Old Republic Q4 operating income down 21%; Title premiums fall 23% amid rate headwinds

OLD REPUBLIC INTERNATIONAL CORP

2023-FY EPS reported $2.10 revenue$7,258,300,000

Q4 pretax operating income $237.1M, down 21.1% YoY; diluted operating EPS $0.69 vs $0.80.
Full-year pretax operating income $938.4M, down 11.4%; combined ratio 92.6% vs 91.0%.
Title Insurance net premiums fell 22.8% in Q4 and 33.2% for full year due to higher mortgage rates.
General Insurance premiums grew 10.6% in Q4; net investment income up 19.1%.
Definitive agreement to sell mortgage insurance business to Arch Capital; $45.6M loss on sale recorded in Q4.

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 1.0

OLD REPUBLIC INTERNATIONAL CORP reported the quarter ended December 31, 2023 results: revenue $1,743.6, net income $190.6, EPS $0.69.

Period: the quarter ended December 31, 2023
Revenue: $1,743.6
Net income: $190.6
EPS: $0.69
Result: reported results

Exact text from the filing

HIGHLIGHTS Quarters Ended December 31, Years Ended December 31, SUMMARY INCOME STATEMENTS: 2023 2022 % Change 2023 2022 % Change Revenues: Net premiums and fees earned $ 1,743.6 $ 1,830.6 (4.8) % $ 6,707.7 $ 7,675.3 (12.6) % Net investment income 155.1 130.2 19.1 578.3 459.5 25.8 Other income 42.0 36.2 16.1 163.1 149.9 8.8 Total operating revenues 1,940.8

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Source: SEC EDGAR

accession 0000074260-24-000005

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