Old Republic Q2 adjusted EPS dips 5.5% to $0.69; GAAP net loss of $0.13 on $317M investment losses

OLD REPUBLIC INTERNATIONAL CORP

2022-Q2 EPS reported $0.87 revenue$4,017,000,000

Pretax operating income (ex-investment gains/losses) $262.8M in Q2, down 4.4% from $275.0M YoY; combined ratio 90.9%.
General Insurance pretax operating income rose 11.8% to $137.9M; net premiums earned up 8.8%.
Title Insurance pretax operating income fell 21.1% to $109.5M; net premiums and fees down 7.1% on rising mortgage rates reducing refinance activity.
Book value per share $20.99, down 7.8% from Dec 2021, driven by $2.59 per share in net unrealized investment losses in H1 2022.
Net investment income flat at $107.8M; cash dividend increased to $0.23 per share from $0.22 in Q2 2021.

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