Old Republic reports Q2 operating earnings down 14.6%; Title insurance revenue slides 37%

OLD REPUBLIC INTERNATIONAL CORP

2023-Q2 EPS reported $1.22 revenue$3,557,000,000

Diluted EPS ex investment losses $0.62 (down 10.1%); net income ex losses $179.6M vs $210.2M.
Title Insurance: net premiums down 36.9%; pretax operating income fell 68.3% to $34.7M.
General Insurance: pretax operating income up 33.6% to $184.2M; combined ratio improved to 90.2%.
Q2 capital return: $70M dividends + $218M share repurchases; $83M additional repurchased post-quarter.
Book value per share $21.78, up 3.4% from year-end 2022; consolidated combined ratio 92.6%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OLD REPUBLIC INTERNATIONAL CORP reported the quarter ended June 30, 2023 results: revenue 1,828.8, net income $155.5, EPS $0.54.

Period: the quarter ended June 30, 2023
Revenue: 1,828.8
Net income: $155.5
EPS: $0.54
Result: reported results

Exact text from the filing

FINANCIAL HIGHLIGHTS Quarters Ended June 30, Six Months Ended June 30, SUMMARY INCOME STATEMENTS: 2023 2022 % Change 2023 2022 % Change Revenues: Net premiums and fees earned $ 1,648.7 $ 1,982.3 (16.8) % $ 3,203.9 $ 3,901.3 (17.9) % Net investment income 139.4 107.8 29.3 277.2 214.1 29.5 Other income 40.6 37.6 7.8 80.1 73.9 8.3 Total operating revenues 1,828.8 2,127.8 (14.1) 3,561.3 4,189.4 (15.0) Investment gains (losses): Realized from actual transactions and impairments 2.1 53.2 30.3 118.5 Unrealized from changes in fair value of equity securities (32.6) (370.7) (34.6) (290.9) Total investment losses (30.4) (317.4) (4.2) (172.3) Total revenues 1,798.3 1,810.3 3,557.0 4,017.0 Operating expenses: Loss and loss adjustment expenses 617.8 638.6 (3.3) 1,221.7 1,246.6 (2.0) Sales and general expenses 962.9 1,209.6 (20.4) 1,851.5 2,408.7 (23.1) Interest and other charges 20.7 16.6 24.1 37.6 33.6 11.9 Total operating expenses 1,601.4 1,865.0 (14.1) % 3,110.9 3,688.9 (15.7) % Pretax income (l

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OLD REPUBLIC INTERNATIONAL CORP reported the six months ended June 30, 2023 results: revenue 3,561.3, net income $355.4, EPS $1.22.

Period: the six months ended June 30, 2023
Revenue: 3,561.3
Net income: $355.4
EPS: $1.22
Result: reported results

Exact text from the filing

FINANCIAL HIGHLIGHTS Quarters Ended June 30, Six Months Ended June 30, SUMMARY INCOME STATEMENTS: 2023 2022 % Change 2023 2022 % Change Revenues: Net premiums and fees earned $ 1,648.7 $ 1,982.3 (16.8) % $ 3,203.9 $ 3,901.3 (17.9) % Net investment income 139.4 107.8 29.3 277.2 214.1 29.5 Other income 40.6 37.6 7.8 80.1 73.9 8.3 Total operating revenues 1,828.8 2,127.8 (14.1) 3,561.3 4,189.4 (15.0) Investment gains (losses): Realized from actual transactions and impairments 2.1 53.2 30.3 118.5 Unrealized from changes in fair value of equity securities (32.6) (370.7) (34.6) (290.9) Total investment losses (30.4) (317.4) (4.2) (172.3) Total revenues 1,798.3 1,810.3 3,557.0 4,017.0 Operating expenses: Loss and loss adjustment expenses 617.8 638.6 (3.3) 1,221.7 1,246.6 (2.0) Sales and general expenses 962.9 1,209.6 (20.4) 1,851.5 2,408.7 (23.1) Interest and other charges 20.7 16.6 24.1 37.6 33.6 11.9 Total operating expenses 1,601.4 1,865.0 (14.1) % 3,110.9 3,688.9 (15.7) % Pretax income (l

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Source: SEC EDGAR

accession 0000074260-23-000064

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