
		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted, except per share)					($000 omitted, except per share)
Revenues	Revenues					Revenues
Title revenues:	Title revenues:					Title revenues:
Direct operations	Direct operations	353,502	218,214	633,007	416,496	Direct operations	351,122	353,502	668,956	633,007
Agency operations	Agency operations	390,330	277,387	736,261	519,417	Agency operations	409,931	390,330	814,076	736,261
Ancillary services		58,193	11,155	114,124	16,616
Real estate solutions and other						Real estate solutions and other	88,186	58,193	211,415	114,124
Operating revenues	Operating revenues	802,025	506,756	1,483,392	952,529	Operating revenues	849,239	802,025	1,694,447	1,483,392
Investment income	Investment income	5,130	4,285	9,074	9,503	Investment income	6,739	5,130	10,361	9,074
Net realized and unrealized gains (losses)		11,654	5,064	14,929	(6,027)
Net realized and unrealized (losses) gains						Net realized and unrealized (losses) gains	(11,905)	11,654	(7,820)	14,929
		818,809	516,105	1,507,395	956,005		844,073	818,809	1,696,988	1,507,395
Expenses	Expenses					Expenses
Amounts retained by agencies	Amounts retained by agencies	322,020	228,720	605,955	428,086	Amounts retained by agencies	339,847	322,020	671,039	605,955
Employee costs	Employee costs	188,467	137,528	357,864	273,180	Employee costs	210,246	188,467	415,228	357,864
Other operating expenses	Other operating expenses	137,796	74,613	263,279	146,473	Other operating expenses	162,008	137,796	351,756	263,279
Title losses and related claims	Title losses and related claims	33,569	21,541	62,342	40,172	Title losses and related claims	26,398	33,569	55,619	62,342
Depreciation and amortization	Depreciation and amortization	6,819	4,061	13,249	8,292	Depreciation and amortization	14,288	6,819	28,037	13,249
Interest	Interest	682	622	1,248	1,513	Interest	4,507	682	8,918	1,248
		689,353	467,085	1,303,937	897,716		757,294	689,353	1,530,597	1,303,937
Income before taxes and noncontrolling interests	Income before taxes and noncontrolling interests	129,456	49,020	203,458	58,289	Income before taxes and noncontrolling interests	86,779	129,456	166,391	203,458
Income tax expense	Income tax expense	(30,616)	(11,340)	(47,496)	(13,235)	Income tax expense	(19,894)	(30,616)	(37,594)	(47,496)
Net income	Net income	98,840	37,680	155,962	45,054	Net income	66,885	98,840	128,797	155,962
Less net income attributable to noncontrolling interests	Less net income attributable to noncontrolling interests	4,021	3,534	6,907	5,731	Less net income attributable to noncontrolling interests	5,225	4,021	9,240	6,907
Net income attributable to Stewart	Net income attributable to Stewart	94,819	34,146	149,055	39,323	Net income attributable to Stewart	61,660	94,819	119,557	149,055

Net income	Net income	98,840	37,680	155,962	45,054	Net income	66,885	98,840	128,797	155,962
Other comprehensive income (loss), net of taxes:
Other comprehensive loss, net of taxes:						Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	Foreign currency translation adjustments	1,379	4,194	3,246	(7,248)	Foreign currency translation adjustments	(8,181)	1,379	(7,561)	3,246
Change in net unrealized gains and losses on investments	Change in net unrealized gains and losses on investments	1,009	16,715	(8,147)	14,135	Change in net unrealized gains and losses on investments	(12,694)	1,009	(32,592)	(8,147)
Reclassification adjustment for realized gains and losses on investments		(418)	(21)	(563)	(101)
Other comprehensive income (loss), net of taxes:		1,970	20,888	(5,464)	6,786
Reclassification adjustments for realized gains and losses on investments						Reclassification adjustments for realized gains and losses on investments	(117)	(418)	(302)	(563)
Other comprehensive (loss) income, net of taxes:						Other comprehensive (loss) income, net of taxes:	(20,992)	1,970	(40,455)	(5,464)
Comprehensive income	Comprehensive income	100,810	58,568	150,498	51,840	Comprehensive income	45,893	100,810	88,342	150,498
Less net income attributable to noncontrolling interests	Less net income attributable to noncontrolling interests	4,021	3,534	6,907	5,731	Less net income attributable to noncontrolling interests	5,225	4,021	9,240	6,907
Comprehensive income attributable to Stewart	Comprehensive income attributable to Stewart	96,789	55,034	143,591	46,109	Comprehensive income attributable to Stewart	40,668	96,789	79,102	143,591

Basic average shares outstanding (000)	Basic average shares outstanding (000)	26,798	23,656	26,767	23,647	Basic average shares outstanding (000)	27,018	26,798	26,989	26,767
Basic earnings per share attributable to Stewart	Basic earnings per share attributable to Stewart	3.54	1.44	5.57	1.66	Basic earnings per share attributable to Stewart	2.28	3.54	4.43	5.57
Diluted average shares outstanding (000)	Diluted average shares outstanding (000)	27,123	23,756	27,038	23,757	Diluted average shares outstanding (000)	27,293	27,123	27,377	27,038
Diluted earnings per share attributable to Stewart	Diluted earnings per share attributable to Stewart	3.50	1.44	5.51	1.66	Diluted earnings per share attributable to Stewart	2.26	3.50	4.37	5.51


		As of June 30, 2021 (Unaudited)	As of December 31, 2020		June 30, 2022 (Unaudited)	December 31, 2021
		($000 omitted)			($000 omitted)
Assets	Assets			Assets
Cash and cash equivalents	Cash and cash equivalents	400,542	432,683	Cash and cash equivalents	405,310	485,919
Short-term investments	Short-term investments	17,628	20,678	Short-term investments	17,282	17,650
Investments in debt and equity securities, at fair value		711,398	684,387

Investments, at fair value:				Investments, at fair value:
Debt securities (amortized cost of $623,614 and $578,165)				Debt securities (amortized cost of $623,614 and $578,165)	593,583	589,772
Equity securities				Equity securities	93,672	89,442
					687,255	679,214
Receivables:	Receivables:			Receivables:
Premiums from agencies	Premiums from agencies	46,449	34,507	Premiums from agencies	50,565	45,428
Trade and other	Trade and other	72,061	56,054	Trade and other	70,572	75,079
Income taxes	Income taxes	2,034	501	Income taxes	4,338	5,420
Notes	Notes	1,461	1,557	Notes	4,633	1,124
Allowance for uncollectible amounts	Allowance for uncollectible amounts	(5,168)	(4,807)	Allowance for uncollectible amounts	(7,028)	(7,711)
		116,837	87,812		123,080	119,340
Property and equipment:	Property and equipment:			Property and equipment:
Land	Land	2,964	2,964	Land	2,545	2,545
Buildings	Buildings	16,645	22,598	Buildings	18,692	19,303
Furniture and equipment	Furniture and equipment	181,690	168,147	Furniture and equipment	208,350	216,261
Accumulated depreciation	Accumulated depreciation	(146,711)	(142,038)	Accumulated depreciation	(156,087)	(165,653)
		54,588	51,671		73,500	72,456
Operating lease assets	Operating lease assets	112,351	106,479	Operating lease assets	137,275	134,578
Title plants, at cost	Title plants, at cost	73,113	72,863	Title plants, at cost	73,503	76,859
Investments on equity method basis	Investments on equity method basis	22,051	6,765	Investments on equity method basis	4,650	4,754
Goodwill	Goodwill	549,991	431,477	Goodwill	964,212	924,837
Intangible assets, net of amortization	Intangible assets, net of amortization	36,798	37,382	Intangible assets, net of amortization	187,494	229,804
Deferred tax assets	Deferred tax assets	4,330	4,330	Deferred tax assets	3,766	3,846
Other assets	Other assets	68,707	42,048	Other assets	78,015	64,105
		2,168,334	1,978,575		2,755,342	2,813,362
Liabilities	Liabilities			Liabilities
Notes payable	Notes payable	127,662	101,773	Notes payable	444,908	483,491
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	229,054	225,180	Accounts payable and accrued liabilities	200,294	287,326
Operating lease liabilities	Operating lease liabilities	124,038	119,089	Operating lease liabilities	150,472	149,417
Estimated title losses	Estimated title losses	524,983	496,275	Estimated title losses	562,681	549,614
Deferred tax liabilities	Deferred tax liabilities	26,524	23,852	Deferred tax liabilities	37,166	48,779
		1,032,261	966,169		1,395,521	1,518,627
Contingent liabilities and commitments	Contingent liabilities and commitments	0	0	Contingent liabilities and commitments	0	0
Stockholders’ equity	Stockholders’ equity			Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	Common Stock ($1 par value) and additional paid-in capital	301,251	301,937	Common Stock ($1 par value) and additional paid-in capital	316,224	309,622
Retained earnings	Retained earnings	819,834	688,819	Retained earnings	1,073,788	974,800
Accumulated other comprehensive income (loss):	Accumulated other comprehensive income (loss):			Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	Foreign currency translation adjustments	(4,992)	(8,238)	Foreign currency translation adjustments	(16,478)	(8,917)
Net unrealized gains on debt securities investments		16,550	25,260
Net unrealized (losses) gains on debt securities investments				Net unrealized (losses) gains on debt securities investments	(23,724)	9,170

Treasury stock – 352,161 common shares, at cost	Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)	Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	Stockholders’ equity attributable to Stewart	1,129,977	1,005,112	Stockholders’ equity attributable to Stewart	1,347,144	1,282,009
Noncontrolling interests	Noncontrolling interests	6,096	7,294	Noncontrolling interests	12,677	12,726
Total stockholders’ equity (26,825,233 and 26,728,242 shares outstanding)		1,136,073	1,012,406
Total stockholders’ equity (27,038,282 and 26,893,430 shares outstanding)				Total stockholders’ equity (27,038,282 and 26,893,430 shares outstanding)	1,359,821	1,294,735
		2,168,334	1,978,575		2,755,342	2,813,362


		Six Months Ended June 30,			Six Months Ended June 30,
		2021	2020		2022	2021
		($000 omitted)			($000 omitted)
Reconciliation of net income to cash provided by operating activities:	Reconciliation of net income to cash provided by operating activities:			Reconciliation of net income to cash provided by operating activities:
Net income	Net income	155,962	45,054	Net income	128,797	155,962
Add (deduct):	Add (deduct):			Add (deduct):
Depreciation and amortization	Depreciation and amortization	13,249	8,292	Depreciation and amortization	28,037	13,249
Provision for bad debt		846	106
Net realized and unrealized (gains) losses		(14,929)	6,027
Adjustments for bad debt provisions				Adjustments for bad debt provisions	(157)	846
Net realized and unrealized losses (gains)				Net realized and unrealized losses (gains)	7,820	(14,929)
Amortization of net premium on debt securities investments	Amortization of net premium on debt securities investments	1,904	2,253	Amortization of net premium on debt securities investments	1,382	1,904
Payments for title losses less than provisions	Payments for title losses less than provisions	26,222	1,236	Payments for title losses less than provisions	16,902	26,222
Adjustments for insurance recoveries of title losses	Adjustments for insurance recoveries of title losses	0	228	Adjustments for insurance recoveries of title losses	220	—
(Increase) decrease in receivables – net		(22,366)	8,792
Decrease (increase) in receivables – net				Decrease (increase) in receivables – net	2,907	(22,366)
Increase in other assets – net	Increase in other assets – net	(3,327)	(3,743)	Increase in other assets – net	(6,720)	(3,327)
Decrease in accounts payable and other liabilities – net	Decrease in accounts payable and other liabilities – net	(15,390)	(22,817)	Decrease in accounts payable and other liabilities – net	(68,475)	(15,390)
Change in net deferred income taxes	Change in net deferred income taxes	4,122	2,277	Change in net deferred income taxes	515	4,122
Net income from equity method investments	Net income from equity method investments	(3,412)	(1,356)	Net income from equity method investments	(1,860)	(3,412)
Dividends received from equity method investments	Dividends received from equity method investments	1,739	1,549	Dividends received from equity method investments	2,150	1,739
Stock-based compensation expense	Stock-based compensation expense	5,879	2,449	Stock-based compensation expense	6,440	5,879
Other – net	Other – net	(47)	(237)	Other – net	229	(47)
Cash provided by operating activities	Cash provided by operating activities	150,452	50,110	Cash provided by operating activities	118,187	150,452
Investing activities:	Investing activities:			Investing activities:
Proceeds from sales of investments in securities	Proceeds from sales of investments in securities	14,744	15,499	Proceeds from sales of investments in securities	28,769	14,744
Proceeds from matured investments in debt securities	Proceeds from matured investments in debt securities	51,034	33,096	Proceeds from matured investments in debt securities	23,521	51,034
Purchases of investments in securities	Purchases of investments in securities	(89,198)	(50,856)	Purchases of investments in securities	(117,913)	(89,198)
Net sales of short-term investments		2,747	2,763
Net (purchases) sales of short-term investments				Net (purchases) sales of short-term investments	(189)	2,747
Purchases of property and equipment, and real estate	Purchases of property and equipment, and real estate	(16,430)	(6,796)	Purchases of property and equipment, and real estate	(26,226)	(16,430)
Proceeds from sale of buildings		10,583	0
Proceeds from sale of property and equipment and other assets				Proceeds from sale of property and equipment and other assets	1,033	10,583
Cash paid for acquisition of businesses	Cash paid for acquisition of businesses	(131,906)	(33,417)	Cash paid for acquisition of businesses	(23,310)	(131,906)
Cash paid for acquisition of equity method investment	Cash paid for acquisition of equity method investment	(16,080)	0	Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	Other – net	855	1,278	Other – net	3,242	855
Cash used by investing activities	Cash used by investing activities	(173,651)	(38,433)	Cash used by investing activities	(111,142)	(173,651)
Financing activities:	Financing activities:			Financing activities:
Proceeds from notes payable	Proceeds from notes payable	181,755	404	Proceeds from notes payable	5,721	181,755
Payments on notes payable	Payments on notes payable	(157,662)	(9,334)	Payments on notes payable	(44,553)	(157,662)
Distributions to noncontrolling interests	Distributions to noncontrolling interests	(7,253)	(5,957)	Distributions to noncontrolling interests	(9,483)	(7,253)

Repurchases of Common Stock	Repurchases of Common Stock	(2,002)	(468)	Repurchases of Common Stock	(2,551)	(2,002)
Proceeds from stock option exercises		181	0
Proceeds from stock option and employee stock purchase plan exercises				Proceeds from stock option and employee stock purchase plan exercises	2,713	181
Cash dividends paid	Cash dividends paid	(17,688)	(14,198)	Cash dividends paid	(20,258)	(17,688)
Payment of contingent consideration related to an acquisition		(75)	0
Payment of contingent consideration related to acquisitions				Payment of contingent consideration related to acquisitions	(15,997)	(75)
Purchase of remaining interest in consolidated subsidiaries	Purchase of remaining interest in consolidated subsidiaries	(5,616)	0	Purchase of remaining interest in consolidated subsidiaries	—	(5,616)
Other - net	Other - net	(777)	0	Other - net	94	(777)
Cash used by financing activities	Cash used by financing activities	(9,137)	(29,553)	Cash used by financing activities	(84,314)	(9,137)
Effects of changes in foreign currency exchange rates	Effects of changes in foreign currency exchange rates	195	(1,927)	Effects of changes in foreign currency exchange rates	(3,340)	195
Change in cash and cash equivalents	Change in cash and cash equivalents	(32,141)	(19,803)	Change in cash and cash equivalents	(80,609)	(32,141)
Cash and cash equivalents at beginning of period	Cash and cash equivalents at beginning of period	432,683	330,609	Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	Cash and cash equivalents at end of period	400,542	310,806	Cash and cash equivalents at end of period	405,310	400,542


		Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total		Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total
										($000 omitted)
Six Months Ended June 30, 2022									Six Months Ended June 30, 2022
Balance at December 31, 2021									Balance at December 31, 2021	27,246	282,376	974,800	253	(2,666)	12,726	1,294,735

Net income attributable to Stewart									Net income attributable to Stewart	—	—	119,557	—	—	—	119,557
Dividends on Common Stock ($0.75 per share)									Dividends on Common Stock ($0.75 per share)	—	—	(20,569)	—	—	—	(20,569)

Stock-based compensation									Stock-based compensation	126	6,314	—	—	—	—	6,440
Stock repurchases									Stock repurchases	(37)	(2,514)	—	—	—	—	(2,551)
Stock option and employee stock purchase plan exercises									Stock option and employee stock purchase plan exercises	55	2,658	—	—	—	—	2,713

Change in net unrealized gains and losses on investments, net of taxes									Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(32,592)	—	—	(32,592)
Reclassification adjustment for realized gains and losses on investments, net of taxes									Reclassification adjustment for realized gains and losses on investments, net of taxes	—	—	—	(302)	—	—	(302)
Foreign currency translation adjustments, net of taxes									Foreign currency translation adjustments, net of taxes	—	—	—	(7,561)	—	—	(7,561)
Net income attributable to noncontrolling interests									Net income attributable to noncontrolling interests	—	—	—	—	—	9,240	9,240
Distributions to noncontrolling interests									Distributions to noncontrolling interests	—	—	—	—	—	(9,483)	(9,483)
Net effect of other changes in ownership									Net effect of other changes in ownership	—	—	—	—	—	194	194
Balance at June 30, 2022									Balance at June 30, 2022	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677	1,359,821
		($000 omitted)
Six Months Ended June 30, 2021	Six Months Ended June 30, 2021								Six Months Ended June 30, 2021
Balance at December 31, 2020	Balance at December 31, 2020	27,080	274,857	688,819	17,022	(2,666)	7,294	1,012,406	Balance at December 31, 2020	27,080	274,857	688,819	17,022	(2,666)	7,294	1,012,406

Net income attributable to Stewart	Net income attributable to Stewart	—	—	149,055	—	—	—	149,055	Net income attributable to Stewart	—	—	149,055	—	—	—	149,055
Dividends on Common Stock ($0.66 per share)	Dividends on Common Stock ($0.66 per share)	—	—	(18,040)	—	—	—	(18,040)	Dividends on Common Stock ($0.66 per share)	—	—	(18,040)	—	—	—	(18,040)

Stock-based compensation	Stock-based compensation	131	5,748	—	—	—	—	5,879	Stock-based compensation	131	5,748	—	—	—	—	5,879
Stock repurchases	Stock repurchases	(39)	(1,963)	—	—	—	—	(2,002)	Stock repurchases	(39)	(1,963)	—	—	—	—	(2,002)
Stock option exercises		5	176	—	—	—	—	181
Purchase of remaining interest in consolidated subsidiaries		—	(4,744)	—	—	—	(872)	(5,616)
Change in net unrealized gains and losses on investments, net of taxes		—	—	—	(8,147)	—	—	(8,147)
Reclassification adjustment for realized gains and losses on investments, net of taxes		—	—	—	(563)	—	—	(563)
Foreign currency translation adjustments, net of taxes		—	—	—	3,246	—	—	3,246
Net income attributable to noncontrolling interests		—	—	—	—	—	6,907	6,907
Distributions to noncontrolling interests		—	—	—	—	—	(7,253)	(7,253)
Net effect of other changes in ownership		—	—	—	—	—	20	20
Balance at June 30, 2021		27,177	274,074	819,834	11,558	(2,666)	6,096	1,136,073

Six Months Ended June 30, 2020
Balance at December 31, 2019		24,062	164,217	564,392	(2,699)	(2,666)	6,453	753,759

Net income attributable to Stewart		—	—	39,323	—	—	—	39,323
Dividends on Common Stock ($0.60 per share)		—	—	(14,291)	—	—	—	(14,291)
Stock-based compensation		2	2,447	—	—	—	—	2,449
Stock repurchases		(12)	(456)	—	—	—	—	(468)

Stock option and employee stock purchase plan exercises									Stock option and employee stock purchase plan exercises	5	176	—	—	—	—	181
Purchase of remaining interest in consolidated subsidiary									Purchase of remaining interest in consolidated subsidiary	—	(4,744)	—	—	—	(872)	(5,616)
Change in net unrealized gains and losses on investments, net of taxes	Change in net unrealized gains and losses on investments, net of taxes	—	—	—	14,135	—	—	14,135	Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(8,147)	—	—	(8,147)
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(101)	—	—	(101)	Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(563)	—	—	(563)
Foreign currency translation adjustments, net of taxes	Foreign currency translation adjustments, net of taxes	—	—	—	(7,248)	—	—	(7,248)	Foreign currency translation adjustments, net of taxes	—	—	—	3,246	—	—	3,246
Net income attributable to noncontrolling interests	Net income attributable to noncontrolling interests	—	—	—	—	—	5,731	5,731	Net income attributable to noncontrolling interests	—	—	—	—	—	6,907	6,907
Distributions to noncontrolling interests	Distributions to noncontrolling interests	—	—	—	—	—	(5,957)	(5,957)	Distributions to noncontrolling interests	—	—	—	—	—	(7,253)	(7,253)

Balance at June 30, 2020		24,052	166,208	589,424	4,087	(2,666)	6,227	787,332
Balance at June 30, 2021									Balance at June 30, 2021	27,177	274,074	819,834	11,558	(2,666)	6,096	1,136,073


		Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total		Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total
		($000 omitted)								($000 omitted)
Three Months Ended June 30, 2022									Three Months Ended June 30, 2022
Balances at June 30, 2021									Balances at June 30, 2021	27,367	284,524	1,022,456	(19,210)	(2,666)	12,317	1,324,788

Net income attributable to Stewart									Net income attributable to Stewart	—	—	61,660	—	—	—	61,660
Dividends on Common Stock ($0.38 per share)									Dividends on Common Stock ($0.38 per share)	—	—	(10,328)	—	—	—	(10,328)

Stock-based compensation									Stock-based compensation	18	4,183	—	—	—	—	4,201
Stock repurchases									Stock repurchases	(1)	(88)	—	—	—	—	(89)
Stock option and employee stock purchase plan exercises									Stock option and employee stock purchase plan exercises	6	215	—	—	—		221
Purchase of remaining interest in consolidated subsidiaries									Purchase of remaining interest in consolidated subsidiaries	—	0	—	—	—	0	—
Change in net unrealized gains and losses on investments, net of taxes									Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(12,694)	—	—	(12,694)
Reclassification adjustment for realized gains and losses on investments, net of taxes									Reclassification adjustment for realized gains and losses on investments, net of taxes	—	—	—	(117)	—	—	(117)
Foreign currency translation adjustments, net of taxes									Foreign currency translation adjustments, net of taxes	—	—	—	(8,181)	—	—	(8,181)
Net income attributable to noncontrolling interests									Net income attributable to noncontrolling interests	—	—	—	—	—	5,225	5,225
Distributions to noncontrolling interests									Distributions to noncontrolling interests	—	—	—	—	—	(4,915)	(4,915)
Net effect of other changes in ownership									Net effect of other changes in ownership	—	—	—	—	—	50	50
Balance at June 30, 2022									Balance at June 30, 2022	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677	1,359,821

Three Months Ended June 30, 2021	Three Months Ended June 30, 2021								Three Months Ended June 30, 2021
Balances at March 31, 2021		27,158	273,820	733,973	9,588	(2,666)	6,025	1,047,898
Balances at June 30, 2020									Balances at June 30, 2020	27,158	273,820	733,973	9,588	(2,666)	6,025	1,047,898

Net income attributable to Stewart	Net income attributable to Stewart	—	—	94,819	—	—	—	94,819	Net income attributable to Stewart	—	—	94,819	—	—	—	94,819
Dividends on Common Stock ($0.33 per share)	Dividends on Common Stock ($0.33 per share)	—	—	(8,958)	—	—	—	(8,958)	Dividends on Common Stock ($0.33 per share)	—	—	(8,958)	—	—	—	(8,958)

Stock-based compensation	Stock-based compensation	18	2,687	—	—	—	—	2,705	Stock-based compensation	18	2,687	—	—	—	—	2,705
Stock repurchases	Stock repurchases	(2)	(65)	—	—	—	—	(67)	Stock repurchases	(2)	(65)	—	—	—	—	(67)
Stock option exercises	Stock option exercises	3	117	—	—	—	—	120	Stock option exercises	3	117					120
Purchase of remaining interest in consolidated subsidiaries		—	(2,485)	—	—	—	(561)	(3,046)
Purchase of remaining interest in consolidated subsidiary									Purchase of remaining interest in consolidated subsidiary	—	(2,485)	—	—	—	(561)	(3,046)
Change in net unrealized gains and losses on investments, net of taxes	Change in net unrealized gains and losses on investments, net of taxes	—	—	—	1,009	—	—	1,009	Change in net unrealized gains and losses on investments, net of taxes	—	—	—	1,009	—	—	1,009
Reclassification adjustment for realized gains and losses on investments, net of taxes		—	—	—	(418)	—	—	(418)
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes									Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(418)	—	—	(418)
Foreign currency translation adjustments, net of taxes	Foreign currency translation adjustments, net of taxes	—	—	—	1,379	—	—	1,379	Foreign currency translation adjustments, net of taxes	—	—	—	1,379	—	—	1,379
Net income attributable to noncontrolling interests	Net income attributable to noncontrolling interests	—	—	—	—	—	4,021	4,021	Net income attributable to noncontrolling interests	—	—	—	—	—	4,021	4,021
Distributions to noncontrolling interests	Distributions to noncontrolling interests	—	—	—	—	—	(3,409)	(3,409)	Distributions to noncontrolling interests	—	—	—	—	—	(3,409)	(3,409)
Net effect of other changes in ownership	Net effect of other changes in ownership	—	—	—	—	—	20	20	Net effect of other changes in ownership	—	—	—	—	—	20	20
Balance at June 30, 2021	Balance at June 30, 2021	27,177	274,074	819,834	11,558	(2,666)	6,096	1,136,073	Balance at June 30, 2021	27,177	274,074	819,834	11,558	(2,666)	6,096	1,136,073

Three Months Ended June 30, 2020
Balances at March 31, 2020		24,032	164,741	562,445	(16,801)	(2,666)	5,324	737,075

Net income attributable to Stewart		—	—	34,146	—	—	—	34,146
Dividends on Common Stock ($0.30 per share)		—	—	(7,167)	—	—	—	(7,167)
Stock-based compensation		22	1,540	—	—	—	—	1,562
Stock repurchases		(2)	(73)	—	—	—	—	(75)

Change in net unrealized gains and losses on investments, net of taxes		—	—	—	16,715	—	—	16,715
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes		—	—	—	(21)	—	—	(21)
Foreign currency translation adjustments, net of taxes		—	—	—	4,194	—	—	4,194
Net income attributable to noncontrolling interests		—	—	—	—	—	3,534	3,534
Distributions to noncontrolling interests		—	—	—	—	—	(2,631)	(2,631)

Balance at June 30, 2020		24,052	166,208	589,424	4,087	(2,666)	6,227	787,332

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from ~~current~~current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately ~~$517.8~~$538.1 million and ~~$496.6~~$523.5 million at June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately ~~$16.6~~$14.9 million ~~and $20.0~~and $41.4 million at June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted)					($000 omitted)
Title insurance premiums:	Title insurance premiums:					Title insurance premiums:
Direct	Direct	243,638	149,745	438,631	288,028	Direct	231,721	243,638	437,283	438,631
Agency	Agency	390,330	277,387	736,261	519,417	Agency	409,931	390,330	814,076	736,261
Escrow fees	Escrow fees	63,534	41,433	120,183	74,519	Escrow fees	61,497	63,534	117,289	120,183
Appraisal management, abstract and other ancillary services		80,712	22,829	149,332	38,906
Real estate solutions and abstract fees						Real estate solutions and abstract fees	104,213	80,712	213,015	149,332
Other revenues	Other revenues	23,811	15,362	38,985	31,659	Other revenues	41,877	23,811	112,784	38,985
		802,025	506,756	1,483,392	952,529		849,239	802,025	1,694,447	1,483,392


		June 30, 2021		December 31, 2020			June 30, 2022		December 31, 2021
		Amortized costs	Fair values	Amortized costs	Fair values		Amortized costs	Fair values	Amortized costs	Fair values
		($000 omitted)					($000 omitted)
Municipal	Municipal	40,466	42,462	45,138	47,603	Municipal	32,555	32,525	34,739	36,323
Corporate	Corporate	291,413	305,229	285,962	305,450	Corporate	268,626	255,437	249,757	258,102
Foreign	Foreign	275,764	280,861	261,748	271,711	Foreign	311,894	295,134	287,240	288,883
U.S. Treasury Bonds	U.S. Treasury Bonds	6,570	6,610	6,564	6,622	U.S. Treasury Bonds	10,539	10,487	6,429	6,464

		614,213	635,162	599,412	631,386		623,614	593,583	578,165	589,772


		June 30, 2021		December 31, 2020			June 30, 2022		December 31, 2021
		Gains	Losses	Gains	Losses		Gains	Losses	Gains	Losses
		($000 omitted)					($000 omitted)
Municipal	Municipal	1,997	1	2,465	0	Municipal	114	144	1,585	1
Corporate	Corporate	14,320	504	19,594	106	Corporate	435	13,624	9,389	1,044
Foreign	Foreign	5,767	670	10,024	61	Foreign	319	17,079	3,285	1,642
U.S. Treasury Bonds	U.S. Treasury Bonds	65	25	82	24	U.S. Treasury Bonds	33	85	60	25

		22,149	1,200	32,165	191		901	30,932	14,319	2,712


		Amortized costs	Fair values		Amortized costs	Fair values
		($000 omitted)			($000 omitted)
In one year or less	In one year or less	59,019	59,695	In one year or less	98,843	98,429
After one year through five years	After one year through five years	375,721	385,551	After one year through five years	333,202	318,895
After five years through ten years	After five years through ten years	148,716	156,299	After five years through ten years	158,609	145,799
After ten years	After ten years	30,757	33,617	After ten years	32,960	30,460
		614,213	635,162		623,614	593,583


		Less than 12 months		More than 12 months		Total			Less than 12 months		More than 12 months		Total
		Losses	Fair values	Losses	Fair values	Losses	Fair values		Losses	Fair values	Losses	Fair values	Losses	Fair values
		($000 omitted)							($000 omitted)
Municipal	Municipal	1	96	0	0	1	96	Municipal	144	11,631	—	—	144	11,631
Corporate	Corporate	504	31,489	0	0	504	31,489	Corporate	12,033	218,982	1,591	11,268	13,624	230,250
Foreign	Foreign	645	74,153	25	254	670	74,407	Foreign	14,322	249,533	2,757	37,154	17,079	286,687
U.S. Treasury Bonds	U.S. Treasury Bonds	1	109	24	1,022	25	1,131	U.S. Treasury Bonds	61	1,410	24	611	85	2,021

		1,151	105,847	49	1,276	1,200	107,123		26,560	481,556	4,372	49,033	30,932	530,589

The number of specific debt investment holdings held in an unrealized loss position as of June 30, ~~2021~~2022 was ~~51.~~303. Of these securities, 323 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at June 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.


		Less than 12 months		More than 12 months		Total			Less than 12 months		More than 12 months		Total
		Losses	Fair values	Losses	Fair values	Losses	Fair values		Losses	Fair values	Losses	Fair values	Losses	Fair values
		($000 omitted)							($000 omitted)
Municipal	Municipal	0	0	0	0	0	0	Municipal	1	130	—	—	1	130
Corporate	Corporate	106	13,518	0	0	106	13,518	Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	Foreign	40	2,912	21	254	61	3,166	Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	U.S. Treasury Bonds	0	0	24	1,022	24	1,022	U.S. Treasury Bonds	8	477	17	508	25	985

		146	16,430	45	1,276	191	17,706		2,099	161,781	613	15,916	2,712	177,697


		Level 1	Level 2	Fair value measurements		Level 1	Level 2	Fair value measurements
		($000 omitted)				($000 omitted)
Investments in securities:	Investments in securities:				Investments in securities:
Debt securities:	Debt securities:				Debt securities:
Municipal	Municipal	0	47,603	47,603	Municipal	—	36,323	36,323
Corporate	Corporate	0	305,450	305,450	Corporate	—	258,102	258,102
Foreign	Foreign	0	271,711	271,711	Foreign	—	288,883	288,883
U.S. Treasury Bonds	U.S. Treasury Bonds	0	6,622	6,622	U.S. Treasury Bonds	—	6,464	6,464
Equity securities	Equity securities	53,001	0	53,001	Equity securities	89,442	—	89,442
		53,001	631,386	684,387		89,442	589,772	679,214

As of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted)					($000 omitted)
Realized gains	Realized gains	7,909	1,355	8,080	1,508	Realized gains	1,683	7,909	3,277	8,080
Realized losses	Realized losses	0	(657)	(2,469)	(1,347)	Realized losses	(3,671)	—	(3,839)	(2,469)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period		3,745	4,366	9,318	(6,188)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period						Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(9,917)	3,745	(7,258)	9,318
		11,654	5,064	14,929	(6,027)		(11,905)	11,654	(7,820)	14,929

Realized gains and losses during the second quarter 2022 included realized losses of $3.6 million from disposals of businesses and a $1.0 million gain from an acquisition contingent liability adjustment. Realized gains and losses during the second quarter 2021 included $7.3 million of gains on sales of ~~buildings, while realized gains and losses during the second quarter 2020 included $1.1 million of gains from settlements of equity investments with no previously readily determinable fair values.~~buildings. Additionally, realized gains and losses for the first six months of 2022 and 2021 included a $1.0 million realized gain related to sale of a title plant copy, and a $2.5 million loss related to a disposal of an equity method ~~investment.~~investment, respectively.

Three Months Ended
June 30, Six Months Ended
June 30,
2021 2020 2021 2020
($000 omitted)
Net investment gains (losses) recognized on equity securities during the period 3,780 3,966 9,361 (7,095)
Less: Net realized gains (losses) on equity securities sold during the period 35 (400) 43 (907)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period 3,745 4,366 9,318 (6,188)


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(9,366)	3,780	(6,795)	9,361
Less: Net realized gains on equity securities sold during the period	551	35	463	43
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(9,917)	3,745	(7,258)	9,318


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted)					($000 omitted)
Proceeds from sales of debt securities	Proceeds from sales of debt securities	11,634	3,270	14,571	14,773	Proceeds from sales of debt securities	11,002	11,634	28,282	14,571
Proceeds from sales of equity securities	Proceeds from sales of equity securities	59	433	173	726	Proceeds from sales of equity securities	117	59	487	173
Total proceeds from sales of investments in securities	Total proceeds from sales of investments in securities	11,693	3,703	14,744	15,499	Total proceeds from sales of investments in securities	11,119	11,693	28,769	14,744


		Title	Ancillary Services and Corporate	Consolidated Total		Title	Real Estate Solutions	Corporate and Other	Consolidated Total
			($000 omitted)			($000 omitted)
Balances at December 31, 2020		361,433	70,044	431,477
Balances at December 31, 2021					Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	Acquisitions	102,546	20,202	122,748	Acquisitions	25,325	—	—	25,325

Purchase accounting adjustments	Purchase accounting adjustments	(4,492)	258	(4,234)	Purchase accounting adjustments	802	28,990	(14,450)	15,342
Balances at June 30, 2021		459,487	90,504	549,991
Disposals					Disposals	(392)	—	(900)	(1,292)
Balances at June 30, 2022					Balances at June 30, 2022	609,679	354,533	—	964,212

During the first six months ~~ended June 30, 2021,~~of 2022, goodwill recorded in the title segment was related to acquisitions of a title search and support services provider, a digital customer engagement platform provider, and a number of title offices operating in the states of Arizona, New Mexico and Texas. Goodwill recorded in the ancillary services and corporate segment wasproviders, while purchase accounting adjustments were primarily related to ~~an acquisition~~measurements of ~~an online notarization~~intangible assets and ~~closing solutions provider. The goodwill balances for~~deferred taxes, and adjustments to provisional estimates within one year of the ~~2021 acquisitions were based on the Company's preliminary purchase accounting, which is expected to be finalized within a year after the acquisitions closed.~~related acquisitions.

Provisions in the first six months of 2021 increased compared to the same period in 2020, primarily as a result of increased title revenues, while the effect of changes in foreign currency exchange rates for the first six months of 2021 and 2020 were primarily influenced by the appreciation and depreciation, respectively, of the Canadian dollar against the U.S. dollar during those periods.


	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	55,760		61,147
Previous policy years	(141)		1,195
Total provisions	55,619		62,342
Payments, net of recoveries:
Current year	(8,927)		(7,682)
Previous policy years	(29,790)		(28,438)
Total payments, net of recoveries	(38,717)		(36,120)

Effects of changes in foreign currency exchange rates	(3,835)		2,486
Balances at June 30	562,681		524,983
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	4.5	%
Total provisions	3.8	%	4.6	%

Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which usually include a combination of time-based restricted stock units, performance-based restricted stock units and stock options. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and an employee service requirement over a period of approximately three years. The stock options vest on each of the first three anniversaries of the grant date at a rate of 20%, 30% and 50%, chronologically, and expire 10 years after the grant date. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

During the first six months of 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair value of $11.2 million (174,000 units with an average grant price per unit of $64.15). During the first six months of 2021, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $8.9 million (166,000 units with an average grant price per unit of $53.71) and $1.3 million (139,000 options with an average grant price per option of $9.24 and exercise strike price of $53.24). During the first six months of 2020, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $2.4 million (60,000 units with an average grant price per unit of $39.76) and $3.4 million (650,000 options with an average grant price per option of $5.32 and exercise strike price of $39.76).

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units and shares were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted, except per share)					($000 omitted, except per share)
Numerator:	Numerator:					Numerator:

Net income attributable to Stewart	Net income attributable to Stewart	94,819	34,146	149,055	39,322	Net income attributable to Stewart	61,660	94,819	119,557	149,055

Denominator (000):	Denominator (000):					Denominator (000):
Basic average shares outstanding	Basic average shares outstanding	26,798	23,656	26,767	23,647	Basic average shares outstanding	27,018	26,798	26,989	26,767
Average number of dilutive shares relating to options	Average number of dilutive shares relating to options	189	0	154	0	Average number of dilutive shares relating to options	154	189	226	154
Average number of dilutive shares relating to grants of restricted units and shares	Average number of dilutive shares relating to grants of restricted units and shares	136	100	117	110	Average number of dilutive shares relating to grants of restricted units and shares	121	136	162	117
Diluted average shares outstanding	Diluted average shares outstanding	27,123	23,756	27,038	23,757	Diluted average shares outstanding	27,293	27,123	27,377	27,038

Basic earnings per share attributable to Stewart	Basic earnings per share attributable to Stewart	3.54	1.44	5.57	1.66	Basic earnings per share attributable to Stewart	2.28	3.54	4.43	5.57

Diluted earnings per share attributable to Stewart	Diluted earnings per share attributable to Stewart	3.50	1.44	5.51	1.66	Diluted earnings per share attributable to Stewart	2.26	3.50	4.37	5.51

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of June 30, ~~2021,~~2022, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related ~~guarantees~~guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of June 30, ~~2021,~~2022, the Company also had unused letters of credit aggregating $4.9 million ~~related~~related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

Segment information. ~~The~~Prior to 2022, the Company ~~reports~~reported 2 operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting 3 operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments.

Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The ~~ancillary services and corporate~~real estate solutions segment ~~includes~~primarily include appraisal management services, ~~search and valuation services, and~~ online notarization and closing ~~solutions, which are~~services, credit and real estate information services, and search and valuation services. Amounts for 2021 were recast in the ~~principal offerings of ancillary services, expenses of~~following table to conform with the ~~parent holding company, and certain other enterprise-wide overhead costs (net of centralized administrative services costs allocated to respective operating businesses).~~new segment presentation.


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020		2022	2021	2022	2021
		($000 omitted)					($000 omitted)
Title segment:	Title segment:					Title segment:
Revenues	Revenues	753,119	504,436	1,385,704	938,875	Revenues	759,035	753,119	1,488,393	1,385,704
Depreciation and amortization	Depreciation and amortization	4,709	3,733	9,022	7,554	Depreciation and amortization	7,489	4,709	13,631	9,023
Income before taxes and noncontrolling interest	Income before taxes and noncontrolling interest	125,671	54,795	202,761	69,629	Income before taxes and noncontrolling interest	93,595	125,671	176,375	202,760

Ancillary services and corporate segment:
Real estate solutions segment:						Real estate solutions segment:
Revenues	Revenues	65,690	11,669	121,691	17,130	Revenues	82,864	58,193	172,255	114,124
Depreciation and amortization	Depreciation and amortization	2,110	328	4,227	738	Depreciation and amortization	6,381	1,884	13,177	3,778
Income (loss) before taxes		3,785	(5,775)	697	(11,340)
Income before taxes						Income before taxes	6,095	2,212	12,886	4,869

Corporate and other segment:						Corporate and other segment:
Revenues						Revenues	2,174	7,497	36,340	7,567
Depreciation and amortization						Depreciation and amortization	418	226	1,229	448
(Loss) income before taxes						(Loss) income before taxes	(12,911)	1,573	(22,870)	(4,171)

Consolidated Stewart:	Consolidated Stewart:					Consolidated Stewart:
Revenues	Revenues	818,809	516,105	1,507,395	956,005	Revenues	844,073	818,809	1,696,988	1,507,395
Depreciation and amortization	Depreciation and amortization	6,819	4,061	13,249	8,292	Depreciation and amortization	14,288	6,819	28,037	13,249
Income before taxes and noncontrolling interest	Income before taxes and noncontrolling interest	129,456	49,020	203,458	58,289	Income before taxes and noncontrolling interest	86,779	129,456	166,391	203,458

Six Months Ended June 30, 2021 Six Months Ended June 30, 2020
Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount
($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments (10,312) (2,165) (8,147) 17,892 3,757 14,135
Reclassification adjustment for realized gains and losses on investments (713) (150) (563) (128) (27) (101)
(11,025) (2,315) (8,710) 17,764 3,730 14,034
Foreign currency translation adjustments 4,111 865 3,246 (8,485) (1,237) (7,248)
Other comprehensive income (loss) (6,914) (1,450) (5,464) 9,279 2,493 6,786


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
	($000 omitted)
United States	791,447	762,344	1,600,651	1,414,926
International	52,626	56,465	96,337	92,469
	844,073	818,809	1,696,988	1,507,395

Second quarter ~~2021~~2022 overview. We reported net income attributable to Stewart of $61.7 million ($2.26 per diluted share) for the second quarter 2022, compared to net income attributable to Stewart of $94.8 million ($3.50 per diluted share) for the second quarter ~~2021, compared to net~~2021. Pretax income ~~attributable to Stewart of $34.1 million ($1.44 per diluted share)~~before noncontrolling interests for the second quarter 2020. Excluding net realized and unrealized gains and losses and severance expenses described below, Stewart’s second quarter 2021 net income of $86.0 million ($3.17 per diluted share) increased $53.5 million, or 165%, from $32.5 million ($1.37 per diluted share) in the second quarter 2020. Second quarter 2021 pretax income before noncontrolling interests2022 was ~~$129.5~~$86.8 million compared to pretax income before noncontrolling interests of ~~$49.0~~$129.5 million for the prior year quarter. The second quarter ~~2020.~~

~~Second~~2022 results included $11.9 million of pretax net realized and unrealized losses, primarily related to net unrealized losses on fair value changes of equity securities investments and losses on disposition of businesses, while the second quarter 2021 results included $11.7 million of pretax net realized and unrealized gains, ~~which included $7.3 million of~~primarily related to realized gains from sales of buildings ~~in the ancillary services~~ and ~~corporate segment and $3.7 million of~~ net unrealized gains on fair value changes of equity securities investments recorded in the title segment. Second quarter 2020 results included $5.1 million of pretax net realized and unrealized gains, which included $4.4 million of net unrealized gains on fair value changes of equity securities investments recorded in the title segment, and $2.8 million of severance expenses related to cost savings initiatives recorded within employee costs in the title segment.investments.


		For the Three Months Ended June 30,						For the Three Months Ended June 30
		2021		2020		% Change				2022		2021		% Change

Operating revenues	Operating revenues	743.8		495.6		50	%		Operating revenues	761.1		743.8		2	%
Investment income	Investment income	5.1		4.3		20	%		Investment income	6.7		5.1		31	%
Net realized and unrealized gains		4.2		4.6		(9)	%
Net realized and unrealized (losses) gains									Net realized and unrealized (losses) gains	(8.8)		4.2		(311)	%
Pretax income	Pretax income	125.7		54.8		129	%		Pretax income	93.6		125.7		(26)	%
Pretax margin	Pretax margin	16.7	%	10.9	%				Pretax margin	12.3	%	16.7	%

~~Pretax income for the~~The title ~~segment increased by $70.9 million, while pretax margin improved 580 basis points to 16.7%~~segment’s operating revenues in the second quarter ~~2021~~2022 increased by $17.2 million, or 2%, compared to the ~~prior year quarter. Title operating~~second quarter 2021, primarily due to increased agency operations revenues ~~increased $248.2~~of $19.6 million, asor 5%, partially offset by $2.4 million, or 1%, lower revenues from direct title ~~and gross independent agency revenues grew $135.3 million, or 62%, and $112.9 million, or 41%, respectively. In line with the increased title revenues, overall~~operations. Overall segment operating expenses in the second quarter ~~2021~~2022 increased ~~$177.8~~$38.0 million, or ~~40%~~6%, ~~which included 41% and 37%~~compared to the prior year quarter, primarily driven by 6% higher agency retention expenses on higher agency revenues, and 9% higher combined title employee costs and other operating expenses, ~~respectively, compared~~primarily due to ~~the second quarter 2020.~~recent acquisitions. Average independent agency remittance rate in the second quarter ~~2021~~2022 was ~~17.5%~~17.1%, ~~similar~~compared to 17.5% in the ~~prior year~~second quarter ~~while~~2021. As a percentage of operating revenues, combined title employee costs and other operating expenses ~~as a percentage of title revenues, improved~~was 38.3% in the second quarter 2022 compared to 35.9% in the second quarter ~~2021 compared to 39.5% in the second quarter 2020.~~2021.

The segment’s investment income increased $0.8 million, primarily due to higher dividend income on cost-basis investments, which was partially offset by reduced interest income resulting from lower interest rates applicable to our short-term and securities investments during the second quarter 2021 compared to last year’s quarter. Netnet realized and unrealized gains ~~for~~in the second ~~quarters 2021 and 2020 were~~quarter 2022 primarily ~~driven by~~included $9.9 million of net unrealized losses on fair value changes of equity securities investments, partially offset by a $1.0 million gain related to an acquisition contingent liability adjustment, while net realized and unrealized gains in the second quarter 2021 were primarily related to net unrealized gains on fair value changes of equity securities investments. Investment income in the second quarter 2022 increased compared to the second quarter 2021, primarily as ~~mentioned above.~~a result of increased dividend income from investments in the second quarter 2022.

Net expenses attributable to corporate operations in the second quarter 2022 were $10.2 million, compared to $5.9 million in the second quarter 2021, ~~compared to~~with the ~~prior year~~increase primarily driven by higher interest expense resulting from debt issued in the fourth quarter primarily due to revenues generated by recent acquisitions, which were partially offset by lower revenues from our legacy valuation services business due to lower home equity volume. The ancillary services operations generated pretax income of $2.2 million (which included $1.6 million of purchased intangibles amortization) in2021. Realized losses for the second quarter ~~2021, compared~~2022 were primarily related to ~~a pretax loss~~the sale of ~~$0.8 million in~~ the ~~second quarter 2020. Net~~real estate brokerage company, while realized gains ~~during~~in the second quarter 2021 were primarily ~~driven by $7.3 million~~related to a sale of realized gains resulting from sales of buildings within corporate operations. Net expenses attributable to parent company and corporate operations for the second quarters 2021 and 2020 were approximately $5.9 million and $5.5 million, respectively.

We continue to implement our strategy of improving operational performance through targeted growth, focused management, and broader technology and services offerings. We aim to gain scale in attractive direct markets and improve service and digital capabilities to provide a seamless customer experience. During the second quarter 2021, we acquired Cloudvirga, a provider of a digital customer engagement platform, and title companies Thomas Title & Escrow and Prima Title, LLC with combined operations in the states of Arizona, New Mexico and Texas. We expect these acquisitions to further leverage our position in the evolving real estate closing experience and improve scale and synergies within our title business. We believe our solid operating results and liquidity position will allow us to continue investing and growing to maximize our operational potential.

~~COVID-19 pandemic.~~ We continue to operate under our business continuity plan that we deployed in March 2020 when the pandemic started. Our employees have not fully transitioned back to the workplace and we are still implementing appropriate measures to protect the safety of all our employees and customers in carrying out our business operations (considered as essential business in the U.S.) using digital tools and innovative solutions, when possible. As various states have opened up and relaxed or removed restrictions on businesses and social gatherings, we are formulating a plan of safe return to workplace to be announced at a later time. We are taking into account insights gathered from our associates, recommendations from managers, guidance from health and governmental bodies, and developments relating to the COVID-19 pandemic.buildings.

Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our ~~ancillary~~real estate solutions operations include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. The corporate and other segment includes our parent holding company expenses and certain enterprise-wide overhead costs, along with ~~our ancillary services operations, which are principally appraisal management services, online notarization and closing services, and search and valuation services.~~other businesses not related to title or real estate solutions operations.

Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. As an overall guideline, a 5% change in median home prices results in an approximately 3.7% change in title premiums. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of year. On average, refinance title premium rates are 60% of the premium rates for a similarly priced sale transaction.

Operating ~~environment.~~environment. Existing home sales ~~(seasonally-adjusted basis)~~ in June ~~2021 improved 23% from June 2020~~2022, on a seasonally-adjusted basis, declined for the fifth straight month, decreasing 5% and ~~also increased 1% from~~14% compared to May ~~2021 after four consecutive month of declines, according~~2022 and a year ago, respectively. According to ~~NAR. The increased~~NAR, the decline in existing homes sales ~~are~~was primarily due to ~~modestly improved supply~~the continued fall in ~~recent months~~housing affordability resulting from ~~more housing starts~~the sharp increase in mortgage rates and existing homeowners listing their homes. According to NAR's analysis, the current existing home sales continue to run at a pace above the rate seen before the COVID-19 pandemic. On non-seasonally-adjusted basis, existing home sales in the second quarter 2021 improved 32% from the same quarter last year, while June ~~2021 median and average~~ home prices, ~~increased approximately 23% and 16%, respectively,~~negatively affecting potential home buyers. The median home price in June 2022 was 13% higher compared ~~to June 2020 prices, with June 2021 being~~a year ago, which marked the ~~112th~~124th consecutive month of year-over-year median home price ~~increase. In relation~~increases. With regard to new residential construction, U.S. housing starts in June ~~2021 improved 29%~~2022 were 2% and 6% ~~from~~lower compared to May 2022 and June ~~2020 and May~~ 2021, ~~respectively,~~ while newly issued building permits in June ~~2021 increased 23% from~~2022 were 1% higher than a year ago, but ~~decreased 5% sequentially from~~1% lower compared to May ~~2021.~~2022.

According to Fannie Mae and MBA (averaged), ~~one-to-four~~total single family mortgage originations during the second quarter ~~2021 improved 11%~~2022 decreased 37% to approximately ~~$1.1 trillion~~$687 billion compared to the second quarter ~~2020, as a result of a 35% increase~~2021, primarily driven by the expected decline in ~~purchase~~refinancing originations ~~which was partially offset by 2% lower refinancing originations. Refinancing transactions, which significantly improved in 2020 as a result of lower mortgage~~resulting from higher interest rates due to elevated inflation rates and related federal monetary actions. The lower refinancing originations were partially offset by 3% higher purchase originations during the ~~COVID-19 pandemic,~~second quarter 2022 compared to the prior year quarter. As of June 2022, the average 30-year fixed interest rate is expected to average 4.9% for 2022, which is 180 basis points higher than the 3.1% average interest rate observed during 2021. With the continuing interest rate and housing affordability concerns, third quarter 2022 total originations are expected to ~~normalize to pre-pandemic levels as interest rates gradually increase and lenders focus on purchase transactions. This trend is~~be 45% lower than last year's third quarter. On a seasonally-adjusted basis, third quarter 2022 existing home sales are expected to ~~result in 34% and 48%~~be 13% lower, ~~total mortgage originations in the third and fourth quarters of 2021, respectively, compared to same quarters in 2020.~~


		Three Months Ended June 30,					Six Months Ended June 30,						Three Months Ended June 30,					Six Months Ended June 30,
		2021	2020	Change	% Change		2021	2020	Change	% Change			2022	2021	Change	% Change		2022	2021	Change	% Change
		($ in millions)					($ in millions)						($ in millions)					($ in millions)
Non-commercial	Non-commercial											Non-commercial
Domestic	Domestic	239.0	162.7	76.3	47	%	453.2	295.6	157.6	53	%	Domestic	234.4	245.7	(11.3)	(5)	%	454.8	459.9	(5.1)	(1)	%
International	International	51.4	20.9	30.5	146	%	80.2	40.0	40.2	101	%	International	41.2	45.9	(4.7)	(10)	%	72.6	74.6	(2.0)	(3)	%
		290.4	183.6	106.8	58	%	533.4	335.6	197.8	59	%		275.6	291.6	(16.0)	(5)	%	527.4	534.5	(7.1)	(1)	%
Commercial:	Commercial:											Commercial:
Domestic	Domestic	60.5	30.7	29.8	97	%	91.5	72.0	19.5	27	%	Domestic	67.1	53.8	13.3	25	%	123.5	84.8	38.7	46	%
International	International	2.6	3.9	(1.3)	(33)	%	8.1	8.9	(0.8)	(9)	%	International	8.4	8.1	0.3	4	%	18.1	13.7	4.4	32	%
		63.1	34.6	28.5	82	%	99.6	80.9	18.7	23	%		75.5	61.9	13.6	22	%	141.6	98.5	43.1	44	%
Total direct title revenues	Total direct title revenues	353.5	218.2	135.3	62	%	633.0	416.5	216.5	52	%	Total direct title revenues	351.1	353.5	(2.4)	(1)	%	669.0	633.0	36.0	6	%

~~Direct title~~Non-commercial revenues ~~increased~~decreased in the second quarter and first six months of ~~2021~~2022, compared to the same periods in ~~2020, as a result of overall revenue improvements in both non-commercial and commercial operations. Non-commercial revenues improved,~~2021, primarily ~~driven by increased transactions from both existing and recently-acquired title offices, with combined residential~~due to lower purchase and refinancing transactions influenced by the rising mortgage interest rates and home prices. Compared to the same periods in 2021, combined purchase and refinancing orders closed ~~orders increasing 26%~~declined 30% and ~~44%~~28% in the second quarter and first six months of ~~2021,~~2022, respectively, ~~compared~~while average residential fee per file increased 35% to ~~the same periods in 2020. Commercial revenues also increased~~$2,900 and 36% to $2,800 in the second quarter and first six months of 2022, respectively, primarily due to the higher mix of purchase transactions and higher average home prices.

Commercial revenues in the second quarter and first six months of 2022, improved compared to the same periods in 2021, primarily due to growth in commercial transaction size and volume. Domestic commercial ~~fees per file~~orders closed improved 4% and 15% in the second quarter and first six months of ~~2021 were approximately $12,600~~2022, respectively, while average domestic commercial fee per file increased 17% to $13,100 and ~~$11,000, respectively, which were 28% and 3% higher, respectively, compared~~27% to ~~the same periods in 2020. Residential fees per file~~$12,900 in the second quarter and first six months of ~~2021 were approximately $2,100 and $2,000, respectively, which were 15% and 6% higher,~~2022, respectively, compared to the same periods in ~~2020.~~ 2021.

Total international revenues in the second quarter 2022 decreased by $4.4 million, or 8%, compared to the second quarter 2021 primarily as a result of lower transaction volume in our Canadian operations, while total international revenues improved by $2.4 million, or 3%, during the first six months of 2022 compared the same period last year, primarily due to higher transaction volume in our Canadian operations. Additionally, the weaker foreign currency exchange rates against the U.S. dollar during the second quarter and first six months of 2021 increased $29.2 million, or 118%, and $39.4 million, or 81%, respectively, primarily due to improved volumes in our Canadian operations and the stronger average Canadian dollar exchange rate against the U.S. dollar in the second quarter and first six months of 20212022, compared to the same periods ~~last year.~~in 2021, negatively affected our total international revenues.


		Three Months Ended June 30,					Six Months Ended June 30,						Three Months Ended June 30,					Six Months Ended June 30,
		2021	2020	Change	% Change		2021	2020	Change	% Change			2022	2021	Change	% Change		2022	2021	Change	% Change
Opened Orders:	Opened Orders:											Opened Orders:
Commercial	Commercial	5,594	3,425	2,169	63	%	9,163	7,578	1,585	21	%	Commercial	5,530	5,605	(75)	(1)	%	11,572	9,174	2,398	26	%
Purchase	Purchase	76,418	56,920	19,498	34	%	147,207	110,556	36,651	33	%	Purchase	72,084	76,632	(4,548)	(6)	%	140,582	147,421	(6,839)	(5)	%
Refinance	Refinance	59,607	72,306	(12,699)	(18)	%	141,357	136,495	4,862	4	%	Refinance	24,953	59,710	(34,757)	(58)	%	65,527	141,460	(75,933)	(54)	%
Other	Other	1,682	496	1,186	239	%	3,492	1,226	2,266	185	%	Other	1,079	1,682	(603)	(36)	%	2,721	3,492	(771)	(22)	%
Total	Total	143,301	133,147	10,154	8	%	301,219	255,855	45,364	18	%	Total	103,646	143,629	(39,983)	(28)	%	220,402	301,547	(81,145)	(27)	%

Closed Orders:	Closed Orders:											Closed Orders:
Commercial	Commercial	4,955	3,122	1,833	59	%	8,332	6,750	1,582	23	%	Commercial	5,132	4,957	175	4	%	9,563	8,334	1,229	15	%
Purchase	Purchase	58,599	37,407	21,192	57	%	104,082	71,122	32,960	46	%	Purchase	55,354	58,710	(3,356)	(6)	%	102,680	104,193	(1,513)	(1)	%
Refinance	Refinance	52,539	51,133	1,406	3	%	118,205	82,879	35,326	43	%	Refinance	22,677	52,628	(29,951)	(57)	%	57,164	118,294	(61,130)	(52)	%
Other	Other	1,096	317	779	246	%	2,271	761	1,510	198	%	Other	1,719	1,178	541	46	%	3,359	2,353	1,006	43	%
Total	Total	117,189	91,979	25,210	27	%	232,890	161,512	71,378	44	%	Total	84,882	117,473	(32,591)	(28)	%	172,766	233,174	(60,408)	(26)	%

Gross revenues from independent agency operations ~~increased $112.9 million, or 41%,~~ in the second quarter ~~2021~~ and ~~increased $216.8 million, or 42%, in the~~ first six months of ~~2021,~~2022 increased $19.6 million, or 5%, and $77.8 million, or 11%, respectively, compared to the same periods in ~~2020, which was consistent with the improved real estate~~2021, primarily influenced by increased market ~~trends in 2021 and the continued return of agents to Stewart after the termination of the proposed merger in the third quarter 2019.~~activity. Agency revenues, net of retention, improved ~~$19.6~~$1.8 million, or ~~40%~~3%, and ~~$39.0~~$12.7 million, or ~~43%~~10%, in the second quarter and first six months of ~~2021, respectively,~~2022 compared to the same periods ~~last year,~~in 2021, generally in line with increased gross agency revenues. Refer further to the "Retention by agencies" discussion under Expenses below.

~~Ancillary services~~Real estate solutions and other revenues. ~~Ancillary services operating~~Real estate solutions and other revenues are comprised of revenues generated by our real estate solutions operations and a real estate brokerage company (which was acquired in late 2021 and subsequently sold during the second quarter 2022). These revenues increased ~~$47.0~~by $30.0 million, or ~~422%~~52%, and ~~$97.5~~$97.3 million, or ~~587%~~85%, in the second quarter and first six months of ~~2021,~~2022, respectively, compared to the same periods in ~~2020. The revenue growth was~~2021, primarily due to additional revenues ~~generated~~from our real estate solutions operations which were driven by recent acquisitions of ~~appraisal management~~credit and ~~online notarization and closing~~real estate information services ~~companies, partially offset by lower revenues from our legacy valuation services business due to lower home equity volume.~~companies.


		Three Months Ended June 30,							Six Months Ended June 30,								Three Months Ended June 30,							Six Months Ended June 30,
		2021		2020		Change	% Change		2021		2020		Change	% Change			2022		2021		Change*	% Chg		2022		2021		Change*	% Chg
		($ in millions)							($ in millions)								($ in millions)							($ in millions)

Amounts retained by agencies	Amounts retained by agencies	322.0		228.7		93.3	41	%	606.0		428.1		177.9	42	%	Amounts retained by agencies	339.8		322.0		17.8	6	%	671.0		606.0		65.1	11	%
As a % of agency revenues	As a % of agency revenues	82.5	%	82.5	%				82.3	%	82.4	%				As a % of agency revenues	82.9	%	82.5	%				82.4	%	82.3	%
Employee costs	Employee costs	188.5		137.5		50.9	37	%	357.9		273.2		84.7	31	%	Employee costs	210.2		188.5		21.8	12	%	415.2		357.9		57.4	16	%
As a % of operating revenues	As a % of operating revenues	23.5	%	27.1	%				24.1	%	28.7	%				As a % of operating revenues	24.8	%	23.5	%				24.5	%	24.1	%
Other operating expenses	Other operating expenses	137.8		74.6		63.2	85	%	263.3		146.5		116.8	80	%	Other operating expenses	162.0		137.8		24.2	18	%	351.8		263.3		88.5	34	%
As a % of operating revenues	As a % of operating revenues	17.2	%	14.7	%				17.7	%	15.4	%				As a % of operating revenues	19.1	%	17.2	%				20.8	%	17.7	%
Title losses and related claims	Title losses and related claims	33.6		21.5		12.0	56	%	62.3		40.2		22.2	55	%	Title losses and related claims	26.4		33.6		(7.2)	(21	%)	55.6		62.3		(6.7)	(11	%)
As a % of title revenues	As a % of title revenues	4.5	%	4.3	%				4.6	%	4.3	%				As a % of title revenues	3.5	%	4.5	%				3.8	%	4.6	%

Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged ~~82.5%~~82.9% and ~~82.3%~~82.4% in the second quarter and first six months of ~~2021,~~2022, respectively, as compared to 82.5% and ~~82.4%~~82.3% in the same periods in ~~2020.~~2021, primarily due to increased revenues generated by our agents from higher retention states. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are above 20%, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability.

Employee costs. Consolidated employee costs ~~in the second quarter and first six months of 2021~~ increased ~~$50.9~~$21.8 million, or ~~37%~~12%, and ~~$84.7~~$57.4 million, or 31%, respectively, compared to the same periods in 2020, primarily due to higher salaries expense driven by 21% and 17%, respectively, higher average employee count, increased incentive compensation on improved overall operating results, and additional employee costs related to higher order volumes. As a percentage of total operating revenues, consolidated employee costs improved to 23.5% and 24.1% in the second quarter and first six months of 2021, respectively, compared to 27.1% and 28.7% in the second quarter and first six months of 2020, respectively, primarily influenced by our continued focus on managing operating costs.

~~Employee costs in the title segment increased $45.9 million, or 35%, and $74.7 million, or 28%~~16%, in the second quarter and first six months of ~~2021,~~2022, respectively, compared to the same periods in ~~2020,~~2021, primarily due to ~~increased~~higher salaries ~~expense driven by higher~~and employee benefits resulting from increased average employee counts ~~mostly from recent title office acquisitions, increased incentive compensation on improved title operating results,~~of 17% and ~~additional employee costs related to higher order volumes.~~20%, respectively, which were influenced by acquisitions. Employee costs, ~~in the ancillary services~~as a percentage of total operating revenues, were 24.8% and ~~corporate segment increased $5.0 million, or 90%, and $10.0 million, or 94%,~~24.5% in the second quarter and first six months of ~~2021,~~2022, respectively, compared to 23.5% and 24.1% in the same periods in 2021.

During the second quarter and first six months of 2022, employee costs in the title segment increased $15.6 million, or 9%, and $41.1 million, or 12%, respectively, while employee costs in the real estate solutions segment increased $5.2 million, or 69%, and $11.7 million, or 81%, respectively, compared to the same periods in ~~2020,~~2021, primarily due to ~~increased average employee counts driven by~~ recent acquisitions in the ~~ancillary services operations.~~title and real estate solutions segments. During the second quarter and first six months of 2022, average employee counts in the title segment increased 12% and 15%, respectively, while average employee counts in the real estate solutions segment increased 66% and 70%, respectively, compared to the same periods in 2021. Employee costs in the corporate and other segment in the second quarter and first six months of 2022 increased $0.9 million, or 32%, and $4.5 million, or 74%, respectively, due to the recently-sold real estate brokerage company.

Other operating expenses. Other operating expenses include costs that are fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are fixed in nature include attorney and professional fees, third-party outsourcing provider fees, equipment rental, insurance, rent and other occupancy expenses, repairs and maintenance, technology costs, telecommunications and title plant expenses. Variable costs include appraiser and service expenses related to ~~ancillary services~~real estate solutions operations, outside search and valuation fees, attorney fee splits, bad debt expenses, copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing and travel.

Consolidated other operating expenses in the second quarter and first six months of 2022 increased ~~$63.2~~$24.2 million, or ~~85%~~18%, and ~~$116.8~~$88.5 million, or ~~80%~~34%, compared to the same periods in 2021, primarily due to higher service expenses tied to increased revenues from real estate solutions operations, higher technology, marketing and travel costs, and increased rent and other occupancy expenses resulting from acquisitions. Total variable costs increased $11.3 million, or 13%, and $60.5 million, or 37%, in the second quarter and first six months of ~~2021,~~2022, respectively, ~~compared~~mainly due to ~~the same periods~~higher services expenses from our real estate solutions operations. Total costs that are fixed in ~~2020, primarily as a result of recently-acquired businesses in 2021. Total variable costs~~nature increased ~~$50.0~~$8.8 million, or ~~133%~~22%, and ~~$95.3~~$20.4 million, or ~~137%~~26%, in the second quarter and first six months of ~~2021,~~2022, respectively, ~~mainly~~primarily due to higher ~~appraisal~~technology costs, rent and ~~service~~occupancy expenses, ~~by recently-acquired ancillary services businesses,~~ and insurance costs. Independent costs increased ~~outside search and premium taxes consistent with higher title operating revenues. Total costs that are fixed in nature increased $8.4~~$4.1 million, or ~~27%~~38%, and ~~$14.6~~$7.6 million, or ~~23%~~37%, in the second quarter and first six months of 2021, respectively, primarily due to increased professional fees, rent and occupancy expenses and technology costs. Independent costs increased $5.6 million, or 111%, and $7.7 million, or 58%, in the second quarter and first six months of 2021,2022, respectively, primarily due to higher ~~bank fees, litigation-related accruals, office closures expenses~~marketing and ~~charitable contributions.~~ travel costs due to increased activity following the pandemic period.

Title losses. Provisions for title losses, as a ~~percentage~~percentage of title operating revenues, were 3.5% and 3.8% for the second quarter and first six months of 2022, compared to 4.5% and 4.6% for the second quarter and first six months of ~~2021, respectively, compared to 4.3% for both the second quarter and first six months of 2020.~~2021. Title loss expense ~~increased $12.0 million and $22.2 million~~ in the second quarter and first six months of ~~2021,~~2022 was $26.4 million and $55.6 million, respectively, compared to $33.6 million and $62.3 million, respectively, in the same periods in ~~2020,~~2021, primarily ~~as a result of increased~~due to favorable claims experience, partially offset by higher title ~~revenues.~~revenues during 2022. The title loss ratio in any given quarter can be significantly influenced by changes in new large claims incurred, escrow losses and adjustments to reserves for existing large claims.


		Three Months Ended June,					Six Months Ended June,						Three Months Ended June 30,					Six Months Ended June 30,
		2021	2020	Change	% Change		2021	2020	Change	% Change			2022	2021	Change	% Chg		2022	2021	Change	% Chg
		($ in millions)					($ in millions)						($ in millions)					($ in millions)
Provisions – known claims:	Provisions – known claims:											Provisions – known claims:
Current year	Current year	4.3	3.4	0.9	26	%	6.5	4.6	1.9	41	%	Current year	3.7	4.3	(0.6)	(14)	%	8.4	6.5	1.9	29	%
Prior policy years	Prior policy years	14.4	15.6	(1.2)	(8)	%	27.7	28.1	(0.4)	(1)	%	Prior policy years	16.7	14.4	2.3	16	%	31.6	27.7	3.9	14	%
		18.7	19.0	(0.3)	(2)	%	34.2	32.7	1.5	5	%		20.4	18.7	1.7	9	%	40.0	34.2	5.8	17	%
Provisions – IBNR	Provisions – IBNR											Provisions – IBNR
Current year	Current year	28.5	17.9	10.6	59	%	54.6	35.2	19.4	55	%	Current year	23.2	28.5	(5.3)	(19)	%	47.3	54.6	(7.3)	(13)	%
Prior policy years	Prior policy years	0.8	0.2	0.6	300	%	1.2	0.4	0.8	200	%	Prior policy years	(0.5)	0.8	(1.3)	(163)	%	(0.1)	1.2	(1.3)	(108)	%
		29.3	18.1	11.2	62	%	55.8	35.6	20.2	57	%		22.7	29.3	(6.6)	(23)	%	47.2	55.8	(8.6)	(15)	%
Transferred from IBNR to known claims	Transferred from IBNR to known claims	(14.4)	(15.6)	1.2	(8)	%	(27.7)	(28.1)	0.4	(1)	%	Transferred from IBNR to known claims	(16.7)	(14.4)	(2.3)	16	%	(31.6)	(27.7)	(3.9)	14	%
Total provisions	Total provisions	33.6	21.5	12.0	56	%	62.3	40.2	22.2	55	%	Total provisions	26.4	33.6	(7.2)	(21)	%	55.6	62.3	(6.7)	(11)	%

Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR.

Current year IBNR provisions in the second quarter and first six months of ~~2021 increased $10.6~~2022 decreased $5.3 million, or ~~59%~~19%, and ~~$19.4~~$7.3 million, or ~~55%~~13%, respectively, compared to the same periods in 22021, ~~020, primarily~~ due to ~~increased title premiums in 2021.~~lower provisioning rates resulting from favorable claims experience. As a percentage of title operating revenues, ~~provisions~~provisions - IBNR for the current policy year were 3.0% and 3.2% in the second quarter and first six months of 2022, respectively, compared to 3.8% and 4.0% in the second quarter and first six months of 2021, ~~respectively, compared to 3.6% and 3.8%~~respectively. Cash claim payments in the second quarter ~~and first six months of 2020, respectively.~~

~~Cash claim payments increased $2.1~~2022 decreased $1.1 million, or ~~12%~~6%, incompared to the second quarter 2021, ~~compared~~primarily due to ~~the prior year quarter, due to increased~~lower payments on ~~both large and~~ non-large claims, ~~mostly related to prior policy years. Cash~~while cash claim payments ~~decreased $2.8 million, or 7%,~~ in the first six months of ~~2021~~2022 increased $2.6 million, or 7%, compared to the same period in ~~2020, due to~~2021, as a result of increased large claim payments, partially offset by lower payments on ~~large and~~ non-large ~~claims related to prior policy years, partially offset by higher payments related to current year policies.~~claims. We continue to manage and resolve large claims prudently and in keeping with our commitments to our ~~policyholders.~~policyholders.

In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees. Escrow losses also arise in cases of fraud, and in those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed. Escrow losses are recognized as expenses when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized.


		June 30, 2021	December 31, 2020		June 30, 2022	December 31, 2021
		($ in millions)			($ in millions)
Known claims	Known claims	67.0	68.9	Known claims	77.3	75.9
IBNR	IBNR	458.0	427.4	IBNR	485.4	473.7
Total estimated title losses	Total estimated title losses	525.0	496.3	Total estimated title losses	562.7	549.6

The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within ~~six~~seven years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates.

Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of June 30, ~~2021,~~2022, our total cash and investments, including amounts reserved pursuant to statutory requirements aggregated ~~$1.13 billion ($595.2 million, net of statutory reserves on cash and investments).~~$1.1 billion. Of our total cash and investments at June 30, ~~2021, $766.3~~2022, $709.6 million ($~~491.1~~429.9 million, net of statutory reserves) was held in the United States and the rest internationally ~~principally~~(principally in ~~Canada.~~Canada).

~~Cash held at the parent company totaled $17.5 million at June 30, 2021.~~ As a holding company, the parent company is funded principally by cash from its ~~subsidiaries~~subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. The expense reimbursements are paid in accordance with management agreements, approved by the Texas Department of Insurance (TDI), among us and our subsidiaries. In addition to funding operating expenses, cashCash held at the parent company and its unregulated subsidiaries (which totaled $53.9 million at June 30, 2022) is ~~used~~available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common ~~stockholders and for stock repurchases, if any. To the extent such uses exceed cash available, the~~stockholders. The parent company ~~is dependent on~~also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, ~~Stewart Title Guaranty Company (Guaranty).~~to meet cash requirements for acquisitions and other strategic investments.

A substantial majority of our consolidated cash and investments as of June 30, ~~2021~~2022 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty ~~may use~~uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including ~~claim~~claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and ~~ancillary services~~real estate solutions operations) for their operating and debt service needs.

We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately ~~$517.8~~$538.1 million and ~~$496.6~~$523.5 million at June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately ~~$16.6~~$14.9 million and ~~$20.0~~$41.4 million at June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. As of June 30, ~~2021,~~2022, our known claims reserve totaled ~~$67.0~~$77.3 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled ~~$458.0~~$485.4 million. In addition to this, we had cash and investments (excluding equity method investments) of ~~$397.6~~$402.3 million, which are available for underwriter operations, including claims payments, and acquisitions.

The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The ~~TDI~~Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory ~~maximum of~~net operating income or 20% of surplus (approximately ~~$158.9~~$210.1 million as of December 31, ~~2020)~~2021) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. ~~During~~Guaranty paid no dividends to its parent during the six months ended June 30, ~~2021 and in all of 2020, Guaranty paid dividends of~~2022, compared to $100.0 million ~~and $30.0 million, respectively, to its parent.~~paid during the same period in 2021.


		Six Months Ended June 30,			Six Months Ended June 30,
		2021	2020		2022	2021
		($ in millions)			($ in millions)
Net cash provided by operating activities	Net cash provided by operating activities	150.5	50.1	Net cash provided by operating activities	118.2	150.5
Net cash used by investing activities	Net cash used by investing activities	(173.7)	(38.4)	Net cash used by investing activities	(111.1)	(173.7)
Net cash used by financing activities	Net cash used by financing activities	(9.1)	(29.6)	Net cash used by financing activities	(84.3)	(9.1)

Net cash provided by operations in the first six months of ~~2021 improved to $150.5~~2022 decreased $32.3 million compared to ~~net cash provided by operations of $50.1 million in~~ the same period ~~last year,~~in 2021, primarily due to ~~the higher~~lower net income and ~~lower~~higher payments of ~~claims~~previously-outstanding operating liabilities in ~~the first six months of 2021.~~2022. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on cost management, especially in light of the current economic environment due to ~~the COVID-19 pandemic,~~rising mortgage interest and inflation rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and ~~ancillary services businesses.~~real estate solutions operations. Our plans to improve margins include additional automation of manual processes, and further consolidation of our various systems and production operations. We continue to invest in the technology necessary to accomplish these goals.

We used ~~$131.9 million and $33.4~~$23.3 million of net cash for two acquisitions ofin the title ~~and ancillary services businesses~~segment during the first six months of ~~2021~~2022, compared to net cash used of $131.9 million for several acquisitions in the title and ~~2020, respectively. We used~~real estate solutions segments and $16.1 million ~~of cash in~~for acquiring an equity method investment in a title company ~~and generated total proceeds of $10.6 million from sales of our buildings~~ during the ~~first six months of~~same period in 2021. We used ~~$16.4~~$26.2 million and ~~$6.8~~$16.4 million of cash for purchases of property and equipment during the first six months of ~~2021~~2022 and ~~2020,~~2021, respectively. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets.

Financing activities and capital resources. Total debt and stockholders’ equity were ~~$127.7~~$444.9 million and ~~$1,136.1 million,~~$1.36 billion, respectively, as of June 30, ~~2021.~~2022. During the first six months of ~~2021~~2022 and ~~2020,~~2021, payments on notes payable of ~~$157.2~~$42.9 million and ~~$8.4~~$157.2 million, respectively, and notes payable additions of ~~$156.8~~$5.7 million and ~~$0.4~~$156.8 million, respectively, were related to short-term loan agreements in connection with our Section 1031 tax-deferred property exchange (Section 1031) business. ~~During the first quarter 2021, we amended our line of credit agreement, resulting in an increase in the total line of credit commitment from our lenders from $200 million to $350 million.~~

We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including in the current economic and real estate environment created by the ~~COVID-19 pandemic.~~increasing mortgage interest and inflation rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders.

Other comprehensive ~~income (loss).~~loss. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first six months of 2022, net unrealized investment losses of $32.9 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our corporate and foreign bond securities investments, primarily driven by the effect of higher interest rates and credit spreads. During the first six months of 2021, net unrealized investment losses of $8.7 million, net of taxes, which increased our other comprehensive loss, were primarily related to a net decrease in the fair values of our overall bond securities investment portfolio mainly driven by the effect of rising interest rates. During the first six months of 2020, net unrealized investment losses of $14.0 million, net of taxes, which increased our other comprehensive income, were primarily related to a net decrease in the fair values of our overall bond securities investment portfolio mainly driven by increased credit spreads.

Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements, other than our contractual obligations under operating leases. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 1615 in our ~~2020~~2021 Form 10-K.

Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic ~~conditions, including the duration and ultimate impact of the COVID-19 pandemic;~~conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our ~~2020~~2021 Form 10-K, and as maybe further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, ~~2021,~~2022, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Book value per share. Our book value per share was ~~$42.12~~$49.82 and ~~$37.60~~$47.67 as of June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. As of June 30, 2022, our book value per share was based on approximately $1.35 billion of stockholders’ equity attributable to Stewart and 27,038,282 shares of Common Stock outstanding. As of December 31, 2021, our book value per share was based on approximately ~~$1,130.0 million~~$1.28 billion of stockholders’ equity attributable to Stewart and 26,825,233 shares of Common Stock outstanding. As of December 31, 2020, our book value per share was based on approximately $1,005.1 million of stockholders’ equity attributable to Stewart and 26,728,24226,893,430 shares of Common Stock outstanding.


Delaware		74-1677330
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1360 Post Oak Blvd.,	Suite 100
Houston,	Texas	77056
(Address of principal executive offices)		(Zip Code)


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


Exhibit


3.1	—	Restated Certificate of Incorporation of the Registrant, dated April 28, 2016 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed April 29, 2016)
3.2	—	Third Amended and Restated By-Laws of the Registrant, as of April 27, 2016 (incorporated by reference in this report from Exhibit 3.2 of the Current Report on Form 8-K filed April 28, 2016)












31.1*	—	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	—	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	—	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	—	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	—	XBRL Taxonomy Extension Schema Document
101.CAL*	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	—	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	—	XBRL Taxonomy Extension Presentation Linkbase Document
104*	—	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


						Stewart Information Services Corporation
						Registrant

By:						/s/ David C. Hisey
						David C. Hisey, Chief Financial Officer, Secretary and Treasurer


Item	Item		Page	Item		Page
		PART I – FINANCIAL INFORMATION			PART I – FINANCIAL INFORMATION

1.	1.	Financial Statements	3	1.	Financial Statements	3

2.	2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17	2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

3.	3.	Quantitative and Qualitative Disclosures About Market Risk	27	3.	Quantitative and Qualitative Disclosures About Market Risk	28

4.	4.	Controls and Procedures	28	4.	Controls and Procedures	29
		PART II – OTHER INFORMATION			PART II – OTHER INFORMATION
1.	1.	Legal Proceedings	28	1.	Legal Proceedings	30

1A.	1A.	Risk Factors	28	1A.	Risk Factors	30

2.	2.	Unregistered Sales of Equity Securities and Use of Proceeds	28	2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

5.	5.	Other Information	28	5.	Other Information	30

6.	6.	Exhibits	29	6.	Exhibits	31

		Signature	29		Signature	32


	Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	1,277	268	1,009	21,159	4,444	16,715
Reclassification adjustment for realized gains and losses on investments	(529)	(111)	(418)	(27)	(6)	(21)
	748	157	591	21,132	4,438	16,694

Foreign currency translation adjustments	1,760	381	1,379	5,174	980	4,194

Other comprehensive income	2,508	538	1,970	26,306	5,418	20,888


	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(16,068)	(3,374)	(12,694)	1,277	268	1,009
Reclassification adjustments for realized gains and losses on investments	(148)	(31)	(117)	(529)	(111)	(418)
	(16,216)	(3,405)	(12,811)	748	157	591

Foreign currency translation adjustments	(9,329)	(1,148)	(8,181)	1,760	381	1,379

Other comprehensive (loss) income	(25,545)	(4,553)	(20,992)	2,508	538	1,970


* Filed herewith
† Management contract or compensatory plan