ORI Q1 adj. EPS $0.63 (-8.7%); Title Insurance profit down 21.9% on rate hikes

OLD REPUBLIC INTERNATIONAL CORP

2022-Q1 EPS reported $1.00 revenue$2,206,600,000

Net income excluding investment gains fell to $191.7M ($0.63 diluted) from $206.3M ($0.69), down 8.7% YoY.
Consolidated combined ratio worsened to 91.9% from 90.9%, as expense ratio rose to 60.2% from 58.1%.
Title Insurance pretax operating income declined 21.9% to $80.9M as rising mortgage rates reduced refinance activity.
General Insurance pretax operating income up 1.2% to $142.5M, with net premiums earned up 6.0% but expense ratio elevated.
Book value per share $22.23, down 2.3% from year-end due to unrealized fixed-income losses; dividend increased to $0.23.

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