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, 2024 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 ...

Investors might want to bet on Old Republic International (ORI) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its ...

The market fell through morning trading on Tuesday as Wall Street braces for the Fed’s two-day FOMC meeting.The Fed is projected to keep rates unchanged on May 1, meaning the market will likely move on Powell’s comments. If the Fed boss leans hawkish the market could sell off, and vice versa. Wall Street then turns its attention to April jobs data on Friday morning. Sandwiched between these two potential market-moving events are a slew of corporate earnings, including from Apple and Amazon.  The unknowns ar ...

Financial Data and Key Metrics Changes - The company reported consolidated pretax operating income of $231.5 million for Q1 2024, up from $222.9 million in Q1 2023, despite challenges in Title Insurance [76] - The consolidated combined ratio was 94.3%, slightly higher than 92.7% in the previous year, primarily due to the higher combined ratio in Title Insurance [76] - Net operating income increased to $185 million compared to $179 million last year, reflecting a nearly 10% growth [78] - The book value per share rose to $23.83, a 3.4% increase, driven by strong operating earnings and higher investment valuations [6] Business Line Data and Key Metrics Changes - General Insurance net written premiums increased by 14% in the quarter, with a pretax operating income of $220 million, a 14% year-over-year increase [7][47] - Title Insurance reported premium and fee revenues of $545 million, a decrease of 6% from Q1 2023, with agency-produced premiums down 10% [9] - The combined ratio for Title Insurance was 102.5%, compared to 99.3% in Q1 2023, impacted by a recovery of a $17 million state sales tax assessment in the previous year [10] Market Data and Key Metrics Changes - The bond portfolio book yield increased to 4.1% from 4% at the end of the previous year, with 99% of the portfolio in investment-grade securities [5] - The company experienced favorable prior-year loss development in both General Insurance and Title Insurance, contributing positively to the loss ratio [39][79] Company Strategy and Development Direction - The company is focused on innovation to support agents, including streamlining the closing process through digital platforms and addressing wire fraud [11] - Investment in new General Insurance underwriting subsidiaries and technology is a priority, aiming for long-term growth [48] - The company remains optimistic about General Insurance growth while being cautious about Title Insurance due to ongoing market challenges [13][28] Management's Comments on Operating Environment and Future Outlook - Management noted that Title Insurance will continue to face challenges from mortgage interest rates and the real estate market, but there are signs of potential recovery [13][54] - The leadership team is committed to executing the strategic plan and staying ahead in technology to enhance operational efficiency [55] - Management expressed confidence in the growth of General Insurance, driven by new business initiatives and favorable market conditions [44][66] Other Important Information - The company repurchased $183 million worth of shares in the quarter, returning over $264 million to shareholders through dividends and buybacks [6] - The valuation of the bond portfolio decreased by approximately $100 million due to higher interest rates, while the stock portfolio saw an increase [41] Q&A Session Summary Question: What are the expectations for agency business growth? - Management indicated that agency business is expected to follow the direct operations, which showed growth, but there is a lag in reporting [14][15] Question: Can you provide details on the favorable development in General Insurance? - The majority of favorable development came from workers' compensation and commercial auto, with no significant adverse developments reported [90] Question: How does the company view the impact of refinancing on Title Insurance? - Management believes that Title Insurance is essential for lenders and does not foresee significant impacts from refinancing trends [120]

NEWS RELEASE At Old Republic: At Financial Relations Board: Craig R. Smiddy, President and CEO Analysts/Investors: Joe Calabrese 212/827-3772 OLD REPUBLIC REPORTS RESULTS FOR THE FIRST QUARTER 2024 OVERALL RESULTS | | | | | Quarters Ended March 31, | | | --- | --- | --- | --- | --- | --- | | | 2024 | | | 2023 | % Change | | Net income | $ | 1.15 | $ | 0.68 | | | Net of tax investment gains | | 0.48 | | 0.07 | | | Net income excluding investment gains | $ | 0.67 | $ | 0.61 | 9.8 % | | SHAREHOLDERS' EQUITY (B ...

General Insurance Segment Performance - General Insurance segment revenues increased to $4,744.3 million in 2023, up 9.9% from $4,315.6 million in 2022[14] - General Insurance segment pretax income increased to $787.8 million in 2023, up 14.2% from $689.8 million in 2022[14] - General Insurance segment combined ratio improved to 90.2% in 2023 from 89.5% in 2022[20] - General Insurance net premiums earned increased by 8.2% in 2023, driven by premium rate increases, high renewal retention ratios, and new business production[35] - Commercial auto accounted for 41.0% of General Insurance's consolidated net premiums earned in 2023, while property lines grew to 11.5% of total premiums[34] - The reported loss ratio for General Insurance remained consistent at 62.0% in 2023, with favorable development in workers' compensation and commercial auto reserves[39] - Approximately 94% of General Insurance premiums are produced through independent agency or brokerage channels, with the remaining 6% obtained through direct production facilities[31] - General Insurance net premiums earned increased by 8.2% to $4,119.2 million in 2023, driven by premium rate increases, high renewal retention ratios, and new business production[204][205] - General Insurance net investment income rose by 29.3% to $462.7 million in 2023, driven by higher investment yields and a larger invested asset base[204][205] - Consolidated underwriting ratio for General Insurance improved to 90.2% in 2023, compared to 89.5% in 2022, reflecting strong profitability[205] - General Insurance segment pretax operating income increased by 14.2% to $787.8 million in 2023, driven by premium growth and investment income[205] - General Insurance loss ratio remained stable at 62.0% in 2023, with favorable development in workers' compensation and commercial auto offset by unfavorable trends in general liability[206] - General Insurance combined ratio target remains between 90% and 95% over a full underwriting cycle, reflecting the company's long-term profitability goals[207] Title Insurance Segment Performance - Title Insurance segment revenues decreased to $2,620.6 million in 2023, down 32.5% from $3,882.7 million in 2022[14] - Title Insurance segment pretax income decreased to $133.5 million in 2023, down 56.8% from $308.8 million in 2022[14] - Title Insurance segment combined ratio worsened to 97.1% in 2023 from 93.2% in 2022[20] - Title Insurance net premiums and fees earned decreased by 33.2% in 2023, driven by a drop in mortgage originations due to higher interest rates[63] - Commercial premiums represented 22% of Title Insurance premiums earned in 2023, with both direct and agency-produced revenues declining[63] - Title Insurance loss ratios remained low at 1.9% in 2023, with favorable trends in claims frequency and severity[65] - Title Insurance's premium and fee revenue is closely tied to real estate market activity, with seasonal fluctuations and impacts from mortgage interest rates[62] - 79.0% of Title Insurance premiums and fees in 2023 were accounted for by policies issued by independent title agents[88] - Title Insurance net premiums earned decreased by 33.2% to $2,562.8 million in 2023, reflecting a significant decline compared to 2022[204] - Title Insurance underwriting and related services income decreased by 71.1% to $75.4 million in 2023, reflecting significant challenges in this segment[204] - The Title Insurance segment generated $2.0 billion or 79.0% of its premium and fee income from independent title agents in 2023, making it vulnerable to shifts in agent preferences[153] - The Title Insurance segment faces risks from independent title agents' actions, including potential policy issuance beyond contractual limits or failure to adhere to underwriting standards[154] - Florida accounted for approximately 24% of the Title Insurance segment's total consolidated premium and related fee income in 2023[157] - The Title Insurance segment's commercial policies may have exposure extending into the hundreds of millions of dollars, with no reinsurance obtained for large commercial policies[158] RFIG Run-off Segment Performance - RFIG Run-off segment revenues declined to $22.7 million in 2023, down 24.3% from $30.0 million in 2022[14] - RFIG Run-off mortgage insurance business had total statutory capital of $169.5 million, including a contingency reserve of $38.4 million as of December 31, 2023[72] - RFIG Run-off's reported loss ratio improved to (66.9)% in 2023 from (75.5)% in 2022 and (5.3)% in 2021, driven by favorable reserve development[79] - The RFIG Run-off segment's loss reserves are based on reported defaults and estimates, subject to significant uncertainty due to economic conditions[159][160][161] - The RFIG Run-off segment's actual losses could exceed established reserves, potentially requiring substantial increases in reserves[162] - The company reached a definitive agreement to sell the RFIG Run-off mortgage insurance business to Arch U.S. MI Holdings Inc., expected to close in the first half of 2024[163] Consolidated Financial Performance - Consolidated revenues decreased to $7,258.3 million in 2023, down 10.2% from $8,083.7 million in 2022[14] - Consolidated pretax income decreased to $747.4 million in 2023, down 12.8% from $857.4 million in 2022[14] - Consolidated net premiums and fees earned decreased by 12.6% to $6,707.7 million in 2023, driven by a decline in Title Insurance, partially offset by growth in General Insurance[200] - Net investment income increased by 25.8% to $578.3 million in 2023, driven by higher investment yields[200] - The consolidated combined ratio for 2023 was 92.6%, with favorable loss reserve development improving the ratio by 4.6 percentage points[200] - Total capital returned to shareholders in 2023 was $806 million, comprising $276 million in dividends and $530 million in share repurchases[200] - Book value per share grew by 15.3% to $23.31 in 2023, inclusive of dividends[200] - Pretax income excluding investment losses (pretax operating income) was $938.4 million in 2023, with Title Insurance pretax operating income declining and General Insurance pretax operating income increasing[199] - Net income excluding investment gains (losses) was $749.5 million in 2023, compared to $845.1 million in 2022[197] - Diluted net income per share excluding investment gains (losses) was $2.63 in 2023, a 5.7% decrease from $2.79 in 2022[203] - Total operating revenues decreased by 10.1% to $7,449.3 million in 2023, compared to $8,284.9 million in 2022[203] - Loss and loss adjustment expenses increased by 6.4% to $2,596.6 million in 2023, while sales and general expenses decreased by 18.6% to $3,843.6 million[203] - Consolidated net investment income increased by 25.8% to $578.3 million in 2023, driven by strong performance in General Insurance and Title Insurance[204] Investment Portfolio and Income - The company's investment portfolio is focused on investment grade, publicly traded, fixed income securities and dividend paying, large capitalization, highly liquid equity securities[91] - Net investment income for the years ended December 31, 2023, 2022, and 2021 was $578.3 million, $459.5 million, and $434.3 million, respectively[114] - The company's investment portfolio as of December 31, 2023, was allocated 83% to fixed income and short-term investments, and 17% to equity securities[114] - Old Republic's investment portfolio is subject to market-wide risks, including inflation, regulatory changes, and economic outlooks, which could impact future valuations[115] - The company's investment portfolio includes significant exposure to electric utilities and natural gas industries, which could be affected by climate change, leading to potential investment losses[141] Capital Management and Shareholder Returns - Dividends declared to the holding company by its subsidiaries for the fiscal years ended December 31, 2023, 2022, and 2021 amounted to $673.3 million, $614.6 million, and $566.7 million, respectively[121] - The company's insurance subsidiaries are generally prohibited from paying dividends to the holding company in excess of 10% of statutory surplus or a portion of statutory net income without prior regulatory approval[121] - The company repurchased 2,064,666 shares at an average price of $26.87 per share in Q4 2023, completing its $450 million share repurchase program[186] - The company's five-year total market return for common stock outperformed the S&P 500 and Peer Group, reaching $212.37 in 2023 from a $100 investment in 2018[183] Risk Management and Reserves - The Company's property and liability insurance subsidiaries establish loss reserves to cover reported claims, IBNR claims, and direct and indirect costs[42] - Old Republic's exposure to A&E claims is difficult to quantify due to long reporting delays and uncertainties in litigation history[51] - Old Republic's consolidated favorable development of reserves for losses and loss adjustment expenses was $305.8 million, $282.6 million, and $210.6 million for the years ended December 31, 2023, 2022, and 2021, respectively[111] - Old Republic's loss reserves are based on estimates and could be adversely affected if actual insured losses exceed these estimates[109] - The company depends on reinsurance to manage risks, but the availability and cost of reinsurance are subject to market conditions beyond its control[148][150] Regulatory and Compliance - The company is subject to evolving U.S. privacy and cybersecurity laws and regulations, including the NY DFS Cybersecurity Regulation amendments adopted in 2023[99] - The company is subject to extensive governmental regulations, and non-compliance could result in penalties, fines, or suspensions, adversely affecting its financial condition[135][137] Cybersecurity and Technology - Cybersecurity incidents and technology breaches could disrupt operations, result in financial losses, and expose the company to additional liabilities[123][124] - The company's cybersecurity strategy is overseen by a Chief Information Security Officer with 26 years of experience, supported by enterprise-wide monitoring and third-party assessments[168][172] - The company's reliance on IT systems is critical, and failure to keep pace with technological advancements could impair its competitive position and increase costs[134] Competitive Landscape - The company faces intense competition from specialty insurance companies, underwriting agencies, intermediaries, and larger financial services companies, which could reduce its market share and premium revenues[129] - The company's growth strategy includes investments in new underwriting subsidiaries, but these ventures may not meet growth and profitability targets, risking significant capital losses[130][132] Climate Change and Catastrophic Risks - Climate change could impact the company's liability insurance business, particularly in workers' compensation and vehicle liability, with potential long-term effects on pricing and underwriting[140] - The company's General Insurance segment is exposed to catastrophic losses from natural disasters and terrorism, with potential non-reinsured losses exceeding coverage limits[144][146] Life and Accident Insurance - The company's life and accident insurance business generated net premium revenues of $9.1 million in 2023, down from $9.6 million in 2022 and $11.0 million in 2021[81] - Term life insurance premiums earned were $3.8 million in 2023, compared to $3.9 million in 2022 and $4.8 million in 2021, with production terminated as of year-end 2004[81] Geographic Distribution of Premiums - Consolidated direct premiums written in the United States were distributed as follows in 2023: Northeast 11.3%, Southeast 22.2%, Western 14.6%, Southwest 13.0%, and foreign (principally Canada) 2.7%[85] Human Resources and Talent - The company has approximately 9,200 associates, with significant competition for talent in the insurance industry[102] Corporate Structure and Operations - The company's operations are divided into three segments: General Insurance, Title Insurance, and RFIG Run-off, with a small life and accident insurance business included in Corporate & Other[188] - The company's common stock is traded on the NYSE under the symbol "ORI," with 1,924 registered holders as of January 31, 2024[180]

Financial Data and Key Metrics Changes - The consolidated combined ratio for Q4 2023 was 93.3%, with a full-year combined ratio of 92.6%, up from 91% in 2022 [7] - Consolidated pre-tax operating income for Q4 was $237 million, totaling $938 million for the year, down from $1.59 billion in 2022 [7] - Net operating income was reported at $190 million for the quarter and $750 million for the year, with year-over-year comparisons showing $0.69 versus $0.80 for the quarter and $2.63 versus $2.79 for the full year [12] Business Line Data and Key Metrics Changes - General Insurance achieved a combined ratio of 92% for Q4 and 90.2% for the year, with pre-tax operating income of $195 million for the quarter and $788 million for the year, a 14% increase from $690 million in 2022 [8][15] - Title Insurance reported a combined ratio of 95.5% for Q4, with pre-tax operating income of $44 million, down from $45 million in Q4 2022. The full-year combined ratio was 97.1%, compared to 93.2% in 2022, with pre-tax operating income of $134 million, down from $309 million in 2022 [9][26] Market Data and Key Metrics Changes - The valuation of fixed income securities increased by approximately $445 million due to interest rates, while the stock portfolio saw an increase of about $110 million, ending the year with an unrealized gain of over $1.1 billion [13] - The average reinvestment rate on corporate bonds was 5.35%, with the bond portfolio book yield now nearly 4%, up from 3.3% at the end of the previous year [19] Company Strategy and Development Direction - The company continues to focus on specialization and diversification across Title and P&C Insurance, investing in new underwriting subsidiaries, people, and technology for long-term growth [10] - Strategic planning includes modernizing IT and optimizing processes to improve efficiency, allowing the company to capitalize on improving market conditions [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued profitable growth in General Insurance, while acknowledging challenges in Title Insurance due to mortgage interest rates and the real estate market [32] - The company aims to maintain a conservative approach to reserving and expects favorable prior year loss development to continue, although not at the same robust levels as in previous years [46][49] Other Important Information - The company returned over $805 million to shareholders through dividends and share repurchases in 2023 [14][31] - The sale of the Mortgage Insurance operations is expected to close in the first half of 2024, with the last dividend from that unit being $25 million [20][59] Q&A Session Summary Question: Insights on severity in commercial auto and rate actions - Management noted that severity in commercial auto has increased, prompting a response to raise the accident year loss ratio. The current accident year loss ratio ended at 76.2%, stable compared to 76.4% in 2022 [34][36] Question: Targeted combined ratio outlook - Management indicated that while favorable prior year development has been robust, it is not sustainable. They expect the accident year loss ratio to trend lower over time, but current levels remain higher than desired [44][46] Question: Technology investments amid declining revenues - Management emphasized the importance of continuing technology investments for long-term management, despite slower revenues, to enhance efficiency and prepare for future challenges [52] Question: Explanation of loss on runoff business sale - Management explained that the loss was due to the diminishing level of premiums and reserves in the runoff business, making it difficult to generate revenue. The decision to sell was made to avoid future earnings drag [59][61]

Preliminary Matters This presentation provides information which includes certain financial measures that are not in accordance with U.S. generally accepted accounting principles ("GAAP"). Management discloses non‐GAAP information to provide investors with additional information to analyze Old Republic's performance and underlying trends. Management uses non‐GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous performan ...

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:September 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 Identi ...