Old Republic International Corp (ORI) 10-Q Quarterly Report November 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 THIRD QUARTER AND FIRST NINE MONTHS 2023



OVERALL RESULTS

	Quarters Ended September 30,								Nine Months Ended September 30,
	2023			2022			% Change		2023			2022			% Change
Pretax income (loss)	$	63.9		$	(119.6)				$	510.0		$	208.3
Pretax investment losses	(186.9)			(377.1)					(191.1)			(549.5)
Pretax income (loss) excluding investment losses	$	250.8		$	257.5		(2.6)	%	$	701.2		$	757.9		(7.5)	%

Net income (loss)	$	52.6		$	(91.7)				$	408.0		$	174.3
Net of tax investment losses	(147.6)			(297.9)					(151.0)			(433.8)
Net income (loss) excluding investment losses	$	200.2		$	206.1		(2.9)	%	$	559.0		$	608.1		(8.1)	%

Combined ratio	91.9		%	91.4		%			92.4		%	91.4		%

PER DILUTED SHARE

	Quarters Ended September 30,								Nine Months Ended September 30,
	2023			2022			% Change		2023			2022			% Change
Net income (loss)	$	0.19		$	(0.31)				$	1.42		$	0.57
Net of tax investment losses	(0.53)			(0.99)					(0.53)			(1.42)
Net income (loss) excluding investment losses	$	0.72		$	0.68		5.9	%	$	1.95		$	1.99		(2.0)	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

									Sep. 30,			Dec. 31,
									2023			2022			% Change
Total									$	5,915.6		$	6,173.2		(4.2)	%
Per Common Share									$	21.37		$	21.07		1.4	%

________

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

CHICAGO – October 26, 2023 –

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment losses, of $250.8 for the quarter and $701.2 for the first nine months of 2023. Title Insurance results declined in both periods, affected by higher mortgage interest rates. General Insurance pretax operating income rose 28.6% for the quarter and 32.3% for the first nine months, driven by solid underwriting income and higher net investment income. The consolidated combined ratio was 91.9% for the quarter and 92.4% for the first nine months.

Consolidated net premiums and fees earned were down 9.4% for the quarter and 15.1% for the first nine months. Title Insurance dropped as a result of lower revenues in both direct and agency operations, while General Insurance grew by 10.6% for the quarter and 7.3% for the first nine months. Net investment income increased significantly in the quarter and the first nine months, primarily due to higher investment yields earned on fixed income securities.

During the quarter, the Company returned total capital to shareholders of approximately $192, comprised of $68 in dividends, and $124 of share repurchases (4.7 million shares at an average price of $26.31 per share). For the first nine months, this results in total capital returned of approximately $684, including $209 in dividends and nearly $475 of share repurchases (18.8 million shares at an average price of $25.44 per share). Following the close of the quarter, the Company repurchased $52 of additional shares (1.9 million shares at an average price of $27.12 per share), leaving approximately $90 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 $21.37 as of September 30, 2023, primarily reflecting the addition of operating earnings less unrealized investment losses and shareholder dividends. With the addition of dividends declared during the first nine months, book value per share increased 4.9% (6.6% annualized) over year-end 2022.

The following information was filed by Old Republic International Corp (ORI) on Thursday, October 26, 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/74260/000007426023000093/ori-20230930.htm

View differences made from one quarter to another to evaluate Old Republic International Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Old Republic International Corp.

Continue

Assess how Old Republic International Corp's management team is paid from their Annual Proxy

Old Republic International Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

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: 0000074260-23-000093
Submitted to the SEC: Fri Nov 03 2023 4:26:49 PM EST
Accepted by the SEC: Fri Nov 03 2023
Period: Saturday, September 30, 2023
Industry: Surety Insurance

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/ori/0000074260-23-000093.htm

Old Republic International Corp (ORI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

SEC Filings

ORI Valuations

ORI Annual Reports

ORI Quarterly Reports

ORI Corporate News