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well as improving market penetration with existing offices and agents. 

## $^{ }$CREDIT RATING 

ITIC has been recognized by two independent Fannie Mae approved actuarial firms, Demotech, Inc. and Lace Financial Corporation, with rating categories of "A Double Prime - unsurpassed financial stability" and "A - strong overall financial condition." 

NE-ITIC' s financial stability has been recognized by two Fannie Mae approved actuarial firms, Demotech, Inc. and Lace Financial Corporation, with rating categories of "A Prime - unsurpassed financial stability" and "A - strong overall financial condition." 

## $^{ }$RESULTS OF OPERATIONS OPERATING REVENUES 

A summary by segment of the Company’ s operating revenues is as follows: 

<img src='content_image/40647.jpg'>

$^{ }$Title Insurance:  Net premiums written decreased 14% and 3% in 2000 and 1999, respectively and increased 52% in 1998. The decline in sales in 2000 resulted primarily from increases in mortgage interest rates in the first half of the year coupled with a dramatic decline in refinance activity. In 2000, the number of policies and commitments issued declined to 196,836, a decrease of 23% compared with 256,272 in 1999. In 1999, policies and commitments issued declined by 24,979 policies, a decrease of 9% compared with 281,251 in 1998. The number of policies and commitments issued increased by 97,014 in 1998, an increase of 53% compared with 184,237 in 1997. Shown below is a schedule of net premiums written for 2000, 1999 and 1998 in all states where our two insurance subsidiaries, Investors Title Insurance Company and Northeast Investors Title Insurance Company, underwrite title insurance: 

