Old Republic International Corp (ORI) 10-Q Quarterly Report May 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 FIRST QUARTER 2022



OVERALL RESULTS

	Quarters Ended March 31,
		2022		2021		% Change
Pretax income (loss)		$	382.6	$	630.6
Pretax investment gains (losses)		145.1		375.4
Pretax income (loss) excluding investment gains (losses)		$	237.5	$	255.1	-6.9	%

Net income (loss)		$	306.3	$	502.1
Net of tax investment gains (losses)		114.5		295.7
Net income (loss) excluding investment gains (losses)		$	191.7	$	206.3	-7.0	%

PER DILUTED SHARE

	Quarters Ended March 31,
		2022		2021		% Change
Net income (loss)		$	1.00	$	1.68
Net of tax investment gains (losses)		.37		.99
Net income (loss) excluding investment gains (losses)		$	.63	$	.69	-8.7	%

SHAREHOLDERS' EQUITY

		March 31,		Dec. 31,
		2022		2021		% Change
Total		$	6,750.1	$	6,893.2	-2.1	%
Per Common Share		$	22.23	$	22.76	-2.3	%

________

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

CHICAGO – April 28, 2022 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains, of $237.5 for the quarter. The decline compared to the 2021 period, is within our expectations as increasing mortgage interest rates began to affect Title Insurance results. Both General Insurance and Title Insurance produced solid underwriting results that drove a consolidated combined ratio of 91.9% for the quarter.

Consolidated net premiums and fees earned was $1.9 billion for the quarter representing growth of 4.4% compared to the 2021 period. General Insurance net earned premiums grew by 6.0%, while Title Insurance growth in premium and fees was tempered by lower revenues within their direct operations. Net investment income increased slightly for the quarter, reflecting growth in the invested asset base, offset by lower investment yields earned.

Book value per share was $22.23 as of March 31, 2022, reflecting interest rate driven unrealized losses in the fixed income portfolio, offset by operating earnings. With the addition of dividends declared during the quarter, this was a decrease of 1.3% over year-end 2021.

The following information was filed by Old Republic International Corp (ORI) on Friday, April 29, 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-Q Quarterly 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-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: 0000074260-22-000024
Submitted to the SEC: Fri May 06 2022 3:31:34 PM EST
Accepted by the SEC: Fri May 06 2022
Period: Thursday, March 31, 2022
Industry: Surety Insurance

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