Let me now turn the call over to our CEO, George Scanlon.
Thank you, Bill, and good morning, everyone. We are pleased to report a $17 million increase in title pretax earnings despite a $60 million decrease in title operating revenue versus the second quarter of 2010. Additionally, the prior year was a particularly strong quarter for realized gains in the Title segment, as we realized more than $24 million in gains versus only $2 million this year, another sign of the strength of the operating performance in our Title business this quarter.
As Bill mentioned, the significant contributor was the strong performance in our Commercial business. Commercial revenue accounted for more than 25% of total direct title premiums in the second quarter, compared with 20% in the second quarter of 2010.Read the rest of this transcript for free on seekingalpha.com
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