Old Republic International Corp (ORI) 10-Q Quarterly Report August 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 SECOND QUARTER AND FIRST HALF 2022



OVERALL RESULTS

	Quarters Ended June 30,								Six Months Ended June 30,
	2022			2021			% Change		2022			2021			% Change
Pretax income (loss)	$	(54.6)		$	396.0				$	328.0		$	1,026.6
Pretax investment gains (losses)	(317.4)			120.9					(172.3)			496.4
Pretax income (loss) excluding investment gains (losses)	$	262.8		$	275.0		-4.4	%	$	500.4		$	530.2		-5.6	%

Net income (loss)	$	(40.1)		$	316.4				$	266.1		$	818.5
Net of tax investment gains (losses)	(250.4)			95.5					(135.9)			391.3
Net income (loss) excluding investment gains (losses)	$	210.2		$	220.9		-4.8	%	$	402.0		$	427.2		-5.9	%

Combined ratio	90.9		%	90.6		%			91.4		%	90.8		%

PER DILUTED SHARE

	Quarters Ended June 30,								Six Months Ended June 30,
	2022			2021			% Change		2022			2021			% Change
Net income (loss)	$	(.13)		$	1.05				$	.87		$	2.72
Net of tax investment gains (losses)	(.82)			.32					(.45)			1.30
Net income (loss) excluding investment gains (losses)	$	.69		$	.73		-5.5	%	$	1.32		$	1.42		-7.0	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

									June 30,			Dec. 31,
									2022			2021			% Change
Total									$	6,393.1		$	6,893.2		-7.3	%
Per Common Share									$	20.99		$	22.76		-7.8	%

________

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

CHICAGO – July 28, 2022 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses), of $262.8 for the quarter and $500.4 for the first six months of 2022. The decline compared to the 2021 periods is within expectations, with General Insurance pretax operating income increasing nearly 12%, while the effect of increasing mortgage interest rates reduced Title Insurance results. Both General Insurance and Title Insurance produced solid underwriting results that drove a consolidated combined ratio of 90.9% and 91.4% for the quarter and first six months of 2022, respectively.

Consolidated net premiums and fees earned were relatively consistent for the quarter, with General Insurance net earned premiums growing 8.8%, offset by a 7.1% decline in Title Insurance net premiums and fees as a result of lower revenues in both direct and agency operations. For the first six months, consolidated net premiums and fees earned were up 2.0%, reflecting growth in General Insurance of 7.4%, partially offset by a 2.3% decline in Title Insurance. Net investment income increased slightly in both 2022 periods, reflecting growth in the invested asset base, offset by lower investment yields earned.

Book value per share was $20.99 as of June 30, 2022, reflecting declining fair market values in both the fixed income and equity portfolios, partially offset by operating earnings. With the addition of dividends declared during the first six months, this was a decrease of 5.8% over year-end 2021.

The following information was filed by Old Republic International Corp (ORI) on Thursday, July 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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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: 0000074260-22-000053
Submitted to the SEC: Fri Aug 05 2022 3:55:39 PM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Surety Insurance

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