Company Overview - Old Republic has a history dating back 100 years and has been listed on the NYSE since 1990[3] - The company has a track record of 82 years of uninterrupted cash dividends[3] - Since December 31, 2016, the company has allocated $42 billion to dividends and share repurchases[3] Financial Performance - Q4 2023 operating EPS was $069, a 14% decrease from $080 in Q4 2022[8] - Net premiums and fees earned in Q4 2023 were $174 billion, a 5% decrease[8] - Book value per share was $2331, representing a 153% increase from year-end 2022 when adding back dividends[8] - The combined ratio for Q4 2023 was 933, up 37 points from the previous year[8] Business Segments - General Insurance generated $47 billion in operating revenue in 2023[38] - Title Insurance generated $26 billion in operating revenue in 2023[12] - The Title Insurance segment's equity was $10 billion as of December 31, 2023, supporting $26 billion of revenue[20] Investment Portfolio & Capital - The investment portfolio is high-grade, with 99% investment grade fixed income[45] - Share repurchases amounted to $530 million in 2023[8, 42] - Subsidiary dividend capacity was $925 million in 2023[42]

PART I - FINANCIAL INFORMATION [Consolidated Financial Statements](index=3&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements, detailing the company's financial position and performance [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of September 30, 2023, total assets increased to $26.40 billion from $25.16 billion at year-end 2022, driven by higher accounts receivable and reinsurance balances. Total liabilities rose to $20.48 billion from $18.99 billion, primarily due to increased policy liabilities. Consequently, total common shareholders' equity decreased slightly to $5.92 billion from $6.17 billion Key Balance Sheet Figures | Balance Sheet Items ($ in Millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Investments** | $15,413.2 | $15,859.9 | | **Total Assets** | **$26,400.5** | **$25,159.4** | | **Total Policy Liabilities** | $16,194.2 | $15,191.6 | | **Total Liabilities** | **$20,484.8** | **$18,986.2** | | **Total Common Shareholders' Equity** | $5,915.6 | $6,173.2 | [Consolidated Statements of Income](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For the third quarter of 2023, the company reported net income of $52.6 million, a significant turnaround from a net loss of $91.7 million in Q3 2022. This was largely due to smaller net investment losses. For the nine months ended September 30, 2023, net income more than doubled to $408.0 million from $174.3 million year-over-year, with diluted EPS increasing to $1.42 from $0.57 Income Statement Highlights | Income Statement Highlights ($ in Millions) | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $1,947.0 | $2,098.2 | $5,508.4 | $6,287.7 | | **Total Net Investment Losses** | $(186.9) | $(377.1) | $(191.1) | $(549.5) | | **Total Revenues** | $1,760.1 | $1,721.0 | $5,317.2 | $5,738.1 | | **Net Income (Loss)** | **$52.6** | **$(91.7)** | **$408.0** | **$174.3** | | **Diluted EPS** | $0.19 | $(0.31) | $1.42 | $0.57 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) The company recorded a comprehensive loss of $29.5 million for Q3 2023, a substantial improvement from the $242.9 million loss in Q3 2022. The change was primarily driven by a smaller net loss and reduced other comprehensive losses, specifically from unrealized losses on securities. For the nine-month period, comprehensive income was $374.7 million, reversing a $626.0 million loss from the prior year Comprehensive Income Summary | Comprehensive Income ($ in Millions) | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss) As Reported** | $52.6 | $(91.7) | $408.0 | $174.3 | | **Total Other Comprehensive Loss** | $(82.1) | $(151.1) | $(33.2) | $(800.4) | | **Comprehensive Income (Loss)** | **$(29.5)** | **$(242.9)** | **$374.7** | **$(626.0)** | [Consolidated Statements of Preferred Stock and Common Shareholders' Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20PREFERRED%20STOCK%20AND%20COMMON%20SHAREHOLDERS'%20EQUITY) Shareholders' equity changes were influenced by net income of $408.0 million for the nine-month period, offset by common share dividends of $208.9 million and significant treasury stock activity. The company acquired $479.5 million in treasury stock, which was subsequently restored to unissued status, impacting common stock and additional paid-in capital balances - For the nine months ended September 30, 2023, the company acquired **$479.5 million** of treasury stock and restored it to unissued status, reducing common stock by **$18.8 million** and additional paid-in capital by **$460.6 million**[12](index=12&type=chunk) - Cash dividends per common share of **$0.245** and **$0.735** were declared for the quarter and nine months ended September 30, 2023, respectively[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the nine months ended September 30, 2023, net cash from operating activities was $597.0 million, a decrease from $903.4 million in the prior-year period. Cash from investing activities was a net inflow of $139.4 million, reversing a $354.7 million outflow. Financing activities resulted in a significant cash outflow of $665.3 million, primarily due to $479.5 million in treasury stock acquisitions and $208.6 million in dividend payments Cash Flow Summary | Cash Flow Summary ($ in Millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $597.0 | $903.4 | | **Net Cash from Investing Activities** | $139.4 | $(354.7) | | **Net Cash from Financing Activities** | $(665.3) | $(604.3) | | **Increase (Decrease) in Cash** | $71.1 | $(55.7) | | **Cash, End of Period** | $152.1 | $102.4 | [Notes to Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed disclosures supporting the consolidated financial statements, covering key areas like investments, reserves, debt, and segment performance - On January 1, 2023, the Company adopted ASU No. 2018-12 regarding accounting for long-duration contracts, which primarily impacts the discount rate for its life insurance business in runoff, but did not have a material impact on the consolidated financial statements[17](index=17&type=chunk) - For the nine months ended September 30, 2023, the company experienced favorable prior-year loss development of **$223.9 million**, primarily from the General Insurance segment[40](index=40&type=chunk) - In May 2023, the Board authorized a new **$450.0 million** share repurchase program. For the nine months ended September 30, 2023, the company repurchased **18.8 million** shares for **$479.5 million**[48](index=48&type=chunk)[49](index=49&type=chunk) Segment Pretax Operating Income | Segment Pretax Operating Income ($ in Millions) | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | General Insurance | $593.0 | $448.1 | | Title Insurance | $89.6 | $263.8 | | RFIG Run-off | $18.8 | $31.3 | | **Total Segment Pretax Operating Income** | **$701.5** | **$743.3** | [Management's Discussion and Analysis of Financial Position and Results of Operations](index=18&type=section&id=MANAGEMENT%20ANALYSIS%20OF%20FINANCIAL%20POSITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance, emphasizing long-term underwriting profitability, balance sheet strength, and segment-specific results, including investment strategy and capital structure - Management evaluates performance based on long-term trends (10-year intervals) and focuses on pretax operating income, which excludes investment gains and losses, to better analyze the core insurance operations[61](index=61&type=chunk)[71](index=71&type=chunk) - For Q3 2023, pretax income excluding investment losses was **$250.8 million**. Strong results from General Insurance were offset by declines in Title Insurance, which was affected by higher mortgage interest rates[65](index=65&type=chunk) - In Q3 2023, the company returned approximately **$192 million** to shareholders, consisting of **$68 million** in dividends and **$124 million** in share repurchases[67](index=67&type=chunk)[143](index=143&type=chunk) - Book value per share increased to **$21.37** as of September 30, 2023, from **$21.07** at year-end 2022[68](index=68&type=chunk) [Segment Operating Results](index=22&type=section&id=Segment%20Operating%20Results) This section reviews the performance of each business segment, highlighting strong General Insurance growth, Title Insurance declines due to market conditions, and positive income from the RFIG Run-off segment Segment Pretax Operating Income | Segment Pretax Operating Income ($ in Millions) | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | General Insurance | $215.5 | $167.6 | 28.6% | | Title Insurance | $37.4 | $73.3 | (48.9)% | | RFIG Run-off | $4.5 | $9.2 | (50.6)% | [Financial Position](index=26&type=section&id=Financial%20Position) The company's financial position remains robust. As of September 30, 2023, cash and invested assets totaled $15.68 billion. The investment portfolio is conservatively allocated, with 83% in fixed income and short-term investments and 17% in equities. The debt-to-total capitalization ratio was 21.2% Capitalization Details | Capitalization ($ in Millions) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Debt | $1,590.9 | $1,597.0 | | Common Shareholders' Equity | $5,915.6 | $6,173.2 | | **Total Capitalization** | **$7,506.5** | **$7,770.2** | | Debt % of Total Capitalization | 21.2% | 20.6% | - The investment portfolio composition as of September 30, 2023, was approximately **83%** in fixed income and short-term investments and **17%** in equity securities[87](index=87&type=chunk) [Detailed Management Analysis by Segment](index=32&type=section&id=DETAILED%20MANAGEMENT%20ANALYSIS) This provides a deeper dive into each segment's performance. General Insurance net premiums earned grew 10.6% in Q3 2023, with a combined ratio improving to 89.0%. Title Insurance net premiums and fees fell 29.3% in Q3, with its combined ratio rising to 96.7%. The RFIG Run-off segment is being evaluated for strategic alternatives, including a potential sale - General Insurance Q3 2023 net premiums earned increased **10.6%** YoY, driven by rate increases, high retention, and new business. The combined ratio improved to **89.0%** from **90.0%**[108](index=108&type=chunk)[109](index=109&type=chunk) - Title Insurance Q3 2023 net premiums and fees decreased **29.3%** YoY due to a drop in mortgage originations. The combined ratio deteriorated to **96.7%** from **93.7%**[113](index=113&type=chunk)[115](index=115&type=chunk) - The company is exploring strategic alternatives, including the sale of the RFIG Run-off business[118](index=118&type=chunk) [Investment Portfolio](index=36&type=section&id=Investment%20Portfolio) The company maintains a conservative, high-quality investment portfolio, primarily in investment-grade marketable securities, with minimal exposure to high-risk or illiquid assets. As of September 30, 2023, 98.9% of the fixed income portfolio was investment grade. The average maturity of the fixed income portfolio was 4.3 years with a duration of 3.7 years, indicating that a 1% interest rate increase would cause an approximate 3.7% decline in the portfolio's fair value - The company's investment policy focuses on investment-grade, marketable securities and avoids high-risk or illiquid asset classes like CDOs, derivatives, or hedge funds[126](index=126&type=chunk) - As of September 30, 2023, **98.9%** of the fixed income portfolio was rated investment grade (Baa or higher)[131](index=131&type=chunk) - The fixed income portfolio had an average maturity of **4.3 years** and a duration of **3.7 years** as of September 30, 2023[137](index=137&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The parent company's liquidity is primarily sourced from subsidiary dividends, which are sufficient to cover recurring cash outflows like shareholder dividends and operating expenses. In 2023, up to $924.9 million in ordinary dividends can be received from subsidiaries without prior regulatory approval. The company has a long history of dividend payments, having paid them for 82 consecutive years and increased them for the past 42 years. The consolidated debt-to-equity ratio was 26.9% at quarter-end - The company can receive up to **$924.9 million** in ordinary dividends from its subsidiaries in 2023 without prior regulatory approval, of which **$509.2 million** has been received through Q3[139](index=139&type=chunk) - The company has paid a cash dividend for **82 consecutive years** and has raised the annual payout for the last **42 years**[141](index=141&type=chunk) - The consolidated debt-to-equity ratio was **26.9%** as of September 30, 2023[140](index=140&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=41&type=section&id=QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) The company's primary market risks are identified as interest rate risk from its fixed-income investments and equity price risk from its equity security holdings. The report states that there have been no material changes to these market risk exposures compared to those disclosed in the 2022 Annual Report on Form 10-K - Old Republic's primary market risks are interest rate risk and equity price risk[161](index=161&type=chunk) - Market risk exposures at September 30, 2023, have not materially changed from those identified in the Company's 2022 Annual Report on Form 10-K[162](index=162&type=chunk) [Controls and Procedures](index=41&type=section&id=CONTROLS%20AND%20PROCEDURES) Based on an evaluation as of the end of the reporting period, the company's principal executive officer and principal financial officer concluded that the disclosure controls and procedures are effective. Additionally, there were no changes in internal control over financial reporting during the third quarter of 2023 that have materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the quarter[163](index=163&type=chunk) - No material changes to the Company's internal control over financial reporting occurred during the third quarter of 2023[164](index=164&type=chunk) PART II - OTHER INFORMATION [Item 1 - Legal Proceedings](index=42&type=section&id=ITEM%201%20-%20LEGAL%20PROCEEDINGS) The company reports that as of September 30, 2023, there were no material non-claim related legal proceedings against the company or its subsidiaries. Routine legal proceedings related to insurance claims and contracts arise in the normal course of business - As of September 30, 2023, the Company had no material non-claim litigation exposures in its consolidated business[50](index=50&type=chunk)[168](index=168&type=chunk) [Item 1A - Risk Factors](index=42&type=section&id=ITEM%201A%20-%20RISK%20FACTORS) The company states that there have been no material changes to the risk factors previously disclosed in its 2022 Annual Report on Form 10-K - There have been no material changes with respect to the risk factors disclosed in the Company's 2022 Annual report on Form 10-K[169](index=169&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=ITEM%202%20-%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's share repurchase activity during the third quarter of 2023. A total of 4,770,788 shares were repurchased at an average price of $26.05 per share. These repurchases were part of a $450 million program announced in May 2023 Share Repurchase Activity | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | 3,413,340 | $25.62 | | August 2023 | 742,500 | $27.17 | | September 2023 | 614,948 | $27.07 | | **Total Q3 2023** | **4,770,788** | **$26.05** | - On May 12, 2023, the Company announced a share repurchase program authorizing up to an additional **$450 million** in shares. As of September 30, 2023, **$139.2 million** remained available under this authorization[170](index=170&type=chunk) [Item 5 - Other Information](index=42&type=section&id=ITEM%205%20-%20OTHER%20INFORMATION) The company reports that during the third quarter of 2023, none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement for the purchase or sale of the company's securities - During the quarter ended September 30, 2023, none of the Company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement[171](index=171&type=chunk) [Item 6 - Exhibits](index=43&type=section&id=ITEM%206%20-%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q. The exhibits include certifications from the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act of 2002, as well as XBRL data files - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[173](index=173&type=chunk)

D REF Investor Presentation 3rd Quarter 2023 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict" and similar expressions, and the negatives thereof, often identify forward-looking statements, which are not limited to historical facts. Forward-looking statements include, among other things: future guidance; projected annual revenues ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM10-Q ☒ Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 for the quarterly period ended:June 30, 2023 or ☐ Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 Commission File Number: 001-10607 OLD REPUBLIC INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-2678171 (State or other jurisdiction of (IRS Employer Identificat ...

Retrospective rated programs Driving Risk Management Expertise 70% of workers' compensation premium is loss sensitive • Less commoditized • High (90%+) customer retention • Less cyclical • Consistent growth • Financial alignment with insureds 11 General Insurance - Premium The General Insurance segment has achieved sustained growth and stable underwriting profitability Long-term growth with a willingness to contract when rate levels are inadequate Specialty niches through agent & broker distribution Custome ...

Financial Data and Key Metrics Changes - The company reported net operating income of $180 million for Q2 2023, down from $210 million in the same quarter last year, translating to $0.62 per share compared to $0.69 [7] - Consolidated pretax operating income for Q2 2023 was $227 million, with year-to-date General Insurance producing $378 million and Title Insurance $52 million, resulting in a consolidated combined ratio of 92.6 [4][5] - Net investment income increased by approximately 30% for both the quarter and year-to-date, driven by higher yields on fixed income and short-term investment portfolios [8] Business Line Data and Key Metrics Changes - General Insurance net written premiums increased by 8%, with pretax operating income rising to $184 million and a combined ratio of 90.2%, improved from 92.5% in Q2 2022 [9] - In commercial auto, net premiums grew by 13%, while the loss ratio increased to 67.5% from 66.6% in Q2 2022 [10] - Title Insurance reported premium and fee revenue of $650 million, down 37% from Q2 2022, with pretax operating income of $35 million compared to $110 million in the same period last year, and a combined ratio of 96.9% versus 90.4% [45] Market Data and Key Metrics Changes - The Title Insurance segment faced challenges due to economic headwinds, with commercial premiums down 37% year-over-year, representing 22% of total premiums in both 2023 and 2022 [25] - Year-to-date commercial premiums decreased by 31% compared to the previous year [25] Company Strategy and Development Direction - The company continues to focus on specialization and diversification across Title and P&C Insurance, with ongoing investments in new underwriting businesses [16] - The company aims to manage costs in response to market revenue levels while focusing on long-term strategic initiatives [24] - The company is celebrating its 100-year anniversary, emphasizing its commitment to excellence and growth [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by higher mortgage interest rates affecting Title Insurance but noted significant growth in investment income due to these rates [28] - The company expects solid growth in profitability in General Insurance to continue throughout the year, reflecting the success of its specialty growth focus and operational excellence initiatives [44] Other Important Information - The fixed income portfolio valuation decreased by approximately $125 million during the quarter, while the stock portfolio valuation remained relatively flat with an unrealized gain of over $1.2 billion [19] - Shareholders' equity ended the quarter at over $6.1 billion, resulting in a book value per share of $21.78, which increased by 5.7% from the prior year end [20] Q&A Session Summary Question: Commentary on the paid loss ratio for General Insurance - Management indicated that the increase in the paid loss ratio is not indicative of current accident year loss ratios but reflects a higher level of favorable development in 2022 compared to 2023 [31][33] Question: Impact of commercial real estate valuation marks on loss ratios - Management believes that the devaluation of commercial properties will not significantly impact loss ratios due to the involvement of multiple parties in transactions [70] Question: Future capital management and return to shareholders - Management stated that capital management is reviewed quarterly, and any excess capital will be discussed with the Board for potential return strategies, including dividends and share repurchases [106][110]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM10-Q ☒ Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 for the quarterly period ended:March 31, 2023 or ☐ Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 Commission File Number: 001-10607 OLD REPUBLIC INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-2678171 (State or other jurisdiction of (IRS Employer Identifica ...

Old Republic International Corporation (NYSE:ORI) Q1 2023 Results Conference Call April 27, 2023 3:00 PM ET Company Participants Joe Calabrese - IR Craig Smiddy - President and CEO Frank Sodaro - CFO Carolyn Monroe - President and CEO of Title Holding Company Conference Call Participants Matt Carletti - JMP Securities Greg Peters - Raymond James Operator Ladies and gentlemen, thank you for standing by. My name is Brent, and I'll be your conference operator today. At this time, I would like to welcome everyo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to ______________________________ Commission File Number: 001-10607 OLD REPUBLIC INTERNATIONAL CORPORATION (Exact name of registrant ...

Old Republic International Corporation (NYSE:ORI) Q4 2022 Results Conference Call January 26, 2023 3:00 PM ET Company Participants Joe Calabrese - IR Craig Smiddy - President and CEO Frank Sodaro - CFO Carolyn Monroe - President, Title Insurance Conference Call Participants Greg Peters - Raymond James Matt Carletti - JMP Securities Paul Newsome - Piper Sandler Operator Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Old Republic ...