STC Stewart Information Services

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 5, 2025

 

STEWART INFORMATION SERVICES CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Delaware		001-02658		74-1677330
(STATE OR OTHER JURISDICTION)		(COMMISSION FILE NO.)		(I.R.S. EMPLOYER IDENTIFICATION NO.)

 

1360 Post Oak Blvd, Suite 100, Houston, Texas 77056

(Address Of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (713) 625-8100

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	STC	New York Stock Exchange (NYSE)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

A press release issued by Stewart Information Services Corporation on February 5, 2025, regarding financial results for the three months ended December 31, 2024, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

 

ITEM 9.01.   FINANCIAL STATEMENTS AND EXHIBITS.

 

(d) EXHIBITS

 

Exhibit No.	Description
99.1	Press release of Stewart Information Services Corporation dated February 5, 2025, reporting financial results for the three months ended December 31, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	STEWART INFORMATION SERVICES CORPORATION
	(Registrant)
	By:	/s/ David C. Hisey
	David C. Hisey,
	Chief Financial Officer and Treasurer

 

Date: February 5, 2025

 

 

Exhibit 99.1

 

NEWS RELEASE

 

STEWART INFORMATION SERVICES CORP. P.O. Box 2029 Houston, Texas 77252-2029 www.stewart.com

CONTACT Kathryn Bass / Brian Glaze Investor Relations (713) 625-8633

 

Stewart Reports Fourth Quarter and Full Year 2024 Results

 

·

Total revenues of $665.9 million ($664.2 million on an adjusted basis) compared to $582.2 million ($577.4 million on an adjusted basis) in the prior year quarter

 

·

Net income of $22.7 million ($31.5 million on an adjusted basis) compared to $8.8 million ($16.6 million on an adjusted basis) in the prior year quarter

 

·

Diluted earnings per share of $0.80 ($1.12 on an adjusted basis) compared to prior year quarter diluted EPS of $0.32 ($0.60 on an adjusted basis)

 

·

Full year 2024 net income of $73.3 million ($94.4 million on an adjusted basis) compared to 2023 net income of $30.4 million ($66.6 million on an adjusted basis)

 

·

Full year 2024 diluted earnings per share of $2.61 ($3.35 on an adjusted basis) compared to $1.11 ($2.42 on an adjusted basis) for 2023

 

HOUSTON, February 5, 2025 - Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $22.7 million ($0.80 per diluted share) for the fourth quarter 2024, compared to $8.8 million ($0.32 per diluted share) for the fourth quarter 2023. On an adjusted basis, net income for the fourth quarter 2024 was $31.5 million ($1.12 per diluted share) compared to $16.6 million ($0.60 per diluted share) in the fourth quarter 2023. Pretax income before noncontrolling interests for the fourth quarter 2024 was $35.4 million ($47.3 million on an adjusted basis) compared to $18.8 million ($29.1 million on an adjusted basis) for the fourth quarter 2023.

 

Fourth quarter 2024 results included $1.7 million of pretax net realized and unrealized gains, primarily related to net gains from fair value changes of equity securities investments and an acquisition liability adjustment, partially offset by losses from a sale of an office and an investment impairment. Fourth quarter 2023 results included $4.8 million of pretax net realized and unrealized gains, primarily driven by net gains from fair value changes of equity securities investments and an acquisition liability adjustment.

 

“We are pleased with our fourth quarter and full year 2024 results as they demonstrate both our progress and resilience in these continued challenging macro-housing conditions,” commented Fred Eppinger, chief executive officer. “We continue to improve on our operations to win share and fortify our position and look forward to continuing to do so in 2025. We remain focused on our pursuit of growth and margin improvement across all business lines.”

 

 

Selected Financial Information

 

Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):

 

		Quarter Ended December 31,								Year Ended December 31,
		2024				2023				2024				2023
Total revenues			665.9				582.2				2,490.4				2,257.3
Pretax income before noncontrolling interests			35.4				18.8				114.3				60.9
Income tax expense			(8.2	)			(5.7	)			(26.2	)			(15.3	)
Net income attributable to noncontrolling interests			(4.5	)			(4.3	)			(14.8	)			(15.2	)
Net income attributable to Stewart			22.7				8.8				73.3				30.4
Non-GAAP adjustments, after taxes*			8.8				7.8				21.1				36.2
Adjusted net income attributable to Stewart*			31.5				16.6				94.4				66.6
Pretax margin			5.3	%			3.2	%			4.6	%			2.7	%
Adjusted pretax margin*			7.1	%			5.0	%			5.8	%			4.8	%
Net income per diluted Stewart share			0.80				0.32				2.61				1.11
Adjusted net income per diluted Stewart share*			1.12				0.60				3.35				2.42

 

* Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

 

Title Segment

 

Summary results of the title segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

 

		Quarter Ended December 31,
		2024				2023				% Change
Operating revenues			562.7				502.9				12	%
Investment income			14.5				13.0				12	%
Net realized and unrealized gains			2.8				5.1				(46	)%
Pretax income			45.2				27.3				65	%
Non-GAAP adjustments to pretax income*			5.3				4.0
Adjusted pretax income*			50.5				31.4				61	%
Pretax margin			7.8	%			5.2	%
Adjusted pretax margin*			8.8	%			6.1	%

 

* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

 

Title segment operating revenues in the fourth quarter 2024 improved $59.8 million, or 12 percent, driven by increased revenues from our direct and agency title operations, while total segment operating expenses increased $41.0 million, or 8 percent, compared to the fourth quarter 2023. Agency retention expenses in the fourth quarter 2024 increased $13.7 million, or 6 percent, consistent with the $16.6 million, or 6 percent, increase in gross agency revenues compared to the prior year quarter.

 

 

Total title segment employee costs and other operating expenses for the fourth quarter 2024 increased $27.1 million, or 11 percent, compared to the prior year quarter, primarily due to increased incentive compensation expenses related to higher title revenues, higher outside search expenses resulting from higher commercial revenues, and increased severance expenses, primarily related to an executive retirement announced in September 2024. As a percentage of operating revenues, total segment employee costs and other operating expenses slightly improved to 48.7 percent in the fourth quarter 2024 compared to 49.1 percent in the prior year quarter.

 

Title loss expense in the fourth quarter 2024 was $20.7 million, which was comparable to the fourth quarter 2023, primarily as a result of our overall favorable claim experience offsetting the incremental title loss expense related to increased title revenues. As a percentage of title revenues, title loss expense was 3.7 percent for the fourth quarter 2024 compared to 4.1 percent in the prior year quarter.

 

In addition to the net realized and unrealized gains presented above, non-GAAP adjustments to the title segment’s pretax income for the fourth quarters 2024 and 2023 included $8.1 million and $9.1 million, respectively, of total acquisition intangible asset amortization and related expenses, executive severance expenses and office closure costs (refer to Appendix A).

 

Direct title revenues information is presented below (dollars in millions):

 

		Quarter Ended December 31,
		2024				2023				% Change
Non-commercial:
Domestic			162.5				153.8				6	%
International			25.9				24.0				8	%
			188.4				177.8				6	%
Commercial:
Domestic			84.1				56.1				50	%
International			11.1				6.5				71	%
			95.2				62.6				52	%
Total direct title revenues			283.6				240.4				18	%

 

Domestic non-commercial revenues in the fourth quarter 2024 improved by $8.7 million, or 6 percent, primarily due to increased total non-commercial domestic transactions compared to the fourth quarter 2023. Domestic commercial revenues in the fourth quarter 2024 increased by $28.0 million, or 50 percent, primarily due to a higher average transaction size and a 13 percent increase in commercial transactions compared to the prior year quarter. Fourth quarter 2024 average domestic commercial fee per file was $19,600, or 33 percent higher compared to $14,800 from the fourth quarter 2023, while average domestic residential fee per file was $2,900, or 8 percent lower compared to $3,200 from the prior year quarter, primarily due to a lower purchase transaction mix during the fourth quarter 2024.

 

 

Real Estate Solutions Segment

 

Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

 

		Quarter Ended December 31,
		2024				2023				% Change
Operating revenues			87.0				61.4				42	%
Pretax income			0.9				1.4				(34	)%
Non-GAAP adjustments to pretax income*			5.5				6.0
Adjusted pretax income*			6.5				7.4				(13	)%
Pretax margin			1.1	%			2.3	%
Adjusted pretax margin*			7.4	%			12.0	%

 

* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments.

 

Fourth quarter 2024 operating revenues increased $25.6 million, or 42 percent, primarily due to increased revenues from our credit information and valuation services operations compared to the fourth quarter 2023. On a combined basis, the segment’s employee costs and other operating expenses increased $26.2 million, or 49 percent, primarily driven by higher vendor prices for credit information services and increased employee count in anticipation of new customers and related revenue. Non-GAAP adjustments to pretax income shown in the schedule above were primarily related to acquisition intangible asset amortization expenses (refer to Appendix A).

 

Corporate Segment

 

The segment’s fourth quarter 2024 results included net expenses attributable to corporate operations of $9.7 million, which were comparable to the prior year quarter, and a $1.1 million unrealized loss related to an investment impairment.

 

Expenses

 

Consolidated employee costs in the fourth quarter 2024 increased by $21.3 million, or 12 percent, compared to the fourth quarter 2023, primarily driven by higher incentive compensation on overall improved revenues, increased salaries primarily due to higher employee counts in commercial services and real estate solutions, and higher executive severances expenses primarily related to a title segment executive retirement announced in September 2024. As a percentage of total operating revenues, employee costs improved to 30.7 percent in the fourth quarter 2024 compared to 31.6 percent in the prior year quarter.

 

Consolidated other operating expenses in the fourth quarter 2024 increased $31.9 million, or 25 percent, primarily driven by higher service expenses and outside search fees related to higher revenues from real estate solutions and commercial title operations, respectively, partially offset by lower office closures compared to the fourth quarter 2023. As a percentage of total operating revenues, fourth quarter 2024 total other operating expenses increased to 24.5 percent compared to 22.5 percent in the prior year quarter, primarily due to increased real estate solutions service expenses.

 

 

Other

 

Net cash provided by operations in the fourth quarter 2024 was $68.0 million compared to $39.5 million in the fourth quarter 2023, primarily driven by the higher consolidated net income in the fourth quarter 2024.

 

Fourth Quarter Earnings Call

 

Stewart will hold a conference call to discuss the fourth quarter 2024 earnings at 8:30 a.m. Eastern Time on Thursday, February 6, 2025. To participate, dial (800) 343-5172 (USA) or (203) 518-9856 (International) – access code STCQ424. Additionally, participants can listen to the conference call through Stewart’s Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on February 6, 2025 until midnight on February 13, 2025 by dialing (800) 753-5479 (USA) or (402) 220-2675 (International).

 

About Stewart

 

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

 

Cautionary statement regarding forward-looking statements. Certain statements in this press release are "forward-looking statements", including statements related to Stewart’s future business plans and expectations, including our plans to achieve market growth and pretax margin improvements. Forward-looking statements, by their nature, are subject to various risks and uncertainties that could cause our actual results to differ materially. Such risks and uncertainties include the volatility of general economic conditions and adverse changes in the level of real estate activity, as well as a number of other risk and uncertainties discussed in detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this press release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

 

ST-IR

 

 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED STATEMENTS OF INCOME

(In thousands of dollars, except per share amounts and except where noted)

 

		Quarter Ended December 31,								Year Ended December 31,
		2024				2023				2024				2023
Revenues:
Title revenues:
Direct operations			283,606				240,432				1,020,380				962,674
Agency operations			279,092				262,513				1,043,173				985,989
Real estate solutions			86,998				61,408				358,559				263,577
Total operating revenues			649,696				564,353				2,422,112				2,212,240
Investment income			14,538				13,021				55,370				45,135
Net realized and unrealized gains (losses)			1,699				4,795				12,937				(34	)
			665,933				582,169				2,490,419				2,257,341
Expenses:
Amounts retained by agencies			230,724				217,021				864,807				813,519
Employee costs			199,418				178,084				745,405				712,794
Other operating expenses			159,071				127,171				603,959				507,701
Title losses and related claims			20,656				20,555				80,411				80,282
Depreciation and amortization			15,549				15,600				61,612				62,447
Interest			5,147				4,959				19,914				19,737
			630,565				563,390				2,376,108				2,196,480
Income before taxes and noncontrolling interests			35,368				18,779				114,311				60,861
Income tax expense			(8,156	)			(5,675	)			(26,155	)			(15,263	)
Net income			27,212				13,104				88,156				45,598
Less net income attributable to noncontrolling interests			4,471				4,289				14,846				15,159
Net income attributable to Stewart			22,741				8,815				73,310				30,439
Net earnings per diluted share attributable to Stewart			0.80				0.32				2.61				1.11
Diluted average shares outstanding (000)			28,277				27,751				28,129				27,520
Selected financial information:
Net cash provided by operations			67,953				39,464				135,609				83,042
Other comprehensive (loss) income			(19,093	)			23,406				(8,182	)			16,128

 

Fourth Quarter Domestic Order Counts:

Opened Orders 2024:		Oct				Nov				Dec				Total				Closed Orders 2024:		Oct				Nov				Dec				Total
Commercial			1,471				1,226				1,586				4,283			Commercial			1,363				1,174				1,766				4,303
Purchase			15,852				12,224				11,323				39,399			Purchase			11,545				10,098				10,662				32,305
Refinancing			7,245				4,782				5,225				17,252			Refinancing			4,990				3,724				3,441				12,155
Other			4,076				2,239				2,090				8,405			Other			4,339				3,937				2,386				10,662
Total			28,644				20,471				20,224				69,339			Total			22,237				18,933				18,255				59,425
Opened Orders 2023:			Oct				Nov				Dec				Total			Closed Orders 2023:			Oct				Nov				Dec				Total
Commercial			1,031				1,335				1,381				3,747			Commercial			1,074				1,264				1,463				3,801
Purchase			16,995				14,076				11,679				42,750			Purchase			12,187				10,595				10,989				33,771
Refinancing			5,165				5,038				5,194				15,397			Refinancing			3,479				3,034				3,045				9,558
Other			1,912				1,506				3,271				6,689			Other			2,000				1,309				1,367				4,676
Total			25,103				21,955				21,525				68,583			Total			18,740				16,202				16,864				51,806

 

 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)

 

		December 31, 2024				December 31, 2023
Assets:
Cash and cash equivalents			216,298				233,365
Short-term investments			41,199				39,023
Investments in debt and equity securities, at fair value			669,098				679,936
Receivables – premiums from agencies			36,753				38,676
Receivables – other			111,735				93,811
Allowance for uncollectible amounts			(7,725	)			(7,583	)
Property and equipment, net			87,613				82,335
Operating lease assets, net			102,210				115,879
Title plants			74,862				73,359
Goodwill			1,084,139				1,072,129
Intangible assets, net of amortization			173,075				193,196
Deferred tax assets			4,827				3,776
Other assets			136,061				84,959
			2,730,145				2,702,861
Liabilities:
Notes payable			445,841				445,290
Accounts payable and accrued liabilities			214,580				190,054
Operating lease liabilities			118,835				135,654
Estimated title losses			511,534				528,269
Deferred tax liabilities			28,266				25,045
			1,319,056				1,324,312
Stockholders’ equity:
Common Stock and additional paid-in capital			358,721				338,451
Retained earnings			1,089,484				1,070,841
Accumulated other comprehensive loss			(43,397	)			(35,215	)
Treasury stock			(2,666	)			(2,666	)
Stockholders’ equity attributable to Stewart			1,402,142				1,371,411
Noncontrolling interests			8,947				7,138
Total stockholders’ equity			1,411,089				1,378,549
			2,730,145				2,702,861
Number of shares outstanding (000)			27,764				27,370
Book value per share			50.50				50.11

 

 

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

 

Quarter Ended:		December 31, 2024																December 31, 2023
		Title				Real Estate Solutions				Corporate				Total				Title				Real Estate Solutions				Corporate				Total
Revenues:
Operating revenues			562,698				86,998				-				649,696				502,945				61,408				-				564,353
Investment income			14,511				27				-				14,538				12,996				25				-				13,021
Net realized and unrealized gains (losses)			2,760				-				(1,061	)			1,699				5,094				(3	)			(296	)			4,795
			579,969				87,025				(1,061	)			665,933				521,035				61,430				(296	)			582,169
Expenses:
Amounts retained by agencies			230,724				-				-				230,724				217,021				-				-				217,021
Employee costs			181,436				14,667				3,315				199,418				163,142				11,987				2,955				178,084
Other operating expenses			92,580				65,124				1,367				159,071				83,777				41,587				1,807				127,171
Title losses and related claims			20,656				-				-				20,656				20,555				-				-				20,555
Depreciation and amortization			8,921				6,301				327				15,549				8,819				6,401				380				15,600
Interest			420				1				4,726				5,147				378				48				4,533				4,959
			534,737				86,093				9,735				630,565				493,692				60,023				9,675				563,390
Income (loss) before taxes			45,232				932				(10,796	)			35,368				27,343				1,407				(9,971	)			18,779
Year Ended:		December 31, 2024																December 31, 2023
		Title				Real Estate Solutions				Corporate				Total				Title				Real Estate Solutions				Corporate				Total
Revenues:
Operating revenues			2,063,553				358,559				-				2,422,112				1,948,663				263,577				-				2,212,240
Investment income			55,256				114				-				55,370				45,028				107				-				45,135
Net realized and unrealized gains (losses)			14,146				-				(1,209	)			12,937				3,437				(3	)			(3,468	)			(34	)
			2,132,955				358,673				(1,209	)			2,490,419				1,997,128				263,681				(3,468	)			2,257,341
Expenses:
Amounts retained by agencies			864,807				-				-				864,807				813,519				-				-				813,519
Employee costs			677,378				54,572				13,455				745,405				648,832				49,320				14,642				712,794
Other operating expenses			339,950				258,827				5,182				603,959				320,529				179,640				7,532				507,701
Title losses and related claims			80,411				-				-				80,411				80,282				-				-				80,282
Depreciation and amortization			35,047				25,104				1,461				61,612				35,000				25,802				1,645				62,447
Interest			1,584				9				18,321				19,914				1,442				239				18,056				19,737
			1,999,177				338,512				38,419				2,376,108				1,899,604				255,001				41,875				2,196,480
Income (loss) before taxes			133,778				20,161				(39,628	)			114,311				97,524				8,680				(45,343	)			60,861

 

 

Appendix A

Non-GAAP Adjustments

 

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquisition intangible asset amortization and other expenses (acquisition-related), office closure costs, executive severance expenses, and other nonrecurring expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

 

Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and year ended December 31, 2024 and 2023 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

 

		Quarter Ended December 31,												Year Ended December,
		2024				2023				% Chg				2024				2023				% Chg
Total revenues			665.9				582.2				14	%			2,490.4				2,257.3				10	%
Non-GAAP revenue adjustments:
Net realized and unrealized gains			(1.7	)			(4.8	)							(12.9	)			-
Adjusted total revenues			664.2				577.4				15	%			2,477.5				2,257.3				10	%
Details of net realized and unrealized gains:
Unrealized gains on equity securities fair value			1.4				3.7								12.6				2.1
Gains (losses) on acquisition liability adjustments			2.4				0.9								2.4				(2.3	)
Sale of offices			(0.8	)			(0.1	)							(0.8	)			(0.1	)
Impairment of investments and other assets			(1.1	)			(0.2	)							(1.2	)			(0.2	)
Other items, net			(0.3	)			0.6								0.1				0.5
Total net realized and unrealized gains			1.7				4.8								12.9				-
Pretax income			35.4				18.8				88	%			114.3				60.9				88	%
Non-GAAP pretax adjustments:
Net realized and unrealized gains			(1.7	)			(4.8	)							(12.9	)			-
Acquisition intangible asset amortization and other expenses			8.5				8.7								33.6				36.0
Office closure costs			1.2				5.5								3.1				7.3
Executive severance expenses			3.9				0.9								4.6				3.1
State sales tax assessment expense			-				-								-				1.2
Adjusted pretax income			47.3				29.1				63	%			142.8				108.5				32	%
GAAP pretax margin			5.3	%			3.2	%							4.6	%			2.7	%
Adjusted pretax margin			7.1	%			5.0	%							5.8	%			4.8	%

 

 

		Quarter Ended December 31,												Year Ended December 31,
		2024				2023				% Chg				2024				2023				% Chg
Net income attributable to Stewart			22.7				8.8				158	%			73.3				30.4				141	%
Non-GAAP pretax adjustments:
Net realized and unrealized gains			(1.7	)			(4.8	)							(12.9	)			-
Acquisition intangible asset amortization and other expenses			8.5				8.7								33.6				36.0
Office closure costs			1.2				5.5								3.1				7.3
Executive severance expenses			3.9				0.9								4.6				3.1
State sales tax assessment expense			-				-								-				1.2
Net tax effects of non-GAAP adjustments			(3.1	)			(2.5	)							(7.4	)			(11.4	)
Non-GAAP adjustments, after taxes			8.8				7.8								21.1				36.2
Adjusted net income attributable to Stewart			31.5				16.6				90	%			94.4				66.6				42	%
Diluted average shares outstanding (000)			28,277				27,751								28,129				27,520
GAAP net income per share			0.80				0.32								2.61				1.11
Adjusted net income per share			1.12				0.60								3.35				2.42
		Quarter Ended December 31,												Year Ended December 31,
		2024				2023				% Chg				2024				2023				% Chg
Title Segment:
Total revenues			580.0				521.0				11	%			2,133.0				1,997.1				7	%
Net realized and unrealized gains			(2.8	)			(5.1	)							(14.1	)			(3.4	)
Adjusted total revenues			577.2				515.9				12	%			2,118.8				1,993.7				6	%
Pretax income			45.2				27.3				65	%			133.8				97.5				37	%
Non-GAAP revenue adjustments:
Net realized and unrealized gains			(2.8	)			(5.1	)							(14.1	)			(3.4	)
Acquisition intangible asset amortization and other expenses			3.0				2.9								11.5				12.3
Office closure costs			1.2				5.5								3.1				7.3
Executive severance expenses			3.9				0.7								4.6				2.3
Adjusted pretax income			50.5				31.4				61	%			138.9				116.0				20	%
GAAP pretax margin			7.8	%			5.2	%							6.3	%			4.9	%
Adjusted pretax margin			8.8	%			6.1	%							6.6	%			5.8	%
Real Estate Solutions Segment:
Total revenues			87.0				61.4				42	%			358.7				263.7				36	%
Pretax income			0.9				1.4				(34	%)			20.2				8.7				132	%
Non-GAAP revenue adjustments:
Acquisition intangible asset amortization			5.5				5.8								22.2				23.7
Executive severance expenses			-				0.2								-				0.3
State sales tax assessment expense			-				-								-				1.2
Adjusted pretax income			6.5				7.4				(13	%)			42.3				33.8				25	%
GAAP pretax margin			1.1	%			2.3	%							5.6	%			3.3	%
Adjusted pretax margin			7.4	%			12.0	%							11.8	%			12.8	%

 

 

v3.25.0.1

Cover	Feb. 05, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 05, 2025
Entity File Number	001-02658
Entity Registrant Name	STEWART INFORMATION SERVICES CORPORATION
Entity Central Index Key	0000094344
Entity Tax Identification Number	74-1677330
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1360 Post Oak Blvd, Suite 100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	625-8100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	STC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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