Old Republic International’s title insurance business had a 78% year-over-year increase in fourth-quarter net income, as net premiums earned were up by 13% and claims costs declined by 86%.
Pretax operating income for the title insurance business was $85.6 million, compared with $48.1 million one year prior.
The Chicago-based holding company’s mortgage insurance unit, which no longer writes new business, had a 40% decline in pretax operating income to $17.1 million. Net premiums earned, from loans that are still on its books, fell 21% to $34.3 million.
Claims costs increased 17% to $18.4 million.
Old Republic, which also writes other forms of insurance, had net income of $131.9 million for the fourth quarter, up from $90.6 million for the same period in 2015.