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Dec 31, 2021
Old Republic Q4 2021 Earnings Report
Old Republic reported record pretax income, excluding investment gains, for the fourth quarter and full year 2021.
Key Takeaways
Old Republic International Corporation reported a strong fourth quarter with record pretax income, excluding investment gains, driven by solid underwriting results in both General Insurance and Title Insurance. Consolidated combined ratios improved, and net premiums and fees earned saw significant growth.
Pretax income, excluding investment gains, increased by 20.7% for the quarter.
Consolidated combined ratio improved to 88.5% for the quarter.
Net premiums and fees earned grew by 11.3% for the quarter.
Book value per share advanced to $22.76 as of December 31, 2021.
Old Republic
Old Republic
Old Republic Revenue by Segment
Revenue by Segment
Specialty Insurance Revenue
CapyFin.comTitle Insurance Revenue
CapyFin.com Forward Guidance
Old Republic's management focuses on achieving favorable underwriting results over cycles and maintaining financial soundness to support long-term obligations to policyholders.
Positive Outlook
- Achieving highly profitable operating results over the long term.
- Ensuring balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business.
- Favorable underwriting results over cycles.
- Maintenance of financial soundness.
- Focus on long-term performance trends.
Challenges Ahead
- Uncertainty of ultimate benefit and claim costs.
- Short reporting time frames do not comport well with the long-term nature of much of its business.
- Market competition affecting General Insurance segment.
- Changes in national and regional housing demand and values affecting Title Insurance and RFIG Run-off results.
- Exposure to cyber risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income