8-K

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

March 6, 2008

Date of Report (Date of earliest event reported)

INVESTORS TITLE COMPANY

(Exact name of Registrant as specified in its charter)

North Carolina	0-11774	56-1110199
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

121 North Columbia Street Chapel Hill, North Carolina	27514
(Address of Principal Executive Offices)	(Zip Code)

(919) 968-2200

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the 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))

Item 2.02.  Results of Operations and Financial Condition

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated March 6, 2008, reporting Investors Title Company's financial results for the fiscal quarter and the fiscal year ended December 31, 2007.

The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits.  The following exhibit accompanies this Report:

Exhibit 99.1 – Press Release of Investors Title Company dated March 6, 2008.

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 hereunto duly authorized.

	INVESTORS TITLE COMPANY
Date: March 6, 2008	By:	/s/ James A. Fine, Jr.
		James A. Fine, Jr.
		President, Treasurer and
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by Investors Title Company on March 6, 2008

EX-99.1

INVESTORS TITLE COMPANY ANNOUNCES FOURTH QUARTER AND YEAR 2007 RESULTS

     Contact:  Elizabeth B. Lewter

March 6, 2008

Telephone:    (919) 968-2200

        NASDAQ Symbol: ITIC

FOR IMMEDIATE RELEASE:

Chapel Hill, NC – J. Allen Fine, Chairman of Investors Title Company, announced its results for the quarter and year ended December 31, 2007.   For the fourth quarter ended December 31, 2007, the Company reported net income of $1,068,080, a decrease of 54.0% compared with $2,322,887 for the same three-month period in 2006.  Net income per diluted share decreased 52.7% to $0.43 from $0.91 per diluted share in the same period last year.  Net premiums written decreased 3.9% to $15,570,815, investment income increased 12.1% to $1,413,938 and revenues decreased 1.0% to $19,442,002 compared with the prior year period.

For the year ended December 31, 2007, the Company reported net income of $8,402,335, a decrease of 36.3%, compared with $13,185,434 for the same period in 2006.  Diluted earnings per share were $3.35, a decrease of 34.8% compared with $5.14 for the same period in 2006. Net premiums written decreased 0.3% to $69,983,989, investment income increased 20.1% to $5,197,178 and revenues increased 0.3% to $84,942,287 compared with the prior year.

For the quarter, total revenues and operating expenses remained relatively flat compared with the same period for 2006.  Total revenues declined about 1.0% while operating expenses increased by 0.83%.  Increases in investment and miscellaneous revenue offset declines in premiums written and exchange services revenue.

Net income for the fourth quarter declined primarily because of an increase in the provision for income taxes relating to a re-classification in the fourth quarter of certain taxable municipal bonds that had been misclassified as tax-exempt by the Company’s custodian bank.  The increase in income taxes consisted of approximately $440,000 relating to the 2006 tax year and approximately $375,000 relating to the first three quarters of 2007.

During the quarter, the Company repurchased 72,009 shares of its common stock and has authority remaining to repurchase an additional 235,336 shares.  For the year ended December 31, 2007, the Company repurchased 111,437 shares of common stock.

President Fine added, “Overall we are pleased with the Company’s net income for the year given the challenging operating environment resulting from declining real estate activity and increasing claims experience industry-wide.  We continue to be watchful over controllable expenditures and for opportunities to minimize fraud related claims exposure.”

Investors Title Company is engaged through its subsidiaries in the business of issuing and underwriting title insurance policies.   The Company also provides services in connection with tax-deferred exchanges of like-kind property and investment management services to individuals, companies, banks and trusts.

Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include any predictions regarding activity in the U.S. real estate market.  These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results.  For more details on risk, uncertainties and other factors that could affect expectations, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission.

# # # #

Investors Title Company and Subsidiaries
Consolidated Statements of Income
December 31, 2007 and 2006
(Unaudited)
	For The Three				For The Twelve
	Months Ended				Months Ended
	December 31				December 31
	2007		2006		2007		2006
Revenues:
Underwriting income:
Premiums written	$	15,622,242	$	16,322,263	$	70,248,166	$	70,638,049
Less-premiums for reinsurance ceded		51,427		123,689		264,177		441,582
Net premiums written		15,570,815		16,198,574		69,983,989		70,196,467
Investment income-interest and dividends		1,413,938		1,261,430		5,197,178		4,326,335
Net realized gain on sales of investments		34,660		62,531		921,871		551,058
Exchange services revenue		1,182,189		1,438,946		4,340,062		5,980,027
Other		1,240,400		672,432		4,499,187		3,607,829
Total Revenues		19,442,002		19,633,913		84,942,287		84,661,716
Operating Expenses:
Commissions to agents		6,386,094		6,345,920		28,424,960		26,714,784
Provision for claims		1,609,440		1,526,619		10,134,719		7,405,211
Salaries, employee benefits and payroll taxes		5,317,243		5,170,770		20,819,094		20,036,079
Office occupancy and operations		1,417,710		1,681,585		5,590,827		5,599,382
Business development		625,540		666,694		2,183,853		2,247,826
Filing fees and taxes, other than payroll and income		62,192		83,049		531,777		573,395
Premium and retaliatory taxes		317,516		281,389		1,496,448		1,348,850
Professional and contract labor fees		712,420		754,305		2,789,878		2,659,238
Other		378,767		177,695		1,146,396		747,517
Total Operating Expenses		16,826,922		16,688,026		73,117,952		67,332,282
Income Before Income Taxes		2,615,080		2,945,887		11,824,335		17,329,434
Provision For Income Taxes		1,547,000		623,000		3,422,000		4,144,000
Net Income	$	1,068,080	$	2,322,887	$	8,402,335	$	13,185,434
Basic Earnings Per Common Share	$	0.44	$	0.93	$	3.39	$	5.22
Weighted Average Shares Outstanding - Basic		2,452,416		2,507,062		2,479,321		2,527,927
Diluted Earnings Per Common Share	$	0.43	$	0.91	$	3.35	$	5.14
Weighted Average Shares Outstanding - Diluted		2,473,049		2,546,638		2,508,609		2,564,216

Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2007 and 2006
(Unaudited)
	December 31, 2007		December 31, 2006
Assets
Investments in securities:
Fixed maturities:
Held-to-maturity, at amortized cost	$	1,052,535	$	1,195,617
Available-for-sale, at fair value		90,530,946		101,954,292
Equity securities, available-for-sale at fair value		14,586,066		12,495,923
Short-term investments		21,222,533		4,460,911
Other investments		1,634,301		1,473,303
Total investments		129,026,381		121,580,046
Cash and cash equivalents		3,000,762		3,458,432
Premiums and fees receivable, net		6,900,968		6,693,706
Accrued interest and dividends		1,254,641		1,336,790
Prepaid expenses and other assets		1,276,806		1,479,366
Property acquired in settlement of claims		278,476		303,538
Property, net		5,278,891		6,134,304
Deferred income taxes, net		2,625,495		2,530,196
Total Assets	$	149,642,420	$	143,516,378
Liabilities and Stockholders' Equity
Liabilities:
Reserves for claims	$	36,975,000	$	36,906,000
Accounts payable and accrued liabilities		11,236,781		10,537,992
Commissions and reinsurance payables		406,922		470,468
Current income taxes payable		1,747,877		326,255
Total liabilities		50,366,580		48,240,715
Stockholders' Equity:
Common stock - no par value (shares authorized 10,000,000;
2,411,318 and 2,507,325 shares issued and outstanding 2007 and 2006,
respectively, excluding 291,676 shares for 2007 and 2006
of common stock held by the Company's subsidiary)		1		1
Retained earnings		95,739,827		92,134,608
Accumulated other comprehensive income		3,536,012		3,141,054
Total stockholders' equity		99,275,840		95,275,663
Total Liabilities and Stockholders' Equity	$	149,642,420	$	143,516,378

Investors Title Company and Subsidiaries
Net Premiums Written By State
December 31, 2007 and 2006
(Unaudited)
	For the Three Months Ended						For the Twelve Months Ended
	December 31						December 31
State	2007			2006			2007			2006
Illinois	$	372,152		$	296,172		$	1,653,518		$	1,115,890
Kentucky		683,496			516,328			2,563,039			2,292,194
Maryland		230,373			406,643			1,167,576			1,532,915
Michigan		723,256			904,443			3,073,006			3,488,984
New York		605,560			621,105			2,412,625			2,436,563
North Carolina		7,678,826			7,800,561			34,544,366			35,200,769
Pennsylvania		370,792			372,610			1,512,745			1,472,615
South Carolina		1,886,231			2,193,201			7,637,330			7,177,871
Tennessee		565,678			499,367			2,599,686			2,466,956
Virginia		1,274,943			1,647,374			6,121,746			6,734,698
West Virginia		484,318			458,605			2,029,885			2,132,330
Other States		715,468			591,855			4,889,828			4,564,106
Direct Premiums		15,591,093			16,308,264			70,205,350			70,615,891
Reinsurance Assumed		31,149			13,999			42,816			22,158
Reinsurance Ceded		(51,427	)		(123,689	)		(264,177	)		(441,582	)
Net Premiums Written	$	15,570,815		$	16,198,574		$	69,983,989		$	70,196,467

Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
December 31, 2007 and 2006
(Unaudited)
	For The Three Months Ended								For The Twelve Months Ended
	December 31								December 31
	2007		%		2006		%		2007		%		2006		%
Branch	$	6,736,650		43	$	7,033,319		43	$	30,088,420		43	$	32,366,365		46
Agency		8,834,165		57		9,165,255		57		39,895,569		57		37,830,102		54
Total	$	15,570,815		100	$	16,198,574		100	$	69,983,989		100	$	70,196,467		100