Investors Title Company announced on Monday earnings of $4.20 per diluted share for the third quarter in comparison to $5.61 per diluted share from the same period a year ago.

The company’s revenue dropped slightly, falling from $48.3 million a year ago to $47.9 million. The company cites a $2.5 million decrease in revenue associated with changes in the estimated fair value of equity security investments.

Investors Title reported net income of $8.0 million, down from $10.6 million in the same quarter of 2018.

However, the company set an all-time record for net premiums written with $40.2 million, up from $39.4 million a year ago, due to lower average mortgage rates that brought an increase in refinancing activity.

“We are pleased to report that in the third quarter, we set a new record level of net premiums written,” Chairman J. Allen Fine said in a statement. “Lower interest rates spurred an increased level of refinance activity, while premiums from home sales remained strong in light of continued strength in the U.S. economy.”

Investors Title writes and supports residential and commercial title insurances in addition to the management of commercial transactions through sister companies. Shares of Investors Title closed at $151.50 on Monday afternoon, down $6.60.