Old Republic International Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Old Republic International Corp. reported $1.41 billion in revenue and $1.51 billion in net income for Q1 2024.</b>

AI Summary

OLD REPUBLIC INTERNATIONAL CORP (ORI) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Total revenues for the quarter ended March 31, 2024, were $1,414.0 million. Net income for the quarter ended March 31, 2024, was $1,511.9 million. Earnings per share (EPS) for the quarter ended March 31, 2024, was $0.01. Total assets as of March 31, 2024, were $75,000,000. Total debt as of March 31, 2024, was $500,000,000.

Why It Matters

For investors and stakeholders tracking OLD REPUBLIC INTERNATIONAL CORP, this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the end of the first quarter of 2024. Investors can analyze key financial metrics such as revenue, net income, assets, and debt to assess the company's stability and growth prospects.

Risk Assessment

Risk Level: low — OLD REPUBLIC INTERNATIONAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual risk factors beyond typical business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the drivers of revenue and net income for Q1 2024.

Financial Highlights

revenue

12,610.8

total Assets

75,000,000

total Debt

500,000,000

net Income

1,414.0

eps

1,511.9

revenue Growth

12,263.0

Key Numbers

• 1,414.0 — Total Revenues (Quarter ended March 31, 2024)
• 1,511.9 — Net Income (Quarter ended March 31, 2024)
• 0.01 — Earnings Per Share (Quarter ended March 31, 2024)
• 75,000,000 — Total Assets (As of March 31, 2024)
• 500,000,000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• OLD REPUBLIC INTERNATIONAL CORP (company) — Filer
• 0000074260 (company) — Central Index Key
• 307 N MICHIGAN AVE (company) — Business Address Street 1
• CHICAGO (company) — Business Address City
• IL (company) — Business Address State
• 60601 (company) — Business Address Zip
• 3123468100 (company) — Business Phone

FAQ

Key Dates

• 2024-03-31: Quarter End Date — Reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1 — nge on which registered Common Stock / $1 par value ORI New York Stock Exchange
• $12,610.8 — rities (at fair value) (amortized cost: $12,610.8 and $12,263.0) $ 12,402.0 $ 12,139.9 S
• $12,263.0 — r value) (amortized cost: $12,610.8 and $12,263.0) $ 12,402.0 $ 12,139.9 Short-term inve
• $1,414.0 — quity securities (at fair value) (cost: $1,414.0 and $1,511.9) 2,549.6 2,660.8 Other in
• $1,511.9 — ies (at fair value) (cost: $1,414.0 and $1,511.9) 2,549.6 2,660.8 Other investments 34.
• $0.01 — es 20,663.3 20,090.7 Preferred Stock ($0.01 par value; 75,000,000 shares authorized
• $1.00 — on Shareholders' Equity: Common stock ($1.00 par value; 500,000,000 shares authorize

Filing Documents

• ori-20240331.htm (10-Q) — 1603KB
• a1q24ex311ceosection302cer.htm (EX-31.1) — 12KB
• a1q24ex312cfosection302cer.htm (EX-31.2) — 13KB
• a1q24-ex321ceosection906ce.htm (EX-32.1) — 6KB
• a1q2024-ex322cfosection906.htm (EX-32.2) — 6KB
• 0000074260-24-000084.txt (&nbsp;) — 6859KB
• ori-20240331.xsd (EX-101.SCH) — 44KB
• ori-20240331_cal.xml (EX-101.CAL) — 87KB
• ori-20240331_def.xml (EX-101.DEF) — 287KB
• ori-20240331_lab.xml (EX-101.LAB) — 514KB
• ori-20240331_pre.xml (EX-101.PRE) — 391KB
• ori-20240331_htm.xml (XML) — 948KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION: CONSOLIDATED BALANCE SHEETS 3 CONSOLIDATED STATEMENTS OF INCOME 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 5 CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY 6 CONSOLIDATED STATEMENTS OF CASH FLOWS 7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8 - 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8 - 17 MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS 18 - 36 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 37

CONTROLS AND PROCEDURES 37

CONTROLS AND PROCEDURES 37

OTHER INFORMATION

PART II OTHER INFORMATION:

- LEGAL PROCEEDINGS 38

ITEM 1 - LEGAL PROCEEDINGS 38

- RISK FACTORS 38

ITEM 1A - RISK FACTORS 38

- UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 38

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 38

- OTHER INFORMATION

ITEM 5 - OTHER INFORMATION 38

- EXHIBITS 39

ITEM 6 - EXHIBITS 39 SIGNATURE 40 EXHIBIT INDEX 41 2 Old Republic International Corporation and Subsidiaries Consolidated Balance Sheets ($ in Millions, Except Share Data) (Unaudited) March 31, December 31, 2024 2023 Assets Investments: Fixed income securities (at fair value) (amortized cost: $12,610.8 and $12,263.0) $ 12,402.0 $ 12,139.9 Short-term investments (at fair value which approximates cost) 1,338.4 1,032.6 Equity securities (at fair value) (cost: $1,414.0 and $1,511.9) 2,549.6 2,660.8 Other investments 34.4 34.3 Total investments 16,324.5 15,867.7 Cash 136.9 202.8 Accrued investment income 127.9 117.0 Accounts and notes receivable 2,304.3 2,201.4 Federal income tax recoverable: Current — 21.8 Reinsurance balances and funds held 537.7 544.7 Reinsurance recoverable: Paid loss and loss adjustment expenses 186.9 175.4 Loss and loss adjustment expense reserves 4,951.7 4,977.7 Unearned premium and policy reserves 860.7 798.2 Deferred policy acquisition costs 435.8 417.8 Assets held-for-sale 191.8 194.8 Other assets 1,005.5 981.5 Total assets $ 27,064.3 $ 26,501.4 Liabilities, Preferred Stock, and Common Shareholders' Equity Liabilities: Policy liabilities: Loss and loss adjustment expense reserves $ 12,570.3 $ 12,538.2 Unearned premiums 3,169.7 3,042.7 Other policyholders' benefits and funds held 156.8 150.3 Total policy liabilities 15,897.0 15,731.4 Commissions, expenses, fees, and taxes 496.0 533.8 Reinsurance balances and funds held 1,453.0 1,380.9 Federal income tax payable: Current 45.0 — Federal income tax: Deferred 93.8 105.6 Debt 1,987.6 1,591.2 Liabilities held-for-sale 53.8 56.8 Other liabilities 636.8 690.6 Total liabilities 20,663.3 20,090.7 Preferred Stock ($0.01 par value; 75,000,000 shares authorized; none issued) — — Common Shareholders' Equity: Common stock ($1.00 par value; 500,000,000 shares authorized; 271,833,079 and 278,392,263 shares issued)(Class B - $1.00 par value; 100,000,000 share

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ($ in Millions, Except Share Data) 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 two segments: General Insurance (property and liability insurance) and Title Insurance. References herein to such segments apply to the Company's subsidiaries engaged in these respective segments of business. The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial and are now reflected within the Corporate & Other caption of this report along with a small life and accident insurance business. Prior period amounts have been reclassified to reflect the change in reportable segments. "Old Republic" or "the Company" refers to Old Republic International Corporation and its subsidiaries as the context requires. Note 1 - Summary of Significant Accounting Policies Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2023 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.

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View this 10-Q filing on SEC EDGAR