Increased Pre-Tax Operating Income
Consolidated pre-tax operating income increased to $252.7 million from $231.5 million in the first quarter of 2024.
Specialty Insurance Growth
Specialty insurance grew net premiums earned by 13% and produced $260 million of pre-tax operating income, up from $220 million last year.
Title Insurance Revenue Increase
Title insurance premiums and fees grew by 11% in the first quarter, with pre-tax operating income increasing to $4.3 million from $2.3 million last year.
Strong Investment Performance
The investment portfolio increased by nearly $200 million, with the equity portfolio up nearly $60 million in the quarter.
Improved Combined Ratios
The consolidated combined ratio improved to 93.7 from 94.3, and the specialty insurance combined ratio improved to 89.8 from 90.3.
Return on Equity Improvement
Operating return on equity improved to an annualized rate of 14.4%, compared to 11.5% in the first quarter last year.