OLD REPUBLIC REPORTS RESULTS FOR THE FIRST QUARTER 2025
Old Republic International (NYSE: ORI) reported its Q1 2025 financial results with mixed performance. The company achieved net income of $245.0 million, down from $316.7 million in the previous year. However, net operating income increased by 9.2% to $201.7 million.
Key highlights include:
- Net operating income per diluted share rose 20.9% to $0.81
- Consolidated net premiums and fees earned grew 12.1% to over $1.8 billion
- Net investment income increased 4.0% to $170.7 million
- Combined ratio improved to 93.7% from 94.3%
- Book value per share reached $24.19, up 7.2% since year-end 2024
The Specialty Insurance segment showed strong performance with a 13.0% increase in net premiums earned, driven by premium rate increases and high renewal retention. The Title Insurance segment saw a 10.9% growth in net premiums and fees earned, with commercial premiums up 27%.
Old Republic International (NYSE: ORI) ha comunicato i risultati finanziari del primo trimestre 2025 con performance contrastanti. La società ha registrato un utile netto di 245,0 milioni di dollari, in calo rispetto ai 316,7 milioni dell'anno precedente. Tuttavia, l'utile operativo netto è aumentato del 9,2%, raggiungendo i 201,7 milioni di dollari.
I principali punti salienti includono:
- L'utile operativo netto per azione diluita è salito del 20,9% a 0,81 dollari
- I premi netti consolidati e le commissioni guadagnate sono cresciuti del 12,1%, superando 1,8 miliardi di dollari
- Il reddito netto da investimenti è aumentato del 4,0% a 170,7 milioni di dollari
- Il rapporto combinato è migliorato, passando dal 94,3% al 93,7%
- Il valore contabile per azione ha raggiunto 24,19 dollari, in crescita del 7,2% rispetto alla fine del 2024
Il segmento Specialty Insurance ha mostrato una solida performance con un aumento del 13,0% dei premi netti guadagnati, trainato dall’aumento dei tassi e da un’alta retention nelle polizze di rinnovo. Il segmento Title Insurance ha registrato una crescita del 10,9% nei premi netti e nelle commissioni, con un incremento del 27% nei premi commerciali.
Old Republic International (NYSE: ORI) presentó sus resultados financieros del primer trimestre de 2025 con un desempeño mixto. La compañía alcanzó un ingreso neto de 245,0 millones de dólares, disminuyendo desde 316,7 millones del año anterior. Sin embargo, el ingreso operativo neto aumentó un 9,2% hasta 201,7 millones de dólares.
Los aspectos destacados incluyen:
- El ingreso operativo neto por acción diluida subió un 20,9% a 0,81 dólares
- Las primas netas consolidadas y las comisiones ganadas crecieron un 12,1%, superando los 1,8 mil millones de dólares
- Los ingresos netos por inversiones aumentaron un 4,0% hasta 170,7 millones de dólares
- El índice combinado mejoró a 93,7% desde 94,3%
- El valor contable por acción alcanzó 24,19 dólares, un aumento del 7,2% desde finales de 2024
El segmento de Specialty Insurance mostró un sólido desempeño con un aumento del 13,0% en primas netas ganadas, impulsado por incrementos en las tarifas y una alta retención en renovaciones. El segmento de Title Insurance experimentó un crecimiento del 10,9% en primas netas y comisiones ganadas, con un aumento del 27% en primas comerciales.
Old Republic International (NYSE: ORI)는 2025년 1분기 재무 실적을 발표했으며, 성과는 엇갈렸습니다. 회사는 순이익 2억 4,500만 달러를 기록했으며, 이는 전년도의 3억 1,670만 달러에서 감소한 수치입니다. 그러나 순영업이익은 9.2% 증가한 2억 170만 달러를 기록했습니다.
주요 내용은 다음과 같습니다:
- 희석 주당 순영업이익이 20.9% 증가하여 0.81달러 기록
- 통합 순보험료 및 수수료 수입이 12.1% 증가하여 18억 달러를 초과
- 순투자수익이 4.0% 증가하여 1억 7,070만 달러 기록
- 결합비율이 94.3%에서 93.7%로 개선
- 주당 장부가치가 24.19달러에 도달하여 2024년 말 대비 7.2% 상승
특수보험 부문은 보험료 인상과 높은 갱신 유지율에 힘입어 순보험료 수입이 13.0% 증가하며 강한 실적을 보였습니다. 타이틀 보험 부문은 순보험료 및 수수료 수입이 10.9% 성장했으며, 상업용 보험료는 27% 증가했습니다.
Old Republic International (NYSE : ORI) a publié ses résultats financiers du premier trimestre 2025 avec des performances mitigées. La société a réalisé un résultat net de 245,0 millions de dollars, en baisse par rapport à 316,7 millions l’année précédente. Toutefois, le résultat opérationnel net a augmenté de 9,2 % pour atteindre 201,7 millions de dollars.
Les points clés incluent :
- Le résultat opérationnel net par action diluée a augmenté de 20,9 % pour atteindre 0,81 dollar
- Les primes nettes consolidées et les commissions gagnées ont progressé de 12,1 % pour dépasser 1,8 milliard de dollars
- Le revenu net des investissements a augmenté de 4,0 % pour atteindre 170,7 millions de dollars
- Le ratio combiné s’est amélioré, passant de 94,3 % à 93,7 %
- La valeur comptable par action a atteint 24,19 dollars, en hausse de 7,2 % depuis la fin de 2024
Le segment Specialty Insurance a affiché une solide performance avec une augmentation de 13,0 % des primes nettes gagnées, portée par une hausse des tarifs et un taux élevé de renouvellement. Le segment Title Insurance a connu une croissance de 10,9 % des primes nettes et des commissions gagnées, avec une hausse de 27 % des primes commerciales.
Old Republic International (NYSE: ORI) meldete seine Finanzergebnisse für das erste Quartal 2025 mit gemischter Performance. Das Unternehmen erzielte einen Nettoertrag von 245,0 Millionen US-Dollar, was einem Rückgang gegenüber 316,7 Millionen im Vorjahr entspricht. Allerdings stieg das operative Nettoergebnis um 9,2 % auf 201,7 Millionen US-Dollar.
Wichtige Highlights sind:
- Das operative Nettoergebnis je verwässerter Aktie stieg um 20,9 % auf 0,81 US-Dollar
- Die konsolidierten Nettoprämien und verdienten Gebühren wuchsen um 12,1 % auf über 1,8 Milliarden US-Dollar
- Das Nettoanlageergebnis stieg um 4,0 % auf 170,7 Millionen US-Dollar
- Die kombinierte Schaden-Kosten-Quote verbesserte sich von 94,3 % auf 93,7 %
- Der Buchwert je Aktie erreichte 24,19 US-Dollar, ein Anstieg von 7,2 % seit Ende 2024
Der Bereich Specialty Insurance zeigte eine starke Leistung mit einem Anstieg der verdienten Nettoprämien um 13,0 %, getrieben durch Prämienerhöhungen und eine hohe Erneuerungsrate. Der Bereich Title Insurance verzeichnete ein Wachstum der verdienten Nettoprämien und Gebühren um 10,9 %, wobei die gewerblichen Prämien um 27 % zunahmen.
- Net operating income increased 9.2% to $201.7 million
- Net operating income per diluted share grew 20.9% to $0.81
- Consolidated net premiums and fees earned up 12.1% to $1.8 billion
- Combined ratio improved to 93.7% from 94.3%
- Book value per share increased 7.2% since year-end 2024
- Specialty Insurance segment premiums earned grew 13.0%
- Commercial premiums in Title Insurance segment up 27%
- Overall net income decreased to $245.0 million from $316.7 million
- Net investment gains declined significantly to $55.0 million from $167.1 million
- Title Insurance segment combined ratio remains above 100% at 102.1%
- Corporate & Other segment showed operating loss of $11.8 million versus $8.8 million profit last year
Insights
ORI's Q1 shows strong core operational improvement despite lower headline net income, with key profitability and growth metrics advancing materially.
Old Republic's Q1 2025 results reveal a robust operational story despite a significant decline in reported net income (down
Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
- Net income of
$245.0 $316.7 - Net operating income (net income excluding investment gains) of
$201.7 9.2% . - Net operating income per diluted share of
$0.81 $0.67 20.9% . - Consolidated net premiums and fees earned of over
$1.8 billion 12.1% . - Net investment income of
$170.7 4.0% . - Consolidated combined ratio of
93.7% , compared to94.3% last year. - Favorable loss reserve development of 2.6 points, compared to 2.3 points last year.
- Total capital returned to shareholders of
$93 - Book value per share of
$24.19 7.2% since year-end 2024.
OVERALL RESULTS | ||||||
Quarters Ended March 31, | ||||||
2025 | 2024 | % Change | ||||
Net income | $ 245.0 | $ 316.7 | ||||
Net of tax investment gains | 43.2 | 132.0 | ||||
Net income excluding investment gains | $ 201.7 | $ 184.7 | 9.2 % | |||
Combined ratio | 93.7 % | 94.3 % | ||||
PER DILUTED SHARE | ||||||
Quarters Ended March 31, | ||||||
2025 | 2024 | % Change | ||||
Net income | $ 0.98 | $ 1.15 | ||||
Net of tax investment gains | 0.17 | 0.48 | ||||
Net income excluding investment gains | $ 0.81 | $ 0.67 | 20.9 % | |||
SHAREHOLDERS' EQUITY (BOOK VALUE) | ||||||
Mar. 31, | Dec. 31, | |||||
2025 | 2024 | % Change | ||||
Total | $ 5,917.5 | $ 5,618.9 | 5.3 % | |||
Per common share | $ 24.19 | $ 22.84 | 5.9 % | |||
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 March 31, | ||||||
SUMMARY INCOME STATEMENTS: | 2025 | 2024 | % Change | |||
Revenues: | ||||||
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 | |||
Net investment gains (losses): | ||||||
Realized from actual transactions and impairments | 37.4 | 180.4 | ||||
Unrealized from changes in fair value of equity securities | 17.6 | (13.3) | ||||
Total net investment gains | 55.0 | 167.1 | ||||
Total revenues | 2,114.0 | 2,015.9 | ||||
Operating expenses: | ||||||
Loss and loss adjustment expenses | 777.7 | 697.4 | 11.5 | |||
Underwriting, acquisition, and other expenses | 1,010.7 | 903.3 | 11.9 | |||
Interest and other expenses | 17.8 | 16.4 | 8.3 | |||
Total expenses | 1,806.3 | 1,617.2 | 11.7 % | |||
Pretax income | 307.7 | 398.7 | ||||
Income taxes | 61.6 | 81.9 | ||||
Total net income | 246.1 | 316.7 | ||||
Net income attributable to noncontrolling interests | 1.1 | — | ||||
Net income to shareholders | $ 245.0 | $ 316.7 | ||||
COMMON STOCK STATISTICS: | ||||||
Components of net income per share: | ||||||
Basic net income excluding investment gains (losses) | $ 0.83 | $ 0.68 | 22.1 % | |||
Net investment gains (losses): | ||||||
Realized investment gains | 0.12 | 0.53 | ||||
Unrealized from changes in fair value of equity securities | 0.06 | (0.04) | ||||
Basic net income | $ 1.01 | $ 1.17 | ||||
Diluted net income excluding investment gains (losses) | $ 0.81 | $ 0.67 | 20.9 % | |||
Net investment gains (losses): | ||||||
Realized investment gains | 0.12 | 0.52 | ||||
Unrealized from changes in fair value of equity securities | 0.05 | (0.04) | ||||
Diluted net income | $ 0.98 | $ 1.15 | ||||
Cash dividends declared on common stock | $ 0.290 | $ 0.265 | ||||
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.
Sources of Consolidated Income | |||||
Quarters Ended March 31, | |||||
2025 | 2024 | % Change | |||
Net premiums and fees earned: | |||||
Specialty Insurance | 13.0 % | ||||
Title Insurance | 605.1 | 545.4 | 10.9 | ||
Corporate & Other | 2.2 | 5.5 | (58.8) | ||
Consolidated | 12.1 % | ||||
Underwriting income (loss): (a) | |||||
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: | |||||
Current year | 44.8 % | 44.8 % | |||
Prior years | (2.6) | (2.3) | |||
Total | 42.2 | 42.5 | |||
Expense ratio | 51.5 | 51.8 | |||
Combined ratio | 93.7 % | 94.3 % | |||
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 % | ||
Interest and other expenses (income): | |||||
Specialty Insurance | $ 16.0 | $ 16.5 | |||
Title Insurance | 0.1 | (0.1) | |||
Corporate & Other (b) | 1.6 | 0.1 | |||
Consolidated | $ 17.8 | $ 16.4 | 8.3 % | ||
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 % | ||
Income taxes | 49.8 | 46.8 | |||
Net income excluding investment gains (losses) | 202.8 | 184.7 | 9.8 % | ||
Consolidated pretax investment gains (losses): | |||||
Realized from actual transactions and impairments | 37.4 | 180.4 | |||
Unrealized from changes in fair value of equity securities | 17.6 | (13.3) | |||
Total | 55.0 | 167.1 | |||
Income taxes | 11.7 | 35.1 | |||
Net of tax investment gains | 43.2 | 132.0 | |||
Total net income | 246.1 | 316.7 | |||
Net income attributable to noncontrolling interests | 1.1 | — | |||
Net income to shareholders | $ 245.0 | $ 316.7 | |||
(a) Includes related services. |
(b) Includes consolidation/elimination entries. |
Specialty Insurance Segment Operating Results | |||||
Quarters Ended March 31, | |||||
2025 | 2024 | % Change | |||
Net premiums written | 9.9 % | ||||
Net premiums earned | 1,233.6 | 1,091.6 | 13.0 | ||
Net investment income | 150.0 | 131.1 | 14.4 | ||
Other income | 47.1 | 41.7 | 12.8 | ||
Operating revenues | 1,430.7 | 1,264.5 | 13.1 | ||
Loss and loss adjustment expenses | 761.0 | 684.2 | 11.2 | ||
Underwriting, acquisition, and other expenses | 393.5 | 343.3 | 14.6 | ||
Interest and other expenses | 16.0 | 16.5 | (3.0) | ||
Operating expenses | 1,170.6 | 1,044.1 | 12.1 | ||
Segment pretax operating income | $ 260.1 | $ 220.4 | 18.0 % | ||
Loss ratio: | |||||
Current year | 65.0 % | 65.2 % | |||
Prior years | (3.3) | (2.5) | |||
Total | 61.7 | 62.7 | |||
Expense ratio | 28.1 | 27.6 | |||
Combined ratio | 89.8 % | 90.3 % | |||
Specialty Insurance net premiums earned increased
The net investment income increase was primarily driven by higher investment yields earned, along with contributions from a higher invested asset base.
Overall, the 2025 loss ratio for Specialty Insurance reflects higher levels of favorable prior year loss reserve development coming predominately from workers' compensation, commercial auto, and property coverages, with no lines experiencing significant amounts of unfavorable development. The current year loss ratio remained relatively consistent with the first quarter of last year. The expense ratios are in line with expectations and generally reflect higher personnel expenses, increased costs to start-up new underwriting subsidiaries, and investments in information technology, partially offset by the benefit of scale from continued earned premium growth.
Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter. For Specialty Insurance, we target combined ratios between
Title Insurance Segment Operating Results | |||||
Quarters Ended March 31, | |||||
2025 | 2024 | % Change | |||
Net premiums and fees earned | $ 605.1 | $ 545.4 | 10.9 % | ||
Net investment income | 16.7 | 15.7 | 6.6 | ||
Other income | 0.1 | 0.1 | (19.9) | ||
Operating revenues | 622.0 | 561.3 | 10.8 | ||
Loss and loss adjustment expenses | 16.0 | 12.1 | 32.4 | ||
Underwriting, acquisition, and other expenses | 601.4 | 546.9 | 10.0 | ||
Interest and other expenses (income) | 0.1 | (0.1) | N/M | ||
Operating expenses | 617.6 | 558.9 | 10.5 | ||
Segment pretax operating income | $ 4.3 | $ 2.3 | 84.4 % | ||
Loss ratio: | |||||
Current year | 3.5 % | 3.4 % | |||
Prior years | (0.8) | (1.2) | |||
Total | 2.7 | 2.2 | |||
Expense ratio | 99.4 | 100.3 | |||
Combined ratio | 102.1 % | 102.5 % | |||
Title Insurance net premiums and fees earned increased by
Net investment income increased, reflecting higher investment yields earned on a relatively flat invested asset base.
The Title Insurance loss ratio increased due primarily to a lower level of favorable prior year loss reserve development than experienced in 2024. The expense ratio improved as a result of expense management and scale.
Together, these factors produced higher pretax operating income for the quarter.
Corporate & Other Operating Results | ||||||
Quarters Ended March 31, | ||||||
2025 | 2024 | % Change | ||||
Net premiums earned | $ 2.2 | $ 5.5 | (58.8) % | |||
Net investment income (a) | 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 | |||
(a) Net of elimination entries. |
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 for the quarter was significantly impacted by a lower invested asset base due to the return of capital to shareholders, including the January 2025 special cash dividend payment, and the sale of the RFIG Run-off business. The increase in corporate operating expenses was driven by higher personnel costs.
Summary Consolidated Balance Sheet | |||
March 31, | December 31, | ||
2025 | 2024 | ||
Assets: | |||
Fixed income securities (at fair value) | $ 12,248.1 | $ 12,091.5 | |
Short-term investments (at fair value which approximates cost) | 1,036.4 | 1,403.7 | |
Equity securities (at fair value) | 2,592.5 | 2,540.7 | |
Other investments | 11.5 | 42.8 | |
Cash | 263.7 | 201.9 | |
Accrued investment income | 122.5 | 127.9 | |
Accounts and notes receivable | 2,654.7 | 2,471.6 | |
Federal income tax recoverable: Current | — | 13.8 | |
Reinsurance balances and funds held | 373.8 | 423.1 | |
Reinsurance recoverable | 7,134.7 | 6,914.1 | |
Deferred policy acquisition costs | 555.7 | 531.3 | |
Other assets | 1,033.9 | 1,080.2 | |
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 | |
Other policyholders' benefits and funds held | 175.3 | 174.0 | |
Commissions, expenses, fees, and taxes | 486.9 | 547.5 | |
Reinsurance balances and funds held | 1,462.7 | 1,409.8 | |
Federal income tax payable: Current | 28.5 | — | |
Federal income tax: Deferred | 174.5 | 129.1 | |
Debt | 1,589.0 | 1,588.7 | |
Other liabilities | 557.7 | 1,141.6 | |
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 | |
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 |
As of March 31, 2025, the consolidated investment portfolio reflected an allocation of approximately
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 dividends to shareholders declared during the year.
Quarters Ended Mar. 31, | ||||
2025 | 2024 | |||
Beginning balance | $ 22.84 | $ 23.31 | ||
Changes in shareholders' equity: | ||||
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) | ||
Other - net | 0.17 | (0.14) | ||
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
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
Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, we are a leader in underwriting and risk management services for business partners across
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 first quarter 2025 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 1-888-596-4144, passcode 4060501. Interested parties may also listen to a replay of the call through May 1, 2025 by dialing 1-800-770-2030, passcode 4060501, or by accessing it on Old Republic's website.
At Old Republic: | At Financial Relations Board: |
Craig R. Smiddy, President and CEO | Analysts/Investors: Joe Calabrese/jcalabrese@mww.com |
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 Specialty 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; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and 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, the levels of investments held, 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 2024 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.
Please visit us at www.oldrepublic.com | ||
Alternatively, please write or call: | ||
Investor Relations | ||
Old Republic International Corporation | ||
307 North Michigan Avenue, | ||
(312) 346-8100 | ||
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SOURCE Old Republic International Corporation
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