0000074260false00000742602024-10-242024-10-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report:  (Date of earliest event reported) October 24, 2024
OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-10607 36-2678171
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
307 North Michigan AvenueChicagoIllinois60601
(Address of principal executive offices) (Zip Code)
(312)346-8100
(Registrant’s telephone number, including area code)
N /A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 140.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock / $1 par valueORINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.  Results of Operations and Financial Condition

On October 24, 2024, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended September 30, 2024.  The full text of the earnings release is included as Exhibit 99.1 hereto.


Item 9.01 Financial Statements and Exhibits

    (c) Exhibits


104 Cover page Interactive Data file (embedded within Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
OLD REPUBLIC INTERNATIONAL CORPORATION
Registrant
Date: October 24, 2024
By: /s/   Frank J. Sodaro   
Frank J. Sodaro
Senior Vice President,
Chief Financial Officer, and
Chief Accounting Officer



NEWS RELEASE
orilogoa09.jpg
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 THIRD QUARTER AND FIRST NINE MONTHS OF 2024
OVERALL RESULTS
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Pretax income$426.9 $63.9 $939.0 $510.0 
Pretax investment gains (losses)
197.7 (186.9)224.3 (191.1)
Pretax income excluding investment gains (losses)
$229.2 $250.8 (8.6)%$714.7 $701.2 1.9 %
Net income$338.9 $52.6 $747.6 $408.0 
Net of tax investment gains (losses)
156.1 (147.6)177.6 (151.0)
Net income excluding investment gains (losses)
$182.7 $200.2 (8.7)%$570.0 $559.0 2.0 %
Combined ratio95.0 %91.9 %94.3 %92.4 %
PER DILUTED SHARE
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Net income$1.32 $0.19 $2.81 $1.42 
Net of tax investment gains (losses)
0.61 (0.53)0.67 (0.53)
Net income excluding investment gains (losses)
$0.71 $0.72 (1.4)%$2.14 $1.95 9.7 %
SHAREHOLDERS' EQUITY (BOOK VALUE)
Sep. 30,
Dec. 31,
20242023% Change
Total$6,445.3 $6,410.7 0.5 %
Per Common Share$25.71 $23.31 10.3 %
________

All amounts in this report are stated in millions except where noted, common stock data, and percentages.

CHICAGO – October 24, 2024 – Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses) (pretax operating income), of $229.2 for the quarter and $714.7 for the first nine months. General Insurance pretax operating income declined 8.5% for the quarter and increased 4.6% for the first nine months. Title Insurance pretax operating income improved 7.5% for the quarter, bringing the first nine months essentially flat with the prior year.

Summarized results for the quarter follow:

•Net operating income per diluted share of $0.71, compared to $0.72 last year.
•Consolidated net premiums and fees earned increased 9.6%, from strong growth in General Insurance and moderate growth in Title Insurance.
•Net investment income increased 17.3%, driven by higher investment yields.
•Consolidated combined ratio of 95.0%, up 3.1 points over last year, reflecting lower levels of favorable loss reserve development.
•Favorable loss reserve development of 1.3 points, compared to last year's historically high level of 4.5 points.
•Total capital returned to shareholders during the quarter of $232, including repurchases of $165.
•Book value per share of $25.71 was up 13.7% since year-end 2023, inclusive of dividends, driven by operating income and increased investment valuations.




Old Republic International Corporation

Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the insurance underwriting subsidiaries' obligations. Therefore, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.

In management's opinion, the focus on income excluding investment gains (losses), also described herein as operating income, provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.

FINANCIAL HIGHLIGHTS
Quarters Ended September 30,Nine Months Ended September 30,
SUMMARY INCOME STATEMENTS:20242023% Change20242023% Change
Revenues:
Net premiums and fees earned$1,929.2 $1,760.1 9.6 %$5,369.3 $4,964.1 8.2 %
Net investment income171.0 145.9 17.3 502.7 423.1 18.8 
Other income43.7 40.9 6.9 133.0 121.0 9.9 
Total operating revenues2,144.0 1,947.0 10.1 6,005.1 5,508.4 9.0 
Investment gains (losses):
Realized from actual transactions and impairments(13.1)(43.5)113.1 (13.1)
Unrealized from changes in fair value of equity securities210.8 (143.3)111.1 (178.0)
Total investment gains (losses)
197.7 (186.9)224.3 (191.1)
Total revenues2,341.7 1,760.1 6,229.4 5,317.2 
Operating expenses:
Loss and loss adjustment expenses816.0 663.4 23.0 2,255.0 1,885.2 19.6 
Sales and general expenses1,077.4 1,016.3 6.0 2,975.2 2,867.9 3.7 
Interest and other expenses21.3 16.4 29.9 60.0 54.0 11.1 
Total operating expenses1,914.8 1,696.2 12.9 %5,290.4 4,807.2 10.1 %
Pretax income426.9 63.9 939.0 510.0 
Income taxes88.0 11.3 191.4 102.0 
Net income$338.9 $52.6 $747.6 $408.0 
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains (losses)
$0.73 $0.72 1.4 %$2.18 $1.96 11.2 %
Net investment gains (losses):
Realized investment gains (losses)
(0.04)(0.12)0.34 (0.04)
Unrealized from changes in fair value of equity securities0.66 (0.41)0.34 (0.49)
Basic net income$1.35 $0.19 $2.86 $1.43 
Diluted net income excluding investment gains (losses)
$0.71 $0.72 (1.4)%$2.14 $1.95 9.7 %
Net investment gains (losses):
Realized investment gains (losses)
(0.04)(0.12)0.34 (0.04)
Unrealized from changes in fair value of equity securities0.65 (0.41)0.33 (0.49)
Diluted net income$1.32 $0.19 $2.81 $1.42 
Cash dividends on common stock$0.265 $0.245 $0.795 $0.735 

2

Old Republic International Corporation

The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of the Company's insurance underwriting subsidiaries, as well as the sound investment of their capital and underwriting cash flows.

The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial, and are included within Corporate & Other through the date of its sale of May 31, 2024. Prior period amounts have been reclassified to reflect this change in reportable segments.

Sources of Consolidated Income
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Net premiums and fees earned:
General Insurance$1,218.5 $1,069.6 13.9 %$3,439.8 $3,027.7 13.6 %
Title Insurance708.5 684.4 3.5 1,917.4 1,917.3 — 
Corporate & Other2.1 6.0 (65.0)12.0 19.1 (37.0)
Consolidated$1,929.2 $1,760.1 9.6 %$5,369.3 $4,964.1 8.2 %
Underwriting and related services income (loss):
General Insurance$72.1 $117.5 (38.6)%$263.1 $318.5 (17.4)%
Title Insurance23.8 22.9 4.0 40.6 46.7 (13.1)
Corporate & Other(16.5)(19.1)13.7 (31.6)(33.1)4.5 
Consolidated$79.4 $121.3 (34.5)%$272.0 $332.1 (18.1)%
Consolidated combined ratio:
Loss ratio:
Current year43.6 %42.2 %43.9 %42.5 %
Prior years(1.3)(4.5)(1.9)(4.5)
Total42.3 37.7 42.0 38.0 
Expense ratio52.7 54.2 52.3 54.4 
Combined ratio95.0 %91.9 %94.3 %92.4 %
Net investment income:
General Insurance$139.9 $117.9 18.7 %$403.9 $338.1 19.5 %
Title Insurance15.9 14.1 12.6 47.1 42.1 12.0 
Corporate & Other15.2 13.8 9.8 51.6 42.9 20.1 
Consolidated$171.0 $145.9 17.3 %$502.7 $423.1 18.8 %
Interest and other expenses (income):
General Insurance$14.7 $19.9 $46.7 $63.6 
Title Insurance(0.4)(0.3)(0.9)(0.8)
Corporate & Other (a)6.9 (3.1)14.1 (8.7)
Consolidated$21.3 $16.4 29.9 %$60.0 $54.0 11.1 %
Pretax income excluding investment gains (losses):
General Insurance$197.3 $215.5 (8.5)%$620.3 $593.0 4.6 %
Title Insurance40.2 37.4 7.5 88.6 89.6 (1.1)
Corporate & Other(8.3)(2.1)N/M5.7 18.5 (68.9)
Consolidated 229.2 250.8 (8.6)%714.7 701.2 1.9 %
Income taxes
46.4 50.6 144.7 142.1 
Net income excluding investment
gains (losses)
182.7 200.2 (8.7)%570.0 559.0 2.0 %
Consolidated pretax investment gains (losses):
Realized from actual transactions
and impairments(13.1)(43.5)113.1 (13.1)
Unrealized from changes in
fair value of equity securities210.8 (143.3)111.1 (178.0)
Total197.7 (186.9)224.3 (191.1)
Income taxes (credits)
41.5 (39.2)46.7 (40.1)
Net of tax investment gains (losses)
156.1 (147.6)177.6 (151.0)
 Net income
$338.9 $52.6 $747.6 $408.0 
(a) Includes consolidation/elimination entries.


3

Old Republic International Corporation

General Insurance Segment Operating Results
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Net premiums written$1,386.1 $1,193.9 16.1 %$3,790.5 $3,289.0 15.2 %
Net premiums earned1,218.5 1,069.6 13.9 3,439.8 3,027.7 13.6 
Net investment income139.9 117.9 18.7 403.9 338.1 19.5 
Other income43.7 40.6 7.6 132.5 120.3 10.1 
Operating revenues1,402.2 1,228.2 14.2 3,976.4 3,486.2 14.1 
Loss and loss adjustment expenses794.8 645.8 23.1 2,205.7 1,842.7 19.7 
Sales and general expenses395.2 346.9 13.9 1,103.5 986.8 11.8 
Interest and other expenses
14.7 19.9 (25.8)46.7 63.6 (26.4)
Operating expenses1,204.9 1,012.7 19.0 3,356.1 2,893.1 16.0 
Segment pretax operating income$197.3 $215.5 (8.5)%$620.3 $593.0 4.6 %
Loss ratio:
Current year66.9 %66.5 %66.4 %66.8 %
Prior years(1.7)(6.1)(2.3)(5.9)
Total65.2 60.4 64.1 60.9 
Expense ratio28.8 28.6 28.2 28.6 
Combined ratio94.0 %89.0 %92.3 %89.5 %

General Insurance net premiums earned increased 13.9% for the quarter, and 13.6% for the first nine months, driven by a combination of premium rate increases, high renewal retention ratios, and new business production, including contributions from recently established insurance underwriting subsidiaries. Premium growth occurred across most lines of coverage, but was most pronounced within commercial auto, property, and general liability. Largely reflecting market conditions, there were declines in public D&O and transactional risk coverages (both included within financial indemnity) and to a lesser extent, home warranty. While commercial auto, general liability, and property continued to achieve strong rate increases, rate declines continued in public D&O and workers' compensation.

The net investment income increase for both periods was largely due to higher investment yields earned.

The 2024 loss ratios for General Insurance reflect lower levels of favorable prior year loss reserve development in workers' compensation and commercial auto when compared to the historically high levels experienced in 2023. Unfavorable development in transactional risk coverages and favorable development in property coverages were also contributors to prior year loss reserve development trends. The expense ratios continue to reflect a benefit from scale, and investments in new underwriting subsidiaries and information technology.

Together, these factors produced profitable combined ratios and strong pretax operating income for the quarter and the first nine months. For General Insurance, we target combined ratios between 90% and 95% over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly given the long claim payment patterns associated with the business.




4

Old Republic International Corporation

Title Insurance Segment Operating Results
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Net premiums and fees earned$708.5 $684.4 3.5 %$1,917.4 $1,917.3 — %
Net investment income15.9 14.1 12.6 47.1 42.1 12.0 
Other income— 0.2 N/M0.5 0.6 N/M
Operating revenues724.5 698.8 3.7 1,965.1 1,960.0 0.3 
Loss and loss adjustment expenses19.6 18.2 7.6 47.0 49.8 (5.7)
Sales and general expenses665.1 643.4 3.4 1,830.2 1,821.3 0.5 
Interest and other expenses (income)
(0.4)(0.3)N/M(0.9)(0.8)N/M
Operating expenses684.2 661.3 3.5 1,876.4 1,870.4 0.3 
Segment pretax operating income$40.2 $37.4 7.5 %$88.6 $89.6 (1.1)%
Loss ratio:
Current year3.5 %3.8 %3.5 %3.8 %
Prior years(0.7)(1.1)(1.0)(1.2)
Total2.8 2.7 2.5 2.6 
Expense ratio93.9 94.0 95.4 95.0 
Combined ratio96.7 %96.7 %97.9 %97.6 %


Title Insurance net premiums and fees earned increased by 3.5% for the quarter and were flat for the first nine months. Directly produced revenues grew in both 2024 periods, whereas agency produced revenues, which are reported on a lag relative to direct revenues, increased for the quarter and declined for the first nine months. Commercial premiums decreased 6% and represent approximately 20% of net premiums earned in the third quarter of 2024 as compared to 22% in 2023.

Net investment income increased, reflecting higher investment yields earned, partially offset by a lower invested asset base.

The loss ratios for Title Insurance reflect slightly lower levels of favorable prior year loss reserve development and an improvement in the current year loss ratio driven by favorable claim trends.

Sales and general expenses for the first nine months of 2023 were impacted by the recovery of a $17.2 state sales tax assessment, which reduced the corresponding expense ratio by 0.9 points. Excluding the impact of the state sales tax assessment, the expense ratios for both 2024 periods improved as a result of expense management.

Together, these factors produced higher pretax operating income for the quarter and relatively flat pretax operating income for the first nine months.



5

Old Republic International Corporation

Corporate & Other Operating Results
Quarters Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
Net premiums earned
$2.1 $6.0 (65.0)%$12.0 $19.1 (37.0)%
Net investment income15.2 13.8 9.8 51.6 42.9 20.1 
Operating revenues17.3 19.9 (13.2)63.6 62.1 2.3 
Benefits, loss and loss adjustment expenses
1.5 (0.5)N/M2.2 (7.4)130.1 
Insurance expenses0.9 3.7 (75.2)6.7 12.2 (45.3)
Corporate, interest, and other expenses - net
23.1 18.9 22.0 48.9 38.7 26.2 
Operating expenses25.6 22.1 15.8 57.8 43.6 32.6 
Corporate & Other pretax operating income (loss)
$(8.3)$(2.1)N/M$5.7 $18.5 (68.9)%

Corporate & Other includes a small life and accident insurance business, the RFIG Run-off business through the date of its sale of May 31, 2024, the parent holding company, and several internal corporate services subsidiaries. Corporate & Other tends to produce highly variable results stemming from volatility inherent in the lack of scale. Net investment income increased in both periods due to higher investment yields earned, offset slightly by a declining invested asset base which was impacted by share repurchase activity and the issuance of $400 of senior notes in March 2024. Corporate expenses also reflect an increase in interest costs associated with the new senior notes. On October 1, 2024, $400 of senior notes issued in 2014 matured and were paid off in cash.

Summary Consolidated Balance Sheet
September 30,December 31,
20242023
Assets:
Fixed income securities (at fair value)$12,476.5 $12,139.9 
Short-term investments (at fair value which approximates cost)1,317.6 1,032.6 
Equity securities (at fair value)2,668.4 2,660.8 
Other investments41.4 34.3 
Cash525.2 202.8 
Accrued investment income123.5 117.0 
Accounts and notes receivable2,640.2 2,201.4 
Federal income tax recoverable: Current38.4 21.8 
Reinsurance balances and funds held479.3 544.7 
Reinsurance recoverable7,002.2 5,951.4 
Deferred policy acquisition costs505.3 417.8 
Other assets1,025.1 1,176.4 
Total assets$28,843.8 $26,501.4 
Liabilities and Shareholders' Equity:
Loss and loss adjustment expense reserves$13,537.7 $12,538.2 
Unearned premiums3,679.1 3,042.7 
Other policyholders' benefits and funds held168.0 150.3 
Commissions, expenses, fees, and taxes509.8 533.8 
Reinsurance balances and funds held1,603.3 1,380.9 
Federal income tax: Deferred214.0 105.6 
Debt1,988.4 1,591.2 
Other liabilities697.8 747.5 
Total liabilities22,398.4 20,090.7 
Shareholders' equity6,445.3 6,410.7 
Total liabilities and shareholders' equity$28,843.8 $26,501.4 
Composition of shareholders' equity per share:
Equity before items below$21.34 $20.51 
Unrealized investment gains (losses) and other
accumulated comprehensive income (loss)4.37 2.80 
Total$25.71 $23.31 
6

Old Republic International Corporation

Investments
As of September 30, 2024, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common stock). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the insurance underwriting subsidiaries. The realized investment gains recognized during the first nine months of 2024 are reflective of these initiatives, with realized losses occurring in the third quarter driven by both tax planning and interest rate environment considerations. The fixed income portfolio continues to be the anchor for the insurance underwriting subsidiaries' obligations. The maturities of the fixed income securities are matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.

Old Republic’s investment portfolio is focused on ensuring solid funding of the insurance underwriting subsidiaries' obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, the investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counter-party risk attributes. Old Republic performs regular stress tests of the investment portfolio to gain reasonable assurance that periodic downdrafts in market prices do not undermine the Company's financial strength.
Shareholders' Equity Per Share
Changes in shareholders' equity per share are reflected in the following table. As shown, these changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividend payments to shareholders.

QuarterYear
EndedEnded
Sep. 30,Nine Months Ended Sep. 30,Dec. 31,
2024202420232023
Beginning balance$23.59 $23.31 $21.07 $21.07 
Changes in shareholders' equity:
Net income excluding net investment gains (losses)
0.73 2.18 1.96 2.65 
Net of tax realized investment gains (losses)
(0.04)0.34 (0.04)(0.19)
Net of tax unrealized investment gains (losses):
Fixed income securities1.20 0.93 (0.12)1.31 
Equity securities0.66 0.34 (0.49)(0.34)
Total net of tax realized and unrealized
investment gains (losses)
1.82 1.61 (0.65)0.78 
Cash dividends(0.265)(0.795)(0.735)(0.980)
Other - net(0.16)(0.59)(0.27)(0.21)
Net change2.12 2.40 0.30 2.24 
Ending balance$25.71 $25.71 $21.37 $23.31 
Change for the period
9.0 %10.3 %1.4 %10.6 %
Change for the period, inclusive of cash dividends
10.1 %13.7 %4.9 %15.3 %

Total capital returned to shareholders during the quarter was $232, comprised of $67 in dividends, and $165 in share repurchases. For the first nine months, total capital returned was $975, comprised of $207 in dividends, and $768 in share repurchases.
7

Old Republic International Corporation


Managing Old Republic's Insurance Business for the Long-Run

The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. We also can't know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts the business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support our insurance underwriting subsidiaries' obligations to policyholders and their beneficiaries.

The Company is managed for the long run and with little regard to quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run their course, for premium rate changes and subsequent underwriting results to be reflected in financial statements, and for reserved loss costs to be quantified with greater certainty.

Financial Supplement:
•A financial supplement to this news release is available on the Company's website:
www.oldrepublic.com

About Old Republic

Chicago-based Old Republic International Corporation is one of the nation's 50 largest shareholder-owned insurance businesses. It is a member of the Fortune 500 listing of America’s largest companies. The Company is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. Old Republic’s general insurance business ranks among the nation’s 50 largest, while its title insurance business is the third largest in its industry.

Conference Call Information
Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its third quarter 2024 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 1-800-715-9871, passcode 4060501. Interested parties may also listen to a replay of the call through October 31, 2024 by dialing 1-800-770-2030, passcode 4060501, or by accessing it on Old Republic International's website.
8

Old Republic International Corporation

Safe Harbor Statement

Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.

Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance. With regard to Old Republic's General Insurance segment, its results can be particularly affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of investment yields and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, claims development and the impact on loss reserves, adequacy and availability of reinsurance, uncertainties in underwriting and pricing risks, and unanticipated external events. Title Insurance results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents.

A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2023 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.

For Old Republic's latest news releases and other corporate documents:

Please visit us at www.oldrepublic.com
Alternatively, please write or call:
Investor Relations
Old Republic International Corporation
307 North Michigan Avenue, Chicago, IL 60601
(312) 346-8100

9
v3.24.3
Cover Page
Oct. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 24, 2024
Entity Registrant Name OLD REPUBLIC INTERNATIONAL CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-10607
Entity Central Index Key 0000074260
Amendment Flag false
Entity Tax Identification Number 36-2678171
Entity Address, Address Line One 307 North Michigan Avenue
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60601
City Area Code (312)
Local Phone Number 346-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock / $1 par value
Trading Symbol ORI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Old Republic (NYSE:ORI)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Old Republic Charts.
Old Republic (NYSE:ORI)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Old Republic Charts.