Old Republic International Corp (ORI) 10-Q Quarterly Report July 2021


NEWS RELEASE


At Old Republic:			At Financial Relations Board:

Craig R. Smiddy, President and CEO			Analysts/Investors: Joe Calabrese 212/827-3772

OLD REPUBLIC REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2021


CHICAGO – July 22, 2021 – Old Republic International Corporation (NYSE: ORI) today reported the following consolidated results (a):

OVERALL RESULTS

	Quarters Ended June 30,						Six Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Pretax income (loss)	$	396.0	$	499.1			$	1,026.6	$	(270.8)
Pretax investment gains (losses)	120.9		346.7				496.4		(597.4)
Pretax income (loss) excluding investment gains (losses)	$	275.0	$	152.4	80.4	%	$	530.2	$	326.6	62.3	%

Net income (loss)	$	316.4	$	397.7			$	818.5	$	(207.0)
Net of tax investment gains (losses)	95.5		273.8				391.3		(471.7)
Net income (loss) excluding investment gains (losses)	$	220.9	$	123.8	78.4	%	$	427.2	$	264.6	61.4	%

PER DILUTED SHARE

	Quarters Ended June 30,						Six Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Net income (loss)	$	1.05	$	1.34			$	2.72	$	(.69)
Net of tax investment gains (losses)	0.32		0.92				1.30		(1.58)
Net income (loss) excluding investment gains (losses)	$	0.73	$	0.42	73.8	%	$	1.42	$	.89	59.6	%

SHAREHOLDERS' EQUITY

							June 30,		Dec. 31,
							2021		2020		% Change
Total							$	6,778.6	$	6,186.6	9.6	%
Per Common Share							$	22.59	$	20.75	8.9	%

________

(a) All amounts in this report are stated in millions except common stock data and percentages.

This year’s second quarter and first half consolidated pretax income, excluding investment gains or losses continued to show strong growth in profitability in the General Insurance and Title Insurance businesses. Solid underwriting results produced consolidated combined ratios of 90.6% for the second quarter and 90.8% for the first six months of 2021, compared to 96.1% and 95.6% in the comparative 2020 periods. Total and per share year-to-date net income reflect significant increases in the fair value of equity securities by comparison to 2020 when equity markets were disrupted by the onset of the COVID-19 pandemic.

Consolidated net premiums and fees earned increased 29.1% for the quarter and 23.5% for the year-to-date period. General Insurance earned premiums experienced mid-single digit growth over similar 2020 periods where exposure levels were impacted by the economic effects of the pandemic, while Title Insurance continued to experience robust growth in premium and fee revenues as low interest rates and a favorable real estate market persisted.

Net investment income decreased for the quarter and year-to-date periods as growth in the average invested asset base was offset by lower investment yields. Favorable investment valuation trends, along with higher retained earnings, contributed to an increased book value per share of $22.59 as of June 30, 2021 from $20.75 at December 31, 2020.

As the economy continues to emerge from the pandemic, premium and fee revenues in General Insurance could continue growing, especially compared to the 2020 periods where exposure levels were lower due to the effects of the pandemic on economic activity and employment levels. Title Insurance premium and fee revenues could remain strong as low interest rates and a favorable real estate market continue.

The following information was filed by Old Republic International Corp (ORI) on Friday, July 23, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Old Republic International Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ORI
CIK: 74260
Form Type: 10-Q Quarterly Report
Accession Number: 0000074260-21-000074
Submitted to the SEC: Fri Jul 30 2021 2:24:06 PM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Surety Insurance

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