Old Republic International Corp (ORI) 10-Q Quarterly Report August 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 SECOND QUARTER AND FIRST HALF 2023



OVERALL RESULTS

	Quarters Ended June 30,								Six Months Ended June 30,
	2023			2022			% Change		2023			2022			% Change
Pretax income (loss)	$	196.9		$	(54.6)				$	446.1		$	328.0
Pretax investment losses	(30.4)			(317.4)					(4.2)			(172.3)
Pretax income (loss) excluding investment losses	$	227.3		$	262.8		(13.5)	%	$	450.3		$	500.4		(10.0)	%

Net income (loss)	$	155.5		$	(40.1)				$	355.4		$	266.1
Net of tax investment losses	(24.0)			(250.4)					(3.3)			(135.9)
Net income (loss) excluding investment losses	$	179.6		$	210.2		(14.6)	%	$	358.8		$	402.0		(10.8)	%

Combined ratio	92.6		%	90.9		%			92.6		%	91.4		%

PER DILUTED SHARE

	Quarters Ended June 30,								Six Months Ended June 30,
	2023			2022			% Change		2023			2022			% Change
Net income (loss)	$	0.54		$	(0.13)				$	1.22		$	0.87
Net of tax investment losses	(0.08)			(0.82)					(0.01)			(0.45)
Net income (loss) excluding investment losses	$	0.62		$	0.69		(10.1)	%	$	1.23		$	1.32		(6.8)	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

									June 30,			Dec. 31,
									2023			2022			% Change
Total									$	6,119.8		$	6,173.2		(0.9)	%
Per Common Share									$	21.78		$	21.07		3.4	%

________

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

CHICAGO – July 27, 2023 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses), of $227.3 for the quarter and $450.3 for the first six months of 2023. Title Insurance results declined in both periods, affected by higher mortgage interest rates. General Insurance pretax operating income rose 33.6% for the quarter and 34.6% for the first six months, driven by solid underwriting income. These results produced a consolidated combined ratio of 92.6% for both the quarter and first six months.

Consolidated net premiums and fees earned were down 16.8% for the quarter and 17.9% for the first six months. Title Insurance dropped as a result of lower revenues in both direct and agency operations, while General Insurance grew by mid-single digits in both periods. Net investment income increased significantly in the quarter and the first six months, primarily due to higher investment yields earned.

During the quarter, the Company returned total capital to shareholders of approximately $288, comprised of $70 in dividends, and $218 of share repurchases (8.7 million shares at an average price of $25.16 per share). For the first six months, this results in total capital returned of approximately $492, including $141 in dividends and nearly $351 of share repurchases (14.1 million shares at an average price of $25.14 per share). Following the close of the quarter, the Company repurchased $83 of additional shares (3.2 million shares at an average price of $25.83 per share), leaving approximately $182 remaining under the most recent authorization approved by the Company's Board of Directors in May 2023.

Book value per share grew from $21.07 at year-end 2022 to $21.78 as of June 30, 2023, primarily reflecting the addition of operating earnings less shareholder dividends. With the addition of dividends declared during the first six months, this was an increase of 5.7% over year-end 2022.

The following information was filed by Old Republic International Corp (ORI) on Thursday, July 27, 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

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 3.(A): Articles Of Incorporation

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: 0000074260-23-000074
Submitted to the SEC: Mon Aug 07 2023 2:30:42 PM EST
Accepted by the SEC: Mon Aug 07 2023
Period: Friday, June 30, 2023
Industry: Surety Insurance

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