Old Republic International Corp (ORI) 10-Q Quarterly Report November 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 THIRD QUARTER AND FIRST NINE MONTHS OF 2021


CHICAGO – October 28, 2021 – Old Republic International Corporation (NYSE: ORI) today reported the following consolidated results (a):

OVERALL RESULTS

	Quarters Ended September 30,						Nine Months Ended September 30,
	2021		2020		% Change		2021		2020		% Change
Pretax income (loss)	$	106.0	$	306.9			$	1,132.6	$	36.1
Pretax investment gains (losses)	(192.6)		80.7				303.7		(516.7)
Pretax income (loss) excluding investment gains (losses)	$	298.6	$	226.2	32.0	%	$	828.8	$	552.8	49.9	%

Net income (loss)	$	88.7	$	246.0			$	907.3	$	38.9
Net of tax investment gains (losses)	(151.6)		63.7				239.6		(408.0)
Net income (loss) excluding investment gains (losses)	$	240.4	$	182.3	31.9	%	$	667.6	$	446.9	49.4	%

PER DILUTED SHARE

	Quarters Ended September 30,						Nine Months Ended September 30,
	2021		2020		% Change		2021		2020		% Change
Net income (loss)	$	.29	$	.83			$	3.00	$	.13
Net of tax investment gains (losses)	(.50)		.21				.79		(1.37)
Net income (loss) excluding investment gains (losses)	$	.79	$	.62	27.4	%	$	2.21	$	1.50	47.3	%

SHAREHOLDERS' EQUITY

							Sept. 30,		Dec. 31,
							2021		2020		% Change
Total							$	6,329.4	$	6,186.6	2.3	%
Per Common Share							$	20.96	$	20.75	1.0	%

________

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

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 89.8% for the third quarter and 90.4% for the first nine months of 2021, compared to 92.3% and 94.4% in the respective 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 COVID-19 pandemic.

Consolidated net premiums and fees earned increased 18.6% for the quarter and 21.7% for the year-to-date period. General Insurance earned premiums experienced mid-single digit growth over comparative 2020 periods, 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 increased for the quarter and declined slightly in the year-to-date period reflecting growth in the invested asset base, offset by lower investment yields, to varying degrees in both periods.

Book value per share advanced to $20.96 as of September 30, 2021 from $20.75 at December 31, 2020. The increase was primarily driven by year-to-date improved operating earnings and favorable overall investment valuation trends which were partially offset by dividends, including a $1.50 special dividend.

As the economy continues to emerge from the pandemic, premium and fee revenues in General Insurance could continue growing. As low interest rates and a favorable real estate market continue, Title Insurance premium and fee revenues could remain strong, although may be lower than recent periods.

The following information was filed by Old Republic International Corp (ORI) on Friday, October 29, 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/74260/000007426021000111/ori-20210930.htm

View differences made from one quarter to another to evaluate Old Republic International Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Old Republic International Corp.

Continue

Assess how Old Republic International Corp's management team is paid from their Annual Proxy

Old Republic International Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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: 0000074260-21-000111
Submitted to the SEC: Fri Nov 05 2021 3:32:11 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Surety Insurance

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/ori/0000074260-21-000111.htm

Old Republic International Corp (ORI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

SEC Filings

ORI Valuations

ORI Annual Reports

ORI Quarterly Reports

ORI Corporate News