Old Republic International (US:ORI) Prnewswire·2025-04-24 11:00Overall 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]