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 ...

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]

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 ...