losses and related claims. This is down from $24.5 million during the same period a year ago.
- Fidelity Reports Q2 Results
Fidelity National Financial reported that its title division generated adjusted pre-tax earnings of $338 million during the second quarter of 2018. This compares to adjusted pre-tax earnings of $310 million in the second quarter of 2017.
The pre-tax earnings and 17.1 percent adjusted pre-tax title margin was the company’s best quarterly performance in 15 years, according to Fidelity Chairman Bill Foley.
"We are encouraged to see the single-digit growth in orders in both the residential purchase and commercial markets offsetting the double-digit decline in orders in the residential refinance market and feel our title business is well positioned to continue to deliver strong financial results through the remainder of 2018,” Foley said.
During an earnings call, Randy Quirk, Fidelity’s Chief Executive Officer, reported that the company positioned itself well in terms of staffing by making reductions during the fourth quarter of 2018 and first quarter of 2018.
- First American Reports Second Quarter Results
First American Financial Corp. reported that its title insurance segment posted pre-tax earnings of $209.6 million during the second quarter of 2018. This compared to $197.3 million in pre-tax earnings during the same period a year ago.
“The company’s performance this year continues to be strong, as demonstrated by the 15.3 percent pre-tax title margin we achieved in the second quarter,” said Dennis Gilmore, Chief Executive Officer at First American Financial. “Our purchase and commercial businesses more than offset the impact of the decline in refinance transactions, resulting in revenue growth of 3 percent this quarter. These favorable conditions, combined with prudent management of our investment portfolio and our bank, discipline in our underwriting process, and efficient management of our cost structure, position us well as we enter the second half of 2018.”
- Old Republic Reports Q2 Earnings Results
Old Republic International reported that its title insurance segment generated pre-tax earnings of $60.9 million during the second quarter of 2018. This compared to $65 million in pre-tax earnings during the same period a year ago.
“With the overall housing market slightly down, we continue to make progress financially and competitively,” said Mark Bilbrey, President of Old republic Title Insurance Company. “We are approaching remainder of 2018 with cautious optimism.”
According to Old Republic, 2018 year-over-year comparisons of revenues from title premiums and fees reflected mid-single digit growth paced by independent agents' production and a slower rise in directly-produced business. By contrast, claim costs trended higher as favorable development of prior years' claim reserve estimates edged down.