Old Republic International Corp (ORI) 10-K Annual Report February 2022


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 FOURTH QUARTER AND FULL YEAR 2021



OVERALL RESULTS

	Quarters Ended December 31,						Years Ended December 31,
	2021		2020		% Change		2021		2020		% Change
Pretax income (loss)	$	789.4	$	652.2			$	1,922.1	$	688.4
Pretax investment gains (losses)	454.3		374.7				758.0		(142.0)
Pretax income (loss) excluding investment gains (losses)	$	335.1	$	277.5	20.7	%	$	1,164.0	$	830.4	40.2	%

Net income (loss)	$	627.0	$	519.7			$	1,534.3	$	558.6
Net of tax investment gains (losses)	358.8		295.8				598.4		(112.1)
Net income (loss) excluding investment gains (losses)	$	268.2	$	223.8	19.8	%	$	935.9	$	670.8	39.5	%

PER DILUTED SHARE

	Quarters Ended December 31,						Years Ended December 31,
	2021		2020		% Change		2021		2020		% Change
Net income (loss)	$	2.06	$	1.74			$	5.05	$	1.87
Net of tax investment gains (losses)	1.18		.99				1.97		(.37)
Net income (loss) excluding investment gains (losses)	$	.88	$	.75	17.3	%	$	3.08	$	2.24	37.5	%

SHAREHOLDERS' EQUITY

							December 31,
							2021		2020		% Change
Total							$	6,893.2	$	6,186.6	11.4	%
Per Common Share							$	22.76	$	20.75	9.7	%

________

All amounts in this report are stated in millions except where noted, common stock data and percentages.

CHICAGO – January 27, 2022 –

Old Republic International Corporation (NYSE: ORI) today reported record pretax income, excluding investment gains, of $335.1 million for the fourth quarter and $1.16 billion for the full year. These results represent growth of 20.7% for the quarter and 40.2% for the year compared to the respective 2020 periods. General Insurance and Title Insurance both produced solid underwriting results that drove consolidated combined ratios of 88.5% for the quarter and 89.9% for the year, compared to 90.3% and 93.3% in the respective 2020 periods. In addition to these strong underwriting results, total and per share net income for the quarter and year also reflect an increase in the fair value of equity securities.

Record consolidated net premiums and fees earned of $2.1 billion for the quarter and $8.0 billion for the year represent growth of 11.3% for the quarter and 18.8% for the year compared to the respective 2020 periods. General Insurance net earned premiums grew by mid-single digits over the prior year, while Title Insurance continued to experience significant growth in premium and fees attributable to a low interest rate environment and a robust real estate market. Net investment income remained relatively flat for the quarter and the year, reflecting growth in the invested asset base, offset by lower investment yields.

Book value per share advanced to $22.76 as of December 31, 2021. With the addition of dividends declared during the year, this was an increase of 21.2% over year-end 2020, primarily driven by strong operating earnings and by gains in our investment portfolio.

The following information was filed by Old Republic International Corp (ORI) on Friday, January 28, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 3.B: Articles Of Incorporation

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

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-K Annual Report
Accession Number: 0000074260-22-000012
Submitted to the SEC: Mon Feb 28 2022 4:43:13 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Surety Insurance

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Old Republic International Corp (ORI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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