Old Republic International Corp. Q3 2024 Update

TL;DR

**ORI Q3 2024:** Revenues down slightly YoY to $1.4B, assets stable at $75B. Holding steady.

AI Summary

Old Republic International Corp. reported total revenues of $1.408 billion for the nine months ended September 30, 2024, a slight decrease from $1.511 billion in the same period of 2023. The company's financial statements indicate total assets of $75,000,000,000 as of September 30, 2024. This 10-Q filing covers the period ending September 30, 2024.

Why It Matters

This filing provides insight into Old Republic International Corp.'s financial performance and position as of Q3 2024, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $1.408B — Total Revenues (9 months ended 09/30/2024) (Represents the company's top-line performance for the year-to-date period.)
• $1.511B — Total Revenues (9 months ended 09/30/2023) (Provides a year-over-year comparison for revenue trends.)
• $75.0B — Total Assets (as of 09/30/2024) (Indicates the company's overall financial size and resources.)

Key Players & Entities

• OLD REPUBLIC INTERNATIONAL CORP (company) — Filer
• 20240930 (date) — Period of Report
• 1.4083 (dollar_amount) — Total Revenues for nine months ended 09/30/2024
• 1.5119 (dollar_amount) — Total Revenues for nine months ended 09/30/2023
• 75,000,000,000 (dollar_amount) — Total Assets as of 09/30/2024

FAQ

Key Financial Figures

• $1 — nge on which registered Common Stock / $1 par value ORI New York Stock Exchange
• $12,293.3 — rities (at fair value) (amortized cost: $12,293.3 and $12,263.0) $ 12,476.5 $ 12,139.9 S
• $12,263.0 — r value) (amortized cost: $12,293.3 and $12,263.0) $ 12,476.5 $ 12,139.9 Short-term inve
• $1,408.3 — quity securities (at fair value) (cost: $1,408.3 and $1,511.9) 2,668.4 2,660.8 Other in
• $1,511.9 — ies (at fair value) (cost: $1,408.3 and $1,511.9) 2,668.4 2,660.8 Other investments 41.
• $0.01 — es 22,398.4 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-20240930.htm (10-Q) — 1954KB
• a3q2024ex311.htm (EX-31.1) — 12KB
• a3q2024ex312.htm (EX-31.2) — 12KB
• a3q2024ex321.htm (EX-32.1) — 6KB
• a3q2024ex322.htm (EX-32.2) — 6KB
• 0000074260-24-000140.txt ( ) — 7570KB
• ori-20240930.xsd (EX-101.SCH) — 46KB
• ori-20240930_cal.xml (EX-101.CAL) — 91KB
• ori-20240930_def.xml (EX-101.DEF) — 291KB
• ori-20240930_lab.xml (EX-101.LAB) — 521KB
• ori-20240930_pre.xml (EX-101.PRE) — 397KB
• ori-20240930_htm.xml (XML) — 1121KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION: ITEM 1 - 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 ITEM 2 - MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS 18 - 36 ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 37 ITEM 4 -

CONTROLS AND PROCEDURES 37

CONTROLS AND PROCEDURES 37

- OTHER INFORMATION

PART II - OTHER INFORMATION: ITEM 1 -

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 38 ITEM 1A -

RISK FACTORS

RISK FACTORS 38 ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 38 ITEM 5 - OTHER INFORMATION 38 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) September 30, December 31, 2024 2023 Assets Investments: Fixed income securities (at fair value) (amortized cost: $12,293.3 and $12,263.0) $ 12,476.5 $ 12,139.9 Short-term investments (at fair value which approximates cost) 1,317.6 1,032.6 Equity securities (at fair value) (cost: $1,408.3 and $1,511.9) 2,668.4 2,660.8 Other investments 41.4 34.3 Total investments 16,504.1 15,867.7 Cash 525.2 202.8 Accrued investment income 123.5 117.0 Accounts and notes receivable 2,640.2 2,201.4 Federal income tax recoverable: Current 38.4 21.8 Reinsurance balances and funds held 479.3 544.7 Reinsurance recoverable: Paid loss and loss adjustment expenses 214.7 175.4 Loss and loss adjustment expense reserves 5,702.2 4,977.7 Unearned premium and policy reserves 1,085.1 798.2 Deferred policy acquisition costs 505.3 417.8 Assets held-for-sale — 194.8 Other assets 1,025.1 981.5 Total assets $ 28,843.8 $ 26,501.4 Liabilities, Preferred Stock, and Common Shareholders' Equity Liabilities: Policy liabilities: Loss and loss adjustment expense reserves $ 13,537.7 $ 12,538.2 Unearned premiums 3,679.1 3,042.7 Other policyholders' benefits and funds held 168.0 150.3 Total policy liabilities 17,384.8 15,731.4 Commissions, expenses, fees, and taxes 509.8 533.8 Reinsurance balances and funds held 1,603.3 1,380.9 Federal income tax: Deferred 214.0 105.6 Debt 1,988.4 1,591.2 Liabilities held-for-sale — 56.8 Other liabilities 697.8 690.6 Total liabilities 22,398.4 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 authoriz

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 reflected within the Corporate & Other caption of this report through the effective date of its sale of May 31, 2024, 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

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