Old Republic International Q4 Earnings Fall, But Beat Estimates

(RTTNews) - Old Republic International Corporation (ORI), a property insurance and title and deed firm, on Thursday posted a decline in earnings for the fourth-quarter, amidst a fall revenue, mainly due to a decline in net premiums and fees earned. However, the company's earnings beat the Street view.

For the fourth-quarter, the Chicago-headquartered firm recorded a net income of $512.1 million or $1.73 per share, lesser than $627 million or $2.06 per share, posted for the same period of 2021.

Three analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share of $0.55.

Pre-tax income was at $649 million, versus $789.4 million a year ago. Total operating revenue stood at $1.997 billion, compared with last year's $2.266 billion.

Consolidated net premiums and fees earned were down at $1.830 billion, compared with previous year's $2.121 billion, with Title Insurance net premiums and fees earned dropping 29.4 percent as a result of lower revenues in both direct and agency operations.

Old Republic generated total revenue of $2.345 billion, lesser than $2.720 billion a year ago.