Old Republic International Corp (ORI) 10-Q Quarterly Report November 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 THIRD QUARTER AND FIRST NINE MONTHS 2022



OVERALL RESULTS

	Quarters Ended September 30,								Nine Months Ended September 30,
	2022			2021			% Change		2022			2021			% Change
Pretax income (loss)	$	(119.6)		$	106.0				$	208.3		$	1,132.6
Pretax investment gains (losses)	(377.1)			(192.6)					(549.5)			303.7
Pretax income (loss) excluding investment gains (losses)	$	257.5		$	298.6		-13.8	%	$	757.9		$	828.8		-8.6	%

Net income (loss)	$	(91.7)		$	88.7				$	174.3		$	907.3
Net of tax investment gains (losses)	(297.9)			(151.6)					(433.8)			239.6
Net income (loss) excluding investment gains (losses)	$	206.1		$	240.4		-14.3	%	$	608.1		$	667.6		-8.9	%

Combined ratio	91.4		%	89.8		%			91.4		%	90.4		%

PER DILUTED SHARE

	Quarters Ended September 30,								Nine Months Ended September 30,
	2022			2021			% Change		2022			2021			% Change
Net income (loss)	$	(.31)		$	.29				$	.57		$	3.00
Net of tax investment gains (losses)	(.99)			(.50)					(1.42)			.79
Net income (loss) excluding investment gains (losses)	$	.68		$	.79		-13.9	%	$	1.99		$	2.21		-10.0	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

									Sep. 30,			Dec. 31,
									2022			2021			% Change
Total									$	5,678.1		$	6,893.2		-17.6	%
Per Common Share									$	18.92		$	22.76		-16.9	%

________

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

CHICAGO – October 27, 2022 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses), of $257.5 for the quarter and $757.9 for the first nine months of 2022. Results are within expectations, with General Insurance pretax operating income rising 15%, while the effect of increasing mortgage interest rates contributed to a reduction in Title Insurance pretax operating income of 46%. Both General Insurance and Title Insurance produced solid underwriting results that drove a consolidated combined ratio of 91.4% for both the quarter and first nine months of 2022.

Consolidated net premiums and fees earned were down 5.5% for the quarter, with General Insurance net earned premiums growing 7.1%, offset by a 15.2% decline in Title Insurance net premiums and fees earned as a result of lower revenues in both direct and agency operations. For the first nine months, consolidated net premiums and fees earned were relatively steady, reflecting growth in General Insurance of 7.3%, offset by a 6.9% decline in Title Insurance. Net investment income increased in both 2022 periods, primarily reflecting growth in the invested asset base and slightly higher investment yields earned in the quarter.

During the quarter, the Company returned total capital to shareholders of $479.1, comprised of $374.3 in common stock dividends, including a special cash dividend of $1.00 per share, and $104.8 of share repurchases (4.8 million shares at an average price of $21.49 per share). Following the close of the quarter and through October 26, the company repurchased 5.3 million additional shares for $119.3 (average price of $22.37), leaving $225.8 remaining under the current repurchase authorization.

Book value per share was $18.92 as of September 30, 2022, reflecting declining fair market values in both the fixed income and equity portfolios, partially offset by strong operating earnings. With the addition of dividends declared during the first nine months, this was a decrease of 9.4% over year-end 2021.

The following information was filed by Old Republic International Corp (ORI) on Thursday, October 27, 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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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: 0000074260-22-000071
Submitted to the SEC: Fri Nov 04 2022 4:17:27 PM EST
Accepted by the SEC: Fri Nov 04 2022
Period: Friday, September 30, 2022
Industry: Surety Insurance

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Old Republic International Corp (ORI) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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