Chapel Hill-based Investors Title Co. reported a record-breaking 79.7 percent increase in third quarter earnings due to a strong housing market, lower claims expense and the favorable impact of recent tax legislation, the company announced Friday.

The company reported total net income of $10.6 million, or $5.61 per diluted share, up from $5.9 million, or $3.13 per share, this time last year. Revenue totaled $48.6 million, up 11.9 percent from the third quarter last year.

“Overall economic strength and record-low levels of unemployment continue to drive strong demand in the housing market as well as higher average real estate values,” said Chairman J. Allen Fine in a statement.

“These factors overcame reductions in refinance activity, which remains suppressed as interest rates continue to rise, resulting in an increase in net premiums written for the quarter. The combination of solid revenue growth, stable levels of claims experience, and management of overhead expenses drove a record level of earnings for the quarter.”

The reported growth in revenue, earnings and net premiums written set quarterly records for the company, the filing stated, despite increased operating expenses due to higher commission and staffing costs.

Investors Title was founded in North Carolina in 1972. The company writes and supports residential and commercial title insurance, an important element of any real estate transaction. The company also provides coordinating, management and underwriting services for complex commercial transactions.

Investors Title stock was trading at $190.30 on Friday, up 6.8 percent from the day prior.

The filing can be found here.