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Jun 30, 2023
Old Republic Q2 2023 Earnings Report
Old Republic reported pretax income, excluding investment gains/losses, and General Insurance pretax operating income rose, while Title Insurance results declined due to higher mortgage interest rates.
Key Takeaways
Old Republic reported a decrease in consolidated net premiums and fees earned, but an increase in net investment income. The company returned a significant amount of capital to shareholders through dividends and share repurchases. Book value per share grew, reflecting operating earnings less shareholder dividends.
Pretax income, excluding investment gains (losses), was $227.3 million for the quarter and $450.3 million for the first six months of 2023.
General Insurance pretax operating income rose 33.6% for the quarter and 34.6% for the first six months, driven by solid underwriting income.
Title Insurance results declined due to higher mortgage interest rates.
Consolidated combined ratio was 92.6% for both the quarter and first six months.
Revenue by Segment
Forward Guidance
The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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