earnings
confidence high
sentiment neutral
materiality 0.65
Old Republic Q3 operating EPS $0.71 vs $0.72; combined ratio 95.0% on lower reserve development
OLD REPUBLIC INTERNATIONAL CORP
2024-Q3 EPS reported
$2.81
revenue$6,229,400,000
- Q3 pretax operating income $229.2M, down 8.6% YoY; diluted operating EPS $0.71 vs $0.72.
- Net premiums and fees earned up 9.6% to $1.93B, led by General Insurance (+13.9%) and Title (+3.5%).
- Consolidated combined ratio 95.0% (vs 91.9% YoY) reflecting lower favorable prior-year reserve development (1.3 pts vs 4.5 pts).
- General Insurance pretax operating income fell 8.5% to $197.3M; Title Insurance up 7.5% to $40.2M.
- Book value per share $25.71, up 13.7% YTD inclusive of dividends; $232M returned to shareholders in Q3.