CHICAGO, April 25, 2024 /PRNewswire/ --

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (pretax operating income), of $231.5, an increase of 3.9% compared to the first quarter of last year, reflecting strong growth in General Insurance pretax operating income, partially offset by a decline in Title Insurance.

Summary of results for the quarter:

• Diluted net operating income per share of $0.67, up 9.8% over last year.
• Consolidated combined ratio of 94.3%, up 1.6 points over last year.
• Consolidated net premiums and fees earned of over $1.6 billion, up 5.6%, resulting from double digit growth in General Insurance partially offset by a decline in Title Insurance.
• Net investment income of $164.1, up 19.1%, driven by higher investment yields.
• Favorable loss reserve development of 2.3 points, compared to 4.5 points last year.
• Total capital returned to shareholders during the quarter of $264, comprised of $72 in dividends, and $193 in share repurchases. Following the close of the quarter, an additional $146 was returned via share repurchases.
• Book value per share of $23.83, up 3.4%, inclusive of dividends.

Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the insurance underwriting subsidiaries' obligations. Therefore, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.

In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income, provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.

The information presented in the following table highlights the most meaningful indicators of ORI's segmented and consolidated financial performance. The information underscores the performance of the Company's insurance underwriting subsidiaries, as well as the sound investment of their capital and underwriting cash flows.

The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial, and therefore are now included within Corporate & Other. Prior period amounts have been reclassified to reflect this change in reportable segments.

Sources of Consolidated Income
	Quarters Ended March 31,
	2024		2023		% Change
Net premiums and fees earned:
General Insurance	$ 1,091.6		$    965.1		13.1 %
Title Insurance	545.4		583.2		(6.5)
Corporate & Other	5.5		6.8		(18.3)
Consolidated	$ 1,642.7		$ 1,555.2		5.6 %
Underwriting and related services income (loss):
General Insurance	$    105.8		$    103.8		1.9 %
Title Insurance	(13.5)		3.7		N/M
Corporate & Other	(8.4)		(5.4)		(54.0)
Consolidated	$       83.8		$    102.1		(17.9) %
Consolidated combined ratio:
Loss ratio:
Current year	44.8 %		43.3 %
Prior years	(2.3)		(4.5)
Total	42.5		38.8
Expense ratio	51.8		53.9
Combined ratio	94.3 %		92.7 %
Net investment income:
General Insurance	$    131.1		$    108.7		20.6 %
Title Insurance	15.7		13.7		14.3
Corporate & Other	17.3		15.2		13.5
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