Financial Data and Key Metrics Changes - The company reported consolidated pre-tax operating income of $252.7 million for Q1 2025, an increase from $231.5 million in Q1 2024 [7] - Net operating income was $202 million for the quarter, compared to $185 million last year, with a per share increase to $0.81 from $0.67, reflecting a 21% improvement [12][13] - The consolidated combined ratio improved to 93.7% from 94.3% year-over-year [7] Business Line Data and Key Metrics Changes - Specialty insurance net premiums earned grew by 13% in Q1 2025, with pre-tax operating income rising to $260 million from $220 million last year [8] - Title insurance premiums and fees increased by 11% to $605 million, with pre-tax operating income rising to $4 million from $2 million [27][30] - The combined ratio for title insurance was 102.1%, slightly improved from 102.5% in the previous year [9][30] Market Data and Key Metrics Changes - The title insurance segment saw commercial premiums increase by 27%, now representing 24% of earned premiums compared to 21% last year [28] - The average reinvestment rate on corporate bonds was 5.1%, with the total bond portfolio book yield increasing to 4.6% [13][14] Company Strategy and Development Direction - The company continues to focus on profitable growth within specialty insurance and is investing in new specialty underwriting subsidiaries, technology, and talent [10][25] - A strategic partnership with Qualia was announced to enhance technology in title insurance operations, aiming to streamline business processes and improve operational efficiencies [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth and profitability in specialty insurance throughout 2025, despite challenges in the real estate market [25][35] - The company is monitoring economic uncertainties, including potential impacts from tariffs on its business segments, particularly in travel and accident insurance [66][67] Other Important Information - The company returned approximately $500 million in special dividends and $68 million in regular dividends, alongside $25 million in share repurchases [17] - The operating return on equity improved to an annualized rate of 14.4% compared to 11.5% in the previous year [35] Q&A Session Summary Question: Insights on top line performance in specialty insurance - Management noted that top line performance varies by segment, with strong rate increases in commercial auto and general liability, while some segments experienced rate decreases [39][40] Question: Approach to reserving for new business initiatives - The company utilizes industry data and existing business data for reserving, particularly for shorter tail lines, which have less tail risk [44][46] Question: Improvement of expense ratio over the year - Management indicated that expense ratio improvements depend on top line revenue and market conditions, with expectations for gradual improvement as the market stabilizes [53][54] Question: Competitive environment and market softness - Management stated that most of their business is in small and mid-commercial sectors, and they have not observed significant differences in performance between small/mid and large commercial businesses [72] Question: Capital management and stock repurchases - The company is evaluating capital management strategies, including share repurchases and special dividends, based on capital position and business needs [78][80] Question: Corporate expense levels and sustainability - Corporate expenses increased due to higher executive compensation linked to performance, and management expects this trend to continue given the variable nature of these expenses [83][84]

Financial Data and Key Metrics Changes - The company reported consolidated pre-tax operating income of $252.7 million for Q1 2025, an increase from $231.5 million in Q1 2024 [7] - Net operating income was $202 million for the quarter, compared to $185 million last year, with a per share increase to $0.81 from $0.67, representing a 21% improvement [12][13] - The consolidated combined ratio improved to 93.7% from 94.3% year-over-year [7] Business Line Data and Key Metrics Changes - Specialty insurance saw net premiums earned grow by 13% in Q1 2025, with pre-tax operating income rising to $260 million from $220 million [8] - Title insurance premiums and fees increased by 11% to $605 million, with pre-tax operating income rising to $4 million from $2 million [27][30] - The combined ratio for title insurance was 102.1%, slightly improved from 102.5% in the previous year [9][30] Market Data and Key Metrics Changes - The title insurance segment experienced a 27% increase in commercial premiums compared to Q1 2024, with agency premiums making up 78% of revenue [28] - Investment income increased by 4% due to higher yields on the bond portfolio, despite a lower invested asset base [13] Company Strategy and Development Direction - The company continues to focus on profitable growth within specialty insurance and title insurance, with ongoing investments in new specialty underwriting subsidiaries and technology [10][25] - A strategic partnership with Qualia was announced to enhance technological capabilities in title insurance operations [31][34] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by higher mortgage interest rates and a tight real estate market but expressed optimism about growth in both specialty and title insurance segments [9][28] - The company expects solid growth and profitability in specialty insurance to continue throughout 2025, reflecting the success of its operational excellence initiatives [25] Other Important Information - The company returned approximately $500 million in special dividends and $68 million in regular dividends, alongside $25 million in share repurchases [17] - The book value per share increased to $24.19, primarily driven by strong operating earnings and higher investment valuations [17] Q&A Session Summary Question: Insights on top line performance in specialty insurance - Management indicated that top line performance varies by segment, with strong rate increases in commercial auto and general liability, while new underwriting subsidiaries are contributing significantly [38][40] Question: Approach to reserving for new business initiatives - The company uses industry data and its own historical data for reserving, particularly for shorter tail lines, which have less tail risk [42][46] Question: Expense ratio improvement expectations - Management noted that expense ratios are closely tied to top line revenue and expect improvements as market conditions stabilize [48][54] Question: Impact of economic uncertainty on business volumes - Management observed some reductions in Canadian business and travel accident segments, potentially linked to tariff discussions and economic uncertainty [61][65] Question: Competitive environment and market softness - Management stated that most of their business is in small and mid-commercial sectors, and they have not observed significant differences in performance between small/mid and large commercial businesses [70][72] Question: Capital management and stock repurchase outlook - The company is evaluating its capital position and will continue to execute share repurchases as deemed appropriate, balancing between returning capital and funding new initiatives [74][80] Question: Corporate expense levels and sustainability - Management acknowledged higher corporate expenses due to performance-related compensation and indicated that these levels may persist throughout the year [81][84]

OVERALL RESULTS [Summary of First Quarter 2025 Performance](index=1&type=section&id=Summary%20of%20First%20Quarter%202025%20Performance) Q1 2025 net income decreased due to lower investment gains, while net operating income and diluted per share significantly increased, driven by strong operational performance and substantial growth in consolidated net premiums and fees earned | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------- | :----------------- | :----------------- | :------- | | Net income | $245.0 | $316.7 | -22.7% | | Net of tax investment gains | $43.2 | $132.0 | -67.3% | | Net income excluding investment gains | $201.7 | $184.7 | 9.2% | | Consolidated net premiums and fees earned | >$1,800.0 | $1,642.7 | 12.1% | | Net investment income | $170.7 | $164.1 | 4.0% | | Consolidated combined ratio | 93.7% | 94.3% | -0.6 pts | | Favorable loss reserve development | 2.6 pts | 2.3 pts | +0.3 pts | | Total capital returned to shareholders | $93.0 | N/A | N/A | | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Net income per diluted share | $0.98 | $1.15 | -14.8% | | Net of tax investment gains per diluted share | $0.17 | $0.48 | -64.6% | | Net income excluding investment gains per diluted share | $0.81 | $0.67 | 20.9% | | Book value per common share (Mar 31) | $24.19 | $22.84 | 5.9% | | Book value per common share (Dec 31) | N/A | $22.84 | N/A | - Book value per share of **$24.19**, which inclusive of dividends declared was up **7.2%** since year-end 2024[3](index=3&type=chunk) MANAGEMENT'S PERSPECTIVE ON FINANCIAL REPORTING [Focus on Operating Income](index=2&type=section&id=Focus%20on%20Operating%20Income) Management emphasizes evaluating results by excluding investment gains (losses) to focus on operating income, providing clearer analysis of insurance operations as investment realizations can be discretionary and distort trends - Management's key objectives are to achieve highly profitable operating results over the long term and ensure balance sheet strength for insurance underwriting subsidiaries' obligations[4](index=4&type=chunk) - The evaluation of periodic and long-term results excludes consideration of all investment gains (losses) to better analyze and establish accountability for insurance operations[4](index=4&type=chunk)[5](index=5&type=chunk) - The inclusion of realized and unrealized investment gains (losses) in net income can mask trends in operating results due to their discretionary nature and significant period-to-period fluctuations[5](index=5&type=chunk) FINANCIAL HIGHLIGHTS [Summary Income Statements](index=2&type=section&id=Summary%20Income%20Statements) Total operating revenues increased by **11.4%** in Q1 2025, driven by growth in net premiums, fees, and investment income, though total net investment gains significantly decreased, leading to lower total net income compared to the prior year | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------------- | :----------------- | :----------------- | :------- | | Net premiums and fees earned | $1,841.0 | $1,642.7 | 12.1% | | Net investment income | $170.7 | $164.1 | 4.0% | | Other income | $47.2 | $41.9 | 12.6% | | Total operating revenues | $2,059.0 | $1,848.8 | 11.4% | | Total net investment gains | $55.0 | $167.1 | -67.1% | | Total revenues | $2,114.0 | $2,015.9 | 4.9% | | Total expenses | $1,806.3 | $1,617.2 | 11.7% | | Pretax income | $307.7 | $398.7 | -22.8% | | Total net income | $246.1 | $316.7 | -22.3% | | Net income to shareholders | $245.0 | $316.7 | -22.7% | [Common Stock Statistics](index=2&type=section&id=Common%20Stock%20Statistics) Diluted net income per share, excluding investment gains, increased by **20.9%** in Q1 2025, while total diluted net income per share decreased due to a significant reduction in net investment gains | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------------------------- | :------ | :------ | :------- | | Basic net income excluding investment gains (losses) | $0.83 | $0.68 | 22.1% | | Basic net income | $1.01 | $1.17 | -13.7% | | Diluted net income excluding investment gains (losses) | $0.81 | $0.67 | 20.9% | | Diluted net income | $0.98 | $1.15 | -14.8% | | Cash dividends declared on common stock | $0.290 | $0.265 | 9.4% | SOURCES OF CONSOLIDATED INCOME BY SEGMENT [Consolidated Income Overview](index=3&type=section&id=Consolidated%20Income%20Overview) Consolidated net premiums and fees earned increased by **12.1%**, driven by strong growth in Specialty and Title Insurance, with underwriting income up **19.0%** and an improved consolidated combined ratio of **93.7%** | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------------- | :----------------- | :----------------- | :------- | | **Net premiums and fees earned:** | | | | | Specialty Insurance | $1,233.6 | $1,091.6 | 13.0% | | Title Insurance | $605.1 | $545.4 | 10.9% | | Corporate & Other | $2.2 | $5.5 | -58.8% | | Consolidated | $1,841.0 | $1,642.7 | 12.1% | | **Underwriting income (loss):** | | | | | Specialty Insurance | $126.1 | $105.8 | 19.2% | | Title Insurance | ($12.2) | ($13.5) | 9.4% | | Corporate & Other | ($14.0) | ($8.4) | -66.9% | | Consolidated | $99.8 | $83.8 | 19.0% | | **Consolidated combined ratio:** | | | | | Loss ratio (Total) | 42.2% | 42.5% | -0.3 pts | | Expense ratio | 51.5% | 51.8% | -0.3 pts | | Combined ratio | 93.7% | 94.3% | -0.6 pts | | **Net investment income:** | | | | | Specialty Insurance | $150.0 | $131.1 | 14.4% | | Title Insurance | $16.7 | $15.7 | 6.6% | | Corporate & Other | $3.9 | $17.3 | -77.3% | | Consolidated | $170.7 | $164.1 | 4.0% | | **Pretax income excluding investment gains (losses):** | | | | | Specialty Insurance | $260.1 | $220.4 | 18.0% | | Title Insurance | $4.3 | $2.3 | 84.4% | | Corporate & Other | ($11.8) | $8.8 | N/M | | Consolidated | $252.7 | $231.5 | 9.1% | - Net income excluding investment gains (losses) increased by **9.8%** to **$202.8 million**[8](index=8&type=chunk) [Specialty Insurance Segment Operating Results](index=4&type=section&id=Specialty%20Insurance%20Segment%20Operating%20Results) The Specialty Insurance segment demonstrated strong Q1 2025 performance, with net premiums earned increasing by **13.0%** and pretax operating income rising by **18.0%**, driven by premium rate increases and new business, resulting in an improved combined ratio of **89.8%** | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------------- | :----------------- | :----------------- | :------- | | Net premiums written | $1,272.0 | $1,157.1 | 9.9% | | Net premiums earned | $1,233.6 | $1,091.6 | 13.0% | | Net investment income | $150.0 | $131.1 | 14.4% | | Operating revenues | $1,430.7 | $1,264.5 | 13.1% | | Segment pretax operating income | $260.1 | $220.4 | 18.0% | | Combined ratio | 89.8% | 90.3% | -0.5 pts | | Loss ratio (Total) | 61.7% | 62.7% | -1.0 pts | | Expense ratio | 28.1% | 27.6% | +0.5 pts | - Premium growth was most pronounced within commercial auto, property, and general liability, with strong rate increases in these lines[10](index=10&type=chunk) - Net investment income increase was primarily driven by higher investment yields and a higher invested asset base[11](index=11&type=chunk) - The 2025 loss ratio reflects higher levels of favorable prior year loss reserve development, mainly from workers' compensation, commercial auto, and property coverages[12](index=12&type=chunk) [Title Insurance Segment Operating Results](index=5&type=section&id=Title%20Insurance%20Segment%20Operating%20Results) The Title Insurance segment experienced a **10.9%** increase in net premiums and fees earned in Q1 2025, with significant growth in commercial and residential premiums, leading to an **84.4%** surge in pretax operating income and an improved expense ratio despite a higher loss ratio | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------------- | :----------------- | :----------------- | :------- | | Net premiums and fees earned | $605.1 | $545.4 | 10.9% | | Net investment income | $16.7 | $15.7 | 6.6% | | Operating revenues | $622.0 | $561.3 | 10.8% | | Segment pretax operating income | $4.3 | $2.3 | 84.4% | | Combined ratio | 102.1% | 102.5% | -0.4 pts | | Loss ratio (Total) | 2.7% | 2.2% | +0.5 pts | | Expense ratio | 99.4% | 100.3% | -0.9 pts | - Growth in agency produced revenues was **12%** and directly produced revenues was **6%**, with commercial premiums representing nearly **24%** of net premiums earned, up from **21%** last year[14](index=14&type=chunk) - The Title Insurance loss ratio increased primarily due to a lower level of favorable prior year loss reserve development compared to 2024[15](index=15&type=chunk) [Corporate & Other Operating Results](index=6&type=section&id=Corporate%20%26%20Other%20Operating%20Results) The Corporate & Other segment reported an **$11.8 million** pretax operating loss in Q1 2025, a significant decline from the prior year, primarily due to decreased net premiums earned and net investment income, increased operating expenses, and the segment's inherent variability | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :-------------------------------------- | :----------------- | :----------------- | :------- | | Net premiums earned | $2.2 | $5.5 | -58.8% | | Net investment income | $3.9 | $17.3 | -77.3% | | Operating revenues | $6.2 | $22.9 | -72.9% | | Operating expenses | $18.0 | $14.0 | 27.9% | | Corporate & Other pretax operating income (loss) | ($11.8) | $8.8 | N/M | - Net investment income was significantly impacted by a lower invested asset base due to capital returns to shareholders (including a special cash dividend) and the sale of the RFIG Run-off business[18](index=18&type=chunk) - The increase in corporate operating expenses was driven by higher personnel costs[18](index=18&type=chunk) SUMMARY CONSOLIDATED BALANCE SHEET [Consolidated Balance Sheet Overview](index=6&type=section&id=Consolidated%20Balance%20Sheet%20Overview) As of March 31, 2025, Old Republic's total assets increased slightly to **$28,028.1 million** from year-end 2024, with total equity also rising due to unrealized investment gains and net income | Metric | Mar. 31, 2025 (Millions) | Dec. 31, 2024 (Millions) | | :-------------------------------------- | :----------------------- | :----------------------- | | **Assets:** | | | | Fixed income securities (at fair value) | $12,248.1 | $12,091.5 | | Short-term investments | $1,036.4 | $1,403.7 | | Equity securities (at fair value) | $2,592.5 | $2,540.7 | | Total assets | $28,028.1 | $27,843.1 | | **Liabilities and Equity:** | | | | Loss and loss adjustment expense reserves | $13,950.9 | $13,727.7 | | Unearned premiums | $3,658.6 | $3,505.4 | | Total liabilities | $22,084.5 | $22,224.1 | | Total equity | $5,943.5 | $5,618.9 | | Total liabilities and equity | $28,028.1 | $27,843.1 | | Metric | Mar. 31, 2025 | Dec. 31, 2024 | | :------------------------------------------------- | :------------ | :------------ | | Composition of shareholders' equity per share: | | | | Equity before items below | $20.46 | $19.65 | | Unrealized investment gains (losses) and other accumulated comprehensive income (loss) | $3.73 | $3.19 | | Total | $24.19 | $22.84 | INVESTMENTS [Investment Portfolio and Strategy](index=7&type=section&id=Investment%20Portfolio%20and%20Strategy) Old Republic's consolidated investment portfolio is primarily allocated to fixed income (**84%**) and equity securities (**16%**), focusing on quality investments for consistent income and long-term capital stability, with limited exposure to high-risk assets and regular stress tests - Investment portfolio allocation: approximately **84%** to fixed income securities and short-term investments, and **16%** to equity securities[20](index=20&type=chunk) - Investment management focuses on retaining quality investments for consistent income streams and monitoring concentration limits[20](index=20&type=chunk) - The company has extremely limited exposure to high-risk or illiquid asset classes (e.g., limited partnerships, derivatives, hedge funds, private equity) and does not engage in hedging or securities lending[21](index=21&type=chunk) - Regular stress tests are performed on the investment portfolio to ensure financial strength against market downdrafts[21](index=21&type=chunk) SHAREHOLDERS' EQUITY [Shareholders' Equity Per Share Analysis](index=7&type=section&id=Shareholders'%20Equity%20Per%20Share%20Analysis) Shareholders' equity per share increased by **5.9%** for the quarter, or **7.2%** inclusive of cash dividends, driven by net income (excluding investment gains) and positive net of tax realized and unrealized investment gains, partially offset by cash dividends | Metric | Q1 2025 | Q1 2024 | | :------------------------------------------------- | :------ | :------ | | Beginning balance | $22.84 | $23.31 | | Net income excluding net investment gains | $0.83 | $0.68 | | Net of tax realized investment gains | $0.12 | $0.53 | | Net of tax unrealized investment gains (losses): | | | | Fixed income securities | $0.46 | ($0.25) | | Equity securities | $0.06 | ($0.04) | | Total net of tax realized and unrealized investment gains | $0.64 | $0.24 | | Cash dividends declared | ($0.290) | ($0.265) | | Net change | $1.35 | $0.52 | | Ending balance | $24.19 | $23.83 | | Change for the period | 5.9% | 2.2% | | Change for the period, inclusive of cash dividends declared | 7.2% | 3.4% | - Total capital returned to shareholders during the quarter was **$93 million**, comprising **$68 million** in dividends and **$25 million** in share repurchases[23](index=23&type=chunk) COMPANY STRATEGY AND INFORMATION [Managing Insurance Business for the Long-Run](index=8&type=section&id=Managing%20Insurance%20Business%20for%20the%20Long-Run) Old Republic manages its insurance business with a long-term perspective, prioritizing favorable underwriting results over cycles and maintaining a sound financial condition, with results best evaluated over 10-year intervals to account for economic and underwriting cycles and quantify loss costs with greater certainty - The insurance business is managed for the long run, with a primary focus on achieving favorable underwriting results over cycles and maintaining sound financial condition[24](index=24&type=chunk) - Management believes results are best evaluated over 10-year intervals to account for economic and underwriting cycles and to quantify reserved loss costs with greater certainty[25](index=25&type=chunk) [About Old Republic](index=8&type=section&id=About%20Old%20Republic) Old Republic International Corporation, founded in 1923 and a Fortune 500 company, is a leading specialty insurer operating diverse property & casualty and title insurance companies across the United States and Canada, specializing in underwriting and risk management services - Old Republic is a leading specialty insurer, operating diverse property & casualty and title insurance companies[26](index=26&type=chunk) - Founded in 1923 and a Fortune 500 member, the company provides underwriting and risk management services in the U.S. and Canada[26](index=26&type=chunk) [Conference Call and Investor Contacts](index=8&type=section&id=Conference%20Call%20and%20Investor%20Contacts) Old Republic held a conference call on April 24, 2025, to discuss its first quarter performance, with details provided for accessing the live call, replay, and investor relations contact information for further inquiries - A conference call was scheduled for April 24, 2025, at 3:00 p.m. ET to discuss Q1 2025 performance[27](index=27&type=chunk) - Access to the conference call was available via Old Republic's website or by dialing 1-888-596-4144 (passcode 4060501); a replay was available through May 1, 2025[27](index=27&type=chunk) - Investor Relations contact: Old Republic International Corporation, 307 North Michigan Avenue, Chicago, IL 60601, (312) 346-8100[33](index=33&type=chunk) SAFE HARBOR STATEMENT [Forward-Looking Statements and Risk Factors](index=9&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report includes a safe harbor statement regarding forward-looking statements, cautioning that historical data is not indicative of future results and outlining various assumptions, uncertainties, and risks that may affect future performance across Specialty, Title, and Life and Accident insurance segments - Historical data is not necessarily indicative of future operating results due to the long-term nature of insurance, seasonal patterns, investment yields, government policies, and legal changes[29](index=29&type=chunk) - Forward-looking statements involve assumptions, uncertainties, and risks, including market competition, economic conditions, claim frequency/severity, reinsurance, underwriting risks, and technology breaches[30](index=30&type=chunk) - Specific risk factors for Specialty Insurance include market competition, economic considerations, claim development, and reinsurance; Title Insurance risks include housing demand, mortgage costs, and employment trends; Life and accident insurance earnings are affected by employment, consumer spending, mortality/health trends, and policy lapsation rates[30](index=30&type=chunk) - A more detailed listing of risks is available in Part I, Item 1A - Risk Factors, of the Company's 2024 Form 10-K[31](index=31&type=chunk)

Financial Performance & Returns - Old Republic's total market return per share for the past 10 years is 16.7%[7] - The company has raised its annual cash dividend for the past 44 years[8] - As of March 31, 2025, the market capitalization was $9.74 billion and the stock price was $39.22[10] - The trailing 4 quarter operating income was $814 million, resulting in an EPS of $3.18[10] - The annualized operating ROE is 14.4%[10] - Book Value Per Share increased 7.2% from year-end 2024, adding back dividends[20] Business Segments - Specialty Insurance net premiums & fees earned increased by 13% in the 1st quarter of 2025[19] - Title Insurance net premiums & fees earned increased by 11% in the 1st quarter of 2025[19] - Title Insurance holds a 14.4% market share, ranking it 3 in the nation[7, 54] Capital Management - $6 billion of dividends & share repurchases since 12/31/16[8] - $25 million in share repurchases were made in 1Q25, with just over $200 million remaining authorized on the current $1.1 billion share repurchase program[22] - The company has paid cash dividends for 84 consecutive years[8]

Financial Data and Key Metrics Changes - The company reported consolidated pretax operating income of $252.7 million for Q1 2025, an increase from $231.5 million in Q1 2024, reflecting a positive growth trend [5] - The consolidated combined ratio improved to 93.7% from 94.3% year-over-year [6] - Net operating income for the quarter was $200 million, up from $185 million last year, with a per share increase to $0.81 from $0.67, marking a 21% improvement [9] - The operating return on equity improved to an annualized rate of 14.4% compared to 11.5% in the same quarter last year [24] Business Line Data and Key Metrics Changes - Specialty insurance saw net premiums earned grow by 13% in Q1, with pretax operating income rising to $260 million from $220 million [6] - The specialty insurance combined ratio was 89.8%, down from 90.3% year-over-year [6] - Title insurance premiums and fees increased by 11% to $65 million, with pretax operating income rising to $4.3 million from $2 million [19][21] - The title insurance combined ratio improved slightly to 102.1% from 102.5% last year [6][21] Market Data and Key Metrics Changes - The company experienced a 10% increase in net premiums written in specialty insurance, driven by strong renewal retention and rate increases [13] - Commercial premiums in title insurance increased by 27%, contributing to a shift in revenue sources [19] - Agency premiums accounted for 78% of revenue, up from 77% year-over-year, indicating a stable agency-focused strategy [20] Company Strategy and Development Direction - The company continues to focus on profitable growth in specialty insurance while managing profitability in a challenging title insurance market [24] - A strategic partnership with Qualia was announced to enhance technological capabilities in title insurance operations, aiming to streamline processes and improve security measures [22] - The company is committed to returning excess capital to shareholders while investing in new specialty underwriting subsidiaries and technology [7][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges in the real estate and mortgage markets but expressed optimism for improved conditions in the summer [36] - The company is closely monitoring economic variables, including tariffs and their potential impact on various lines of business, particularly in commercial trucking and travel accident insurance [48][49] - Management remains confident in the growth and profitability of specialty insurance throughout 2025, supported by operational excellence initiatives [18] Other Important Information - The company paid approximately $500 million in special dividends and $68 million in regular dividends during the quarter, alongside $25 million in share repurchases [12] - The total investment portfolio value increased by nearly $200 million, with a focus on high-quality value stocks [10] Q&A Session Summary Question: How much of the top line performance in specialty insurance is due to rate versus new business? - Management indicated that performance varies by segment, with strong rate increases in commercial auto and general liability, while new underwriting subsidiaries are contributing significantly to growth [28][29] Question: How does the company approach reserving for new business initiatives? - The company utilizes industry data and its own historical data for reserving, particularly for shorter tail lines, which have less tail risk [30][31] Question: What are the expectations for the expense ratio improvement over the year? - Management noted that improvements in the expense ratio are contingent on top line revenue growth, with expectations for gradual improvement as market conditions stabilize [36] Question: Have there been any changes in volumes due to economic uncertainty? - Management observed a reduction in Canadian business and travel accident insurance, likely related to tariff discussions, but has not seen significant changes in loss costs [46][48] Question: What is the outlook for stock repurchases? - Management stated that share repurchases will continue as capital allows, with a focus on balancing special dividends and share buybacks based on capital needs [57] Question: Are corporate expenses expected to remain high? - Corporate expenses were noted to be higher due to executive compensation linked to performance, and this level is expected to continue throughout the year [61]

Old Republic International (ORI) reported $2.06 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 11.4%. EPS of $0.81 for the same period compares to $0.67 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.03 billion, representing a surprise of +1.20%. The company delivered an EPS surprise of +10.96%, with the consensus EPS estimate being $0.73.While investors closely watch year-over-year changes in headline numbers -- revenue and ear ...

Old Republic International (ORI) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.96%. A quarter ago, it was expected that this insurance underwriter would post earnings of $0.67 per share when it actually produced earnings of $0.90, delivering a surprise of 34.33%.Over the last fou ...

Overall Results - Old Republic International Corporation reported a net income of $245.0 million for Q1 2025, down from $316.7 million in Q1 2024, reflecting a decrease in net investment gains [1][6] - Net operating income, excluding investment gains, increased by 9.2% to $201.7 million compared to $184.7 million in the previous year [6][12] - The combined ratio improved to 93.7% from 94.3% year-over-year, indicating better underwriting performance [1][6] Per Diluted Share - Net income per diluted share was $0.98, down from $1.15 in the prior year [2] - Net operating income per diluted share rose by 20.9% to $0.81 from $0.67 [2][6] Shareholders' Equity - Total shareholders' equity increased to $5,943.5 million as of March 31, 2025, from $5,618.9 million at the end of 2024, reflecting a growth of 5.8% [3][22] - Book value per share reached $24.19, up from $22.84, marking a 5.9% increase [3][26] Financial Highlights - Consolidated net premiums and fees earned were over $1.8 billion, an increase of 12.1% compared to the previous year [6][8] - Net investment income rose by 4.0% to $170.7 million [6][7] - Total operating revenues increased by 11.4% to $2,059.0 million [7] Specialty Insurance Segment - Specialty Insurance net premiums earned increased by 13.0% to $1,233.6 million, driven by premium rate increases and high renewal retention [12][13] - The segment's pretax operating income rose by 18.0% to $260.1 million [12][19] - The combined ratio for Specialty Insurance improved to 89.8% from 90.3% [12][16] Title Insurance Segment - Title Insurance net premiums and fees earned increased by 10.9% to $605.1 million, with commercial premiums up 27% [17][18] - The segment's pretax operating income increased by 84.4% to $4.3 million [17][19] - The combined ratio for Title Insurance was 102.1%, slightly improved from 102.5% [17] Corporate & Other - Corporate & Other segment reported a significant decline in net premiums earned, down 58.8% to $2.2 million [20][21] - Net investment income for this segment decreased by 77.3% to $3.9 million, impacted by a lower invested asset base [20][21] - The segment recorded a pretax operating loss of $11.8 million [20][21] Investment Portfolio - As of March 31, 2025, the investment portfolio consisted of approximately 84% in fixed income securities and 16% in equity securities [23][24] - The investment strategy focuses on maintaining quality investments to ensure funding for insurance obligations [24][30]

CHICAGO, April 10, 2025 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) — today announced that it will report financial results for the first quarter of 2025 before the market opens on Thursday, April 24, and will hold a conference call at 3:00 p.m. Eastern time to discuss results. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 888-596-4144, passcode 4060501. Investors may also access a replay of the call by dialing 1-800-770-2030, passcode 40 ...

Shares of Old Republic International Corporation (ORI) closed at $39.62 on Tuesday, near its 52-week high of $39.84. This proximity underscores investor confidence. It has the ingredients for further price appreciation. The stock is trading above the 50-day and 200-day simple moving averages (SMA) of $37.16 and $35.38, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.Earnings of Old Republic Interna ...