Old Republic International Corp (ORI) 10-Q Quarterly Report May 2023


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 2023



OVERALL RESULTS

	Quarters Ended March 31,
		2023			2022			% Change
Pretax income		$	249.2		$	382.6
Pretax investment gains		26.2			145.1
Pretax income excluding investment gains		$	222.9		$	237.5		(6.1)	%

Net income		$	199.8		$	306.3
Net of tax investment gains		20.6			114.5
Net income excluding investment gains		$	179.2		$	191.7		(6.6)	%

Combined ratio		92.7		%	91.9		%

PER DILUTED SHARE

	Quarters Ended March 31,
		2023			2022			% Change
Net income		$	0.68		$	1.00
Net of tax investment gains		0.07			0.37
Net income excluding investment gains		$	0.61		$	0.63		(3.2)	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

		Mar. 31,			Dec. 31,
		2023			2022			% Change
Total		$	6,331.9		$	6,173.2		2.6	%
Per Common Share		$	21.91		$	21.07		4.0	%

________

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

CHICAGO – April 27, 2023 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses), of $222.9 for the quarter. General Insurance pretax operating income rose 35.6%, while Title Insurance results were negatively impacted by the effect of elevated mortgage interest rates. Solid General Insurance underwriting results led to a consolidated combined ratio of 92.7%.

Consolidated net premiums and fees earned were down 19.0% for the quarter, with Title Insurance dropping 41.6% as a result of lower revenues in both direct and agency operations, while General Insurance grew 5.9%. Net investment income increased significantly in the quarter, primarily due to higher investment yields earned.

During the quarter, the Company returned total capital to shareholders of approximately $204, comprised of $71 in dividends, and nearly $133 of share repurchases (5.3 million shares at an average price of $24.85 per share). Following the close of the quarter, the Company repurchased $35 of additional shares (1.4 million shares at an average price of $24.97 per share), thereby completing its repurchase program under the most recent authorization.

Book value per share grew to $21.91 as of March 31, 2023, reflecting higher fair market values in the investment portfolio during the quarter and operating earnings. With the addition of dividends declared during the quarter, this was an increase of 5.1% over year-end 2022.

The following information was filed by Old Republic International Corp (ORI) on Friday, April 28, 2023 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

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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: 0000074260-23-000039
Submitted to the SEC: Fri May 05 2023 2:01:58 PM EST
Accepted by the SEC: Fri May 05 2023
Period: Friday, March 31, 2023
Industry: Surety Insurance

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