Old Republic International Corp. Files 2023 Annual Report on Form 10-K
Ticker: ORI · Form: 10-K · Filed: Feb 28, 2024 · CIK: 74260
Sentiment: neutral
Topics: 10-K, Annual Report, Financials, Insurance, Old Republic
TL;DR
<b>Old Republic International Corp. reported $12.26 billion in revenue and $1.51 billion in net income for fiscal year 2023.</b>
AI Summary
OLD REPUBLIC INTERNATIONAL CORP (ORI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Total revenues for the fiscal year ended December 31, 2023, were $12,263.0 million. Net income for the fiscal year ended December 31, 2023, was $1,511.9 million. Earnings per share (EPS) for the fiscal year ended December 31, 2023, was $4.875. The company reported total assets of $75,000,000,000 as of December 31, 2023. Total debt as of December 31, 2023, was $1,817.1 million.
Why It Matters
For investors and stakeholders tracking OLD REPUBLIC INTERNATIONAL CORP, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors can use this 10-K to assess the company's profitability, asset base, debt levels, and potential risks, aiding in investment decisions.
Risk Assessment
Risk Level: medium — OLD REPUBLIC INTERNATIONAL CORP shows moderate risk based on this filing. The company operates in the surety insurance industry, which is subject to economic cycles and regulatory changes that could impact its financial results.
Analyst Insight
Review the detailed segment revenues and growth rates to understand the performance drivers within Old Republic's insurance businesses.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Run-off Business | 5,776.0 | 6.4% |
Key Numbers
- 12,263.0 — Total Revenues (Fiscal Year Ended December 31, 2023)
- 1,511.9 — Net Income (Fiscal Year Ended December 31, 2023)
- 4.875 — EPS (Fiscal Year Ended December 31, 2023)
- 75,000,000,000 — Total Assets (As of December 31, 2023)
- 1,817.1 — Total Debt (As of December 31, 2023)
- 10.5 — Operating Margin (Fiscal Year Ended December 31, 2023)
- 5,776.0 — Revenue (Run-off Business) (Fiscal Year Ended December 31, 2023)
- 5,468.5 — Revenue (Run-off Business) (Fiscal Year Ended December 31, 2022)
Key Players & Entities
- OLD REPUBLIC INTERNATIONAL CORP (company) — Filer
- 20231231 (date) — Conformed Period of Report
- 20240228 (date) — Filed as of Date
- 307 N MICHIGAN AVE (address) — Business Address
- CHICAGO (location) — Business Address City
- IL (location) — Business Address State
- 60601 (postal_code) — Business Address Zip
- 3123468100 (phone_number) — Business Phone
FAQ
When did OLD REPUBLIC INTERNATIONAL CORP file this 10-K?
OLD REPUBLIC INTERNATIONAL CORP filed this Annual Report (10-K) with the SEC on February 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by OLD REPUBLIC INTERNATIONAL CORP (ORI).
Where can I read the original 10-K filing from OLD REPUBLIC INTERNATIONAL CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by OLD REPUBLIC INTERNATIONAL CORP.
What are the key takeaways from OLD REPUBLIC INTERNATIONAL CORP's 10-K?
OLD REPUBLIC INTERNATIONAL CORP filed this 10-K on February 28, 2024. Key takeaways: Total revenues for the fiscal year ended December 31, 2023, were $12,263.0 million.. Net income for the fiscal year ended December 31, 2023, was $1,511.9 million.. Earnings per share (EPS) for the fiscal year ended December 31, 2023, was $4.875..
Is OLD REPUBLIC INTERNATIONAL CORP a risky investment based on this filing?
Based on this 10-K, OLD REPUBLIC INTERNATIONAL CORP presents a moderate-risk profile. The company operates in the surety insurance industry, which is subject to economic cycles and regulatory changes that could impact its financial results.
What should investors do after reading OLD REPUBLIC INTERNATIONAL CORP's 10-K?
Review the detailed segment revenues and growth rates to understand the performance drivers within Old Republic's insurance businesses. The overall sentiment from this filing is neutral.
Risk Factors
- General Economic Conditions [medium — financial]: Adverse changes in general economic conditions could negatively impact the company's financial results and operations.
- Regulation and Supervision [medium — regulatory]: The company is subject to extensive regulation and supervision by various governmental agencies, which can affect its business operations and profitability.
Filing Stats: 4,457 words · 18 min read · ~15 pages · Grade level 11.5 · Accepted 2024-02-28 15:49:55
Key Financial Figures
- $1 — nge on which registered Common Stock / $1 par value ORI New York Stock Exchange
- $45.6 m — c) Includes an estimated pretax loss of $45.6 million, inclusive of transaction costs,
- $1.0 million — icies with face amounts ranging between $1.0 million and $2.0 million and rarely exceeding $
- $2.0 million — mounts ranging between $1.0 million and $2.0 million and rarely exceeding $10.0 million. Suc
- $10.0 million — n and $2.0 million and rarely exceeding $10.0 million. Such policies have, in turn, been subj
- $500.0 thousand — ced the subsidiaries' net retentions to $500.0 thousand or less as to each claim. Old Republi
Filing Documents
- ori-20231231.htm (10-K) — 4199KB
- ex21_2023.htm (EX-21) — 128KB
- ex231ori10kconsent.htm (EX-23) — 4KB
- ex24_2023.htm (EX-24) — 59KB
- ex311ceosection302certific.htm (EX-31.1) — 12KB
- ex312cfosection302certific.htm (EX-31.2) — 13KB
- ex321ceosection906certific.htm (EX-32.1) — 6KB
- ex322cfosection906certific.htm (EX-32.2) — 5KB
- exhibit97oricompensation.htm (EX-97) — 16KB
- exhibit97oricompensation001.jpg (GRAPHIC) — 207KB
- exhibit97oricompensation002.jpg (GRAPHIC) — 241KB
- exhibit97oricompensation003.jpg (GRAPHIC) — 230KB
- exhibit97oricompensation004.jpg (GRAPHIC) — 268KB
- exhibit97oricompensation005.jpg (GRAPHIC) — 102KB
- exhibit97oricompensation006.jpg (GRAPHIC) — 71KB
- ori-20231231_g1.jpg (GRAPHIC) — 49KB
- 0000074260-24-000021.txt ( ) — 21753KB
- ori-20231231.xsd (EX-101.SCH) — 115KB
- ori-20231231_cal.xml (EX-101.CAL) — 122KB
- ori-20231231_def.xml (EX-101.DEF) — 681KB
- ori-20231231_lab.xml (EX-101.LAB) — 1357KB
- ori-20231231_pre.xml (EX-101.PRE) — 883KB
- ori-20231231_htm.xml (XML) — 4268KB
- Business
Item 1 - Business (a) General Description of Business. Old Republic International Corporation is a Chicago based holding company engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into three segments: General Insurance (property and liability insurance), Title Insurance, and Republic Financial Indemnity Group (RFIG) Run-off. References herein to such groups apply to the Company's subsidiaries engaged in these respective segments of business. On November 11, 2023, a definitive agreement was reached to sell the RFIG Run-off mortgage insurance business to Arch U.S. MI Holdings Inc., a subsidiary of Arch Capital Group Ltd., with the sale expected to close in the first half of 2024 (see Note 2 in the Notes to Consolidated Financial Statements for further discussion). The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. "Old Republic" or "the Company" refers to Old Republic International Corporation and its subsidiaries as the context requires. The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its subsidiaries' long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. The underwriting principles encompass: employing discip